Viewing the lease expense account, understanding future payments, when to contact easi.
The novated lease expense account is where your salary contributions accumulate for your lease vehicle.
Essentially the money collected from your salary is deposited into the lease account where you can then spend it on the running costs of your vehicle.
Timing is important to understand when viewing the incoming and outgoing funds to understand the balance of your account.
Fixed Payments (Monthly) such as lease finance, comprehensive fleet insurance and fleet roadside assistance are always prioritized from the account.
Incoming Funds
Payroll cycles (Weekly/Fortnightly/Monthly) determine when funds are received.
Depending on your employer, there are typically a few days delay between when money is collected from your salary, and when funds are shown in your lease expense account.
The reason for the delay is a combination of:
1. Large Employers collect funds for thousands of leases at a time and pay the funds to the leasing provider on a set date monthly. Your payroll may run on a Wednesday, and the payment to leasing provider is the following Monday. This is quite common and allows multiple departments to work together efficiently (payroll dept and finance dept)
2. The payment date could fall on a weekend or public holiday or is actioned after banking cutoff for the day.
3. Once payment is made to the leasing provider there can be a delay waiting from one banking institution to another. (For example CBA pays NAB)
4. Easi receives the funds for thousands of leases and must allocate to all accounts. In the event funds have been received, our finance team processes and allocates against the accounts.
5. Some employers may collect collect funds from you weekly/fortnightly, but only remit them monthly to the leasing provider.
The lease account is fully reconciled, if you think something is missing please call our customer service team anytime for assistance.
Outgoing Funds Priority
The lease expense account is designed to prioritize payments in this order:
1. Lease Finance Instalment Monthly
This is purposely designed to ensure your finance payments are up to date and avoid negative effects on your credit file.
2. Comprehensive Fleet Insurance Monthly (If you have selected Mercurien Fleet)
This is to ensure your vehicle is comprehensively insured at all times.
3. Fleet Roadside Assistance (If you have selected NRMA fleet)
This is so if you get into trouble on the road - help is available.
Reimbursements
When claiming a reimbursement, the leasing expense account first checks that funds are available for payment. Reimbursements can only be processed from pre-tax funds that physically have been collected from your salary and cannot be pre-paid from expected funds.
Example: You have chosen a retail comprehensive insurance provider at a cost of $1,000 per year. This has been budgeted into your novated lease quotation to be collected from your fortnightly pay.
$1,000 / 26 fortnights = $38.46 per pay collected pre-tax.
You can claim reimbursement of the insurance at the end of the year (26 fortnights) once the funds have accumulated, or claim quarterly from funds that have accumulated.
If you claim in advance, your balance will enter a negative position and cause your finance payments to fall behind.
Fuel Transactions
Your easi WEXX Motorpass card transactions are not shown "Live"