What types of lease calculations does ALMSys® know about?
There are currently three calculations that ALMSys® performs:
- Standard - This calculation is promintent in most leasing software. This
would calculate a monthly payment (before taxes) of 315.18, given that the total capitalized
costs are 20,000; the lease end value is 12,000.00; the interest rate is 7%; and the term is
36 months
- Spreadsheet - This calculation returns a base payment of 317.02 for the same
values. It is called the Spreadsheet Calculation because most spreadsheet programs
have a built-in Pmt function that uses this calculation as well.
- Money Factor - This calculation returns a base payment of
289.42, given that the total capitalized costs are 20,000.00; the lease end value
is 12,000.00; the money factor is 2.1 (.0021); and the term is 36 months.
How does ALMSys® handle sales/use tax?
Tax tracking is a strength of ALMSys®. Taxes are tracked by tax entity (city, state, county, province, etc.).
ALMSys® calculates the total monthly tax based on the total tax percentage. Then, the tax is broken down by
state, county, city, province, or whatever your tax tracking requirements are. Each lease can be assigned up to
eight different tax entities to track.
As part of the monthly balancing, ALMSys® provides a detailed report by tax entity to assist in your tax tracking requirements. Taxes may be tracked by either "what was paid" or by "what was billed."
Can ALMSys® handle multiple branches?
Yes, ALMSys® is designed to track multiple locations.
The definition of location depends on your situation. It could be a branch, or it could be a completely different company. ALMSys® can track these completely separate, and still combine all locations so that you can see the big picture.
How does ALMSys® handle end of month balancing?
During the month, full payments are posted to ALMSys®. At the end of the month, a balancing report is run that will break the total received into principal, interest, tax, etc.
You make one set of ledger entries at the end of the month for all payments combined. ALMSys® does the disbursement work for you. This saves you hours of work in trying to determine each payment’s breakdown.
How much does ALMSys® cost?
A standalone
copy of ALMSys® licenses for $895.00 USD and a network version licenses for $3,895.00 USD. Quorum
users will receive discounted pricing. Our prices are much lower than that of our
competitors, while delivering a much better product!
Can I try ALMSys® for free?
Absolutely! Take the 30 day ALMSys® Test Drive and see for yourself how easy it is to use.
The Test Drive is a fully functional version of ALMSys®. Go to the
Download page to get your demo!
Do I need training to use ALMSys®?
Yes. There are many aspects to leasing. ALMSys® is a large software system that covers most of these aspects.
Training is highly recommended and is offered via telephone or on-site. Even if you are just taking the ALMSys® Test Drive you should consider some basic training to get you going.
What does ALMSys® training cost?
Training via telephone is free of charge! On-site training is $300.00 (USD per day)
plus all associated travel expenses.
Does ALMSys® have a network version?
Yes. In fact, the network version is the recommended version to license.
Typically, networks are backed up on a daily basis. Having your ALMSys® data files on a fileserver that is backed up gives you added protection for your data.
Can a single workstation version of ALMSys® be converted to a network version?
How often are new versions of ALMSys® released?
There is not a set schedule of releases. Changes in the software are made as needed at no
additional charge to the customer. All new releases of ALMSys® are included as part of the
maintenance plan.
Is it expensive to upgrade?
Upgrades to the next version of ALMSys® are provided free of charge to current, licensed ALMSys® users
How do I get my current lease data converted to ALMSys®?
Please contact ALMSys® support to discuss your existing tracking system. We will do our best to automatically convert your data into an ALMSys® format.
In order to do this, we need to extract name & address data, payment history data,
billing data, vehicle (or other collateral) data, lease calculation data, insurance data
(if available), depreciation data, and leveraged financing data.
Whats does it cost to convert the data to an ALMSys® format?
Historically, we have converted data at no charge to our customers. However, this really depends on the difficulty of extracting the data from the existing system.
Does ALMSys® report to the credit bureau?
Yes, but U.S. credit bureaus only. ALMSys® can report to Innovis, Equifax, Experian, and Trans Union. Credit report data is exported in Metro 2 format.
Can ALMSys® handle leveraged financing?
Yes. If you are a leasing company that utilizes several "banks" (Funding Sources), then you will be pleased to know that ALMSys® tracks this information.
ALMSys® Lease Tracking Software
