Table of Contents
Vehicle Acquisition allows you to track data regarding the acquisition and disposal of your fleet vehicles. This may include Purchase, Loan or Lease details.
These data fields are available to add via import, when manually adding a new Vehicle record by entering details under the Financial section, or by editing a Vehicle record.
Purchase Details
After a Vehicle record is created, the Vehicle Overview includes a Financial tab.
Click the Edit button on the Purchase Details section to enter these values.
The Purchase Vendor may include any Vendor with Vehicle Vendor Classification.
The Purchase Details screen also includes its own optional set of Custom Fields separate from the general Vehicle custom fields. Custom Fields can be set as required on any individual Custom Field in Account Settings.
Loan/Lease Details
From the Financials tab, click Edit on the Loan/Lease section.
Select Loan, Lease or No Financing.
As noted above, Vendor selection for Loan or Lease details includes any Vendor with Vehicle Vendor Classification.
Add Loan Details
NOTE: Number of Payments must be less than 500.
Add Lease Details
Generate Expenses
When adding a new Loan or Lease, you may opt to generate Expense Entries for each Loan or Lease Payment.
TIP: Learn more in the Expenses Overview article, in the Expenses Settings section
Acquisition Scenarios
End Loan/Lease Term Early - Loan Payoff or Lease Buyout
Your organization may have the opportunity to end a loan or lease term early, for example a lease buyout or loan payoff. In this situation, you will need to (1) modify the Loan or Lease details, then (2) record a final Expense Entry.
(1) Edit the Loan or Lease
Navigate to the Vehicle Overview > Financials tab and click Edit.
Make a note of the Number of Payments. You may also view a list by clicking the Expense History tab.
NOTE: Disregard any Down Payment when determining the number of payments made!
Click the Edit button.
Adjust the Number of Payments from the total number in the loan/lease term to the number of loan/lease payments that were actually made.
Adjust the Loan End Date (d), then Save Vehicle.
(2) Manually Record Last Payment Expense Entry
To complete the process, manually record an Expense Entry for the FINAL amount of the loan payoff or lease buyout.
TIP: Learn more about manually recording Expense Entries in the Expenses Overview article, Add Expenses section
