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Date Posted: 10/20/2005

Dominion Releases New Version of LeaseComplete

 
 
Dominion Leasing Software is pleased to announce the release of LeaseComplete Version 4. This new release of Dominion's flagship lease and loan accounting and asset management system includes over fifty (50) new features including the following:

1. Lease Discounting Wizard. This new component was added to simplify the process of calculating the amounts and posting the transactions necessary to establish a discounted lease in the LeaseComplete System. The wizards guides the operator through a step-by-step process which includes selecting an investor, transferring the lease to alternate GL accounts, calculating the lease's net investment as of the discount effective date, and optionally calculating the discount amount from the entered discount rate. The entire process culminates in the calculation and posting of the gain (loss) on the discount transaction and the setup of the Note Payable to the investor.

2. Automatic Extensions. A new feature has been added to the System to allow an Operating Lease to automatically extend itself for a predetermined number of periods. This optional feature ensures invoices continue uninterrupted should a lease exceed is original term, with appropriate adjustments being made automatically to the booked residual value and all related asset depreciation schedules. By using this feature, an operator can create a "month-to-month" lease where rentals continues indefinitely until both parties agree to end the arrangement as per the lease agreement. Automatic extensions can be performed for a fixed time period or indefinitely based on lease-level options.

3. Asset-level Service Expense Tracking. The existing Preventive Maintenance component of the System has been expanded to allow tracking of non-reimbursable service expenses on an Asset. This new feature provides a means of tracking asset services at a detail level and capturing the related expenses for profitability, repair history, and similar reporting. The System also allows a service "spending limit" to be placed on an asset to provide automated warnings should expenses on a given asset exceed projections over a fixed period of time. This feature represents an addition to the System's already strong asset management components designed to help lessors control costs and monitor asset performance.
Dominion is pleased to offer this and all new releases of LeaseComplete to its customers as part of its standard maintenance.

4. Full Support for Document Imaging. The System is now capable of storing and displaying images of all types - including PDF, JPEG, TIFF, DOC, XLS, etc. These images can be pictures of assets/equipment, scanned images of lease agreements, letters, forms, invoices, etc. The images can be attached directly to a lease, asset, customer, comment, reminder/tickler, or anywhere our clients desire. Images are viewable from within LeaseComplete itself, subject to user permissions.

Dominion Leasing Software is a leading provider of lease/loan accounting and asset management software and services for both the equipment finance and retail leasing industries. Its flagship product, LeaseComplete, is used by a diverse client base including commercial banks, credit unions, equipment finance companies, automobile dealerships, and independent lessors. With its integrated inventory management and preventive maintenance components, LeaseComplete is the ideal solution for tracking, maintaining, and remarketing your equipment inventory. Visit their website at http://www.dominionls.com/.
 
 


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