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:
-
Go to Setup > Users/Roles > Manage Roles.
-
Click the Edit link next to the custom role.
-
Under the Permissions subtab, click Custom Record.
-
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 |