Migrating Existing Lease Details

With the introduction of the Lease Accounting feature, the existing lease details in the asset record (Lease subtab > Deprecated subtab) will no longer be used. The lease details of all newly-created lease assets will be available in the Lease subtab under the Lease subtab. You can migrate lease details to create a Lease record for the existing lease assets.

To migrate existing lease details:

1. Go to Fixed Assets > Lists > Assets.

2. Click the Deprecated subtab under the Lease subtab, and then click the Migrate Lease Details link.

   Note:

   The Migrate Lease Details link is available only if the asset is subject to a finance lease.

   The following values are taken from the asset record:

   • Original Cost = Net Present Value

   • Asset Lifetime = Lease Term

   • Depreciation Start Date = Lease Start Date

   • Interest Rate (Deprecated) = Annual Interest Rate

3. Click Save to save the lease record.

4. After saving the migrated lease record, you must add existing interest journals through CSV import. See Adding or Updating Lease Payments through CSV Import.

5. After updating the interest journals for the lease asset, click Finalize Migration on the Lease page. When the lease migration has been finalized, the status of the proposal record will be changed to Asset Created.

   After finalizing the migration, interest journals for pending payments will be generated when you Recognize Lease Interest.

General Notices