Prerequisites

The following prerequisites lets you use the Lease Accounting feature:

• To ensure that you have access to the Lease record, enable the Custom Transactions feature. Go to Setup > Company > Enable Features > SuiteCloud and check Custom Transactions.

• Set up an asset type for your lease asset and specify whether it is an operating lease type or a finance lease type:

  • Finance Lease - If you're setting up an asset type for a finance lease, clear the Operating Lease box on the Asset Type record.

  • Operating Lease - If the asset type is for assets generated from an operating lease, check the Operating Lease box.

  For more information about setting up an asset type, see Asset Types.

• Set additional permissions required for Lease Accounting. For more information, see Setting up Permissions for Lease Accounting.

• Create new general ledger accounts and set them to the Lease record. For more information, see Setting Up General Ledger Accounts for Lease Accounting.

Setting up Permissions for Lease Accounting

To set up additional permissions for Lease Accounting:

1. Go to Setup > Users/Roles > Manage Roles.

2. Click the Edit link next to the custom role.

3. Under the Permissions subtab, click Custom Record.

4. Add the following permissions:

   Subtab	Permission	Level
   Transaction	Lease	Edit
   Lists	Vendors	View
   Custom Record	Lease Payments	Full

Setting Up General Ledger Accounts for Lease Accounting

Lease Accounting for Fixed Assets Management lets you recognize the right-of-use asset and lease liability, and accrue interest. To use these features, you must create new GL accounts and link them to the Lease record.

Go to Lists > Accounting > Accounts > New, and add the following accounts:

Account	Type
Right-Of-Use Asset	Fixed Asset, Other Current Asset
Acc. Dep. — Right-Of-Use Asset	Fixed Asset
Lease Liability	Accounts Payable, Other Current Liability, Long Term Liability
Interest Expense	Expense, Other Expense
Gain on Modification	Other Income

General Notices