Creating Lease Journal Entries
When the interest schedules for the lease record have been generated, the Create Lease Journal button will be visible on the Lease record. This button will only be available if no journal entry has been created for the lease record.
This process will debit to the Right-of-use asset and credit to the Lease Liability. The generated lease journal will be used to propose and create a leased asset. The leased asset will also go through the whole asset life cycle.
To create a lease journal entry:
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Go to Fixed Assets > Leases > Lease.
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Select the Lease record for which you want to generate a journal entry.
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On the Lease page, click Create Lease Journal.
The journal entry will be created and a link to the journal entry will be available in the Journal field on the Lease record.
Reversing a Lease Journal
Reversing a lease journal allows you to modify lease records that already have an associated journal record. This process will reverse the original lease journal and unset the journal from the lease record. You can then make changes to the lease record and create a new lease journal.
To reverse a lease journal:
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Go to Fixed Assets > Leases > Lease.
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On the Leases page, select the Lease record that you want to modify.
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On the Lease record page, click Reverse Journal.
After reversing the original lease journal, the status of the lease will revert to Pending Lease Journal Creation.