1Getting Started with Your Lease Accounting Implementation

This chapter contains the following:

Overview of Lease Accounting Implementation

The Lease Accounting implementation is a straightforward process through which you can set up the following features:

  • Payables Financial Options

  • System Options

  • Primary Discount Rate Indexes

  • Payment Term Templates

  • General Ledger Calendars

  • Account Payables Suppliers and Sites

  • Document Sequencing

  • Currency Conversions

  • Payment Terms

  • Inventory Organizations

  • Master Item List

Enable Lease Accounting Feature

Lease Accounting is currently under the Fixed Assets functional area. The Create Property and Equipment Lease feature is offered under Fixed Assets.

Enable Create Property and Equipment Lease Feature

You can create and maintain property and equipment leases using the "Create Property and Equipment Lease" feature in Lease Accounting. It's a "Customer Must Take Action before Use by End Users," which means it's delivered disabled, and you must use the opt in method to enable this feature.

To access its setup tasks:

  1. From the Navigator, select Setup and Maintenance.

  2. On the Setup: page, select Financial > Fixed Assets from the drop-down list.

  3. Click Change Feature Opt In.

  4. Select the check box in the Enable column for the Create Property and Equipment Leases feature.

  5. Click Done.

Note: A new task, Manage Lease Accounting Configuration is seeded for the setups.

Security Tasks You Might Need to Perform

These are some of the security tasks you might need to do:

  • Manage Data Security Policies

  • Manage Duties

For more information, refer to My Oracle Support Knowledge Document 1387777.1, Getting Started with Oracle Fusion Applications, Common Implementation.

Manage Data Security Policies

The following data security function should be entered for your roles in the security console for the Manage Lease Contract Data and Generate Amortization Schedule Data privileges:

The setup of this feature is through the Financial Application Administrator.

Create Data Security Policy using Tools > Security > Roles

  • Policy Name: Enter a name for the policy.

  • Start Date: Enter the start date of the policy.

  • Data Resource: Select the business unit.

  • Data Set: Select by Instance Set.

  • Action: Access the business units for which the user is explicitly authorized.

New data access privileges are created which can be assigned through the data security policy.

Manage Duties

A new duty called Lease Contract Duty is seeded for Lease Accounting.

This needs to be assigned to the user created by the implementor for carrying out lease duties of lease creation and amortization generation.

The Financial Application Administrator has been enhanced with the privilege to add Lease Accounting setups through FSM.

You can access the Create Property and Equipment Leases functionality using the Lease Contract duty.

You must create a new job role "Manage Lease Contract" using this duty.