Creating Lease Journal Entries
When the interest schedules for the lease record are generated, the Create Lease Journal button becomes visible on the Lease record. This button is only available if no journal entry has been created for the lease record.
This process debits to the Right-of-use asset and credit to the Lease Liability. The generated lease journal is used to propose and create a leased asset. The leased asset goes 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 system creates a journal entry and adds a link to it in the Journal field on the Lease record.
Reversing a Lease Journal
Reversing a lease journal lets you modify lease records with a linked journal record. This process reverses the original lease journal and removes it from the lease record. You can then update 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.
Note:The Reverse Journal button is only available if the lease record has a linked journal record.
After reversing the original lease journal, the lease status reverts to Pending Lease Journal Creation.