Hire Purchase & Lease Summary workpaper (HPSA)

The Hire Purchase & Lease Summary (HPSA) workpaper tracks the terms of a hire purchase or lease agreement and its repayment schedule.

Data extraction, from finance documents

●        Leased Amount: matched against keywords Amount Financed or Loan Amount.

●        Balloon Payment Upfront: read directly where present.

●        Residual Payment: matched against Final Payment, Last Payment, Residual Payment, Last Final Payment, or Followed by.

●        Monthly Repayment Amount: matched against Repayment Amount, Repayment, Monthly Repayment, Instalment, or Loan Instalments.

●        No. of Repayments: matched against Term, Terms, No. of Instalments, Number of Instalment, No. of Repayments, or Number of Repayment.

●        First Repayment Date: the 30th-of-month date of the first repayment; where the document instead states the term starts on the settlement date, the agreement date is used.

Note: Payment in arrears is always Human Intervention Required, it's not something the system infers from the document.

Deriving the interest rate

The interest rate isn't read from the document directly, it's calculated using a Goal Seek: select the Liability Outstanding cell on the schedule's last payment line, then run Data, What-If Analysis, Goal Seek, setting that cell's value to 0 by changing the interest rate cell. This effectively solves for the rate that fully amortises the liability by the final payment.

How to access

●        Go to Jobs and open the relevant job.

●        Click the Workpapers icon or navigate to Job Results then Workpapers.

●        Select HPSA on the Workpapers Dashboard.