Create a fee definition

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Create a fee definition

Through creating a fee definition, you can define a fee type to associate it with the lease products.

Prerequisites

Before creating a fee definition, ensure that the following prerequisite is met:

  • Required fields  are added to the new fee definition page.

Steps

To create a fee definition, perform the following steps: 

  1. Log in to your Salesforce account.

  2. Select the App Launcher.

  3. Search for Q2 Origination, and then select it.

  4. On the Origination Configuration tab, select Fee Definition. 

  5. Select New.

  6. In the New Fee Definition window, perform the following actions: 

    Field NameAction and Information
    Amount

    The fee amount. 

    This is a mandatory field, so if you do not want to specify any amount, you can specify 0 (Zero) amount.

    Note:

    This field accepts value in currency form so you have to specify the required currency form in the Currency field.

    CurrencySpecify the required currency form for the specified amount.
    Fee Definition Name

    Specify a name for the new fee definition that you are creating.

    For Example, Maintenance Fees, One-Time Fees, Monthly Charges, and Implementation Fees.

    Note:

    The fee is configured for each product and service, and each service has some fee associated with it.

    EventSelect the type of fee, for the Lease application, this field must select the Lease Origination type.
    Active

    A fee definition is available for use only when this check box is selected.

    ClassSelect the fee class, it can be either Income or Expense. The fee is tracked in the related streams for the contract term.
    Frequency

    Select one of the following payment frequency:

    • One-Time
    • Daily
    • Weekly
    • Monthly
    • Yearly
    Capitalize

    Select this check box to capitalize the charge amount and track it in the fee stream over the contract term.

    Include In DuesSelect this check box to include the fees in dues and to display them along with the rent.
    Note:

    This check box can be enabled for fees with frequencies other than One-Time.

    TaxableSelect this check box to calculate tax on the charge amount.
    VAT RateSpecify the VAT rate to be considered by the system to calculate the tax.

    Include In APR

    		Select this check box to include the fees in calculating the Annual Percentage Rate (APR).
    Override FeeSelect this check box to allow the lessor to modify the default amount.
    Discount Fee

    Select this check box to allow the lessor to give a discount on the default fee.

    Maximum Discount AmountSpecify the maximum discount amount that a lessor can give on the selected product and service.
    Waived

    Select this check box to allow the lessor to waive the full amount or partial amount.

    Maximum Waiver AmountSpecify the maximum amount up to which a lessor can waive off the fee.

  7. Select Save.