Novated Lease

Novated Lease

1. Purpose

Novated Lease module allows to transfer lease contract to another customer (from employee to employer) and expose the benefit of employee for lease novation to employer.

2. Novated Lease section on lease contract card

Open active lease contract card and click on Actions button, then Variations and expand Novated Lease section on the ribbon.

Contract to Another Customer – action to transfer contract to another customer.
Scheduled Novation – list of scheduled novation, which are planned in the future.
Novation History - list of novation history, which took place in the past.
Novated Lease tab on lease contract card stores the details about the initial contract owner (employee) and his DD details.

3. Contract to Another Customer

If you want to transfer lease contract to another customer, click “Contract to Another Customer” action button in Novated Lease section on Contract Card. The request page will appear on the screen.

Novation option – two options are available: “Novate to Employer” and “Re-novate back to Employee”. Option “Novate to Employer” is used to novate contract from Employee to Employer, and the other fields (“New Customer No.”, “Effective Date”) are mandatory to fill. “Re-novate back to Employee” option is used to transfer contract back to Employee. In this case only Effective date is mandatory to fill. Direct Debit details are not mandatory in both options.
New Customer No. – select new Customer (Employer) from the customer list.
Effective Date – indicates when novation starts. If Effective date is between last and next invoicing period, the Novation will take place immediately, if Effective Date is after the next invoicing period the Scheduled Novation will be created.
Click “Confirm” to run the function.