Scheduled Offsets - Contract Module

To add a scheduled offset:

1. Click Add Item.

   This displays in the Actions menu on the right side of the page.

2. Enter the begin date in the Begin Date field.

   You can also click Calendar to open the Date Picker and select the appropriate date.

3. Enter the end date in the End Date field.

   You can also click Calendar to open the Date Picker and select the appropriate date.

4. Enter the total amount of the offset in the Total Amount field.

5. Select the currency type from the Currency Type field.

   Note:

   The Remaining Balance section automatically calculates the remaining balance of the offset. The Amount Allocated section automatically calculates the amount that has been applied to transactions so far.

6. Select the vendor from the Vendor field.

   To add an employer, vendor, or legal party, follow the Add a Vendor procedures.

   You can view an vendor’s information by selecting a vendor from the field and then clicking the View .

7. Do one of the following:

   1. Enter the cap percentage in the Cap Percent field, OR

   2. Enter the cap amount per month in the Cap Amount Per Month field.

8. Click Save Changes.

   This displays in the Actions menu on the right side of the page.

   The page refreshes, and your scheduled offset is added to the Scheduled Offset List.

9. Click Add Scheduled Offset Expense Type in the Offset against the following Expense Accounts table.

   The Add Scheduled Offset Expense Type window opens.

10. Select the appropriate expense group from the Expense Group field.

    Create a new group or category.

    Groups are the first level of organization in Lucernex. Groups are the parents of types, and grandparents of categories. Groups, types, and categories are used to simplify reporting.

11. Select the appropriate expense type from the Expense Type field.

    To add an expense type, follow the Add an Expense Type procedures.

    Expense Types are used to tie expenses to ASC 842 and IFRS 16 schedules.

12. Click Add.

    The offset expense type appears in the Offset against the following Expense Accounts table.

13. Enter notes in the Notes field.

    Note:

    Once you apply a scheduled offset, the transactions that the schedule offset are applied to will appear in the Related Payment Transactions table.

14. Click Save Changes.

    This displays in the Actions menu on the right side of the page.

    The page refreshes, and a message appears, confirming that the scheduled offset was saved.

To edit a scheduled offset:

1. Select the scheduled offset you want to edit from the Scheduled Offset List.

2. Make your changes.

3. Click Save Changes.

   This displays in the Actions menu on the right side of the page.

   The page refreshes. Your changes are saved.

To delete a scheduled offset:

1. Select the scheduled offset you want to delete from the Scheduled Offset List.

2. Click Delete Item.

   This displays in the Actions menu on the right side of the page.

   A dialog opens, asking you to confirm your choice.

3. Click Yes.

   The scheduled offset is deleted.

To apply a scheduled offset:

1. Select the scheduled offset you want to apply from the Scheduled Offset List.

   The scheduled offset’s data populates on the page.

2. Click Apply Offsets.

   This displays in the Actions menu on the right side of the page.

   The Apply Offsets window opens.

3. Enter the following dates in their appropriate fields:

   • Begin Date

   • End Date

   • Posting Date

     You can also click Calendar to open the Date Picker and select the appropriate date.

4. Select whether you want to generate scheduled offsets for a single contract or all contracts in your portfolio from the Generate Option field.

5. Select the portfolio you want to generate scheduled offsets for from the Portfolio field.

   All Portfolios is selected by default.

6. Click OK.

   A Success window opens.

7. Click OK.

   The dialog box closes.

8. To view the transaction, navigate to Contract > Payment Info > Transactions.

   Use the links in the Navigation Pane on the leftmost side of the page.

   The transaction appears in the Contract Payments List.

   Important!

   You will need to approve and process the transaction after applying the offset. See the Approvals Process and Generate Payments procedures.