Creating a journal entry event setup template manually
As a lease accountant, you can manually create journal entry setups.
Before you begin
Procedure
Field Name | Description |
---|---|
Record Journal | Check this only if a Journal Entry should be created for this Journal Entry Event Setup. |
ASC840/IAS17? | If the Journal Entry Setup is for the ASC840 or IAS 17 standard, check the check box. |
Short term lease with expedient election? | Check this only if the Journal Entry should be created for the short term leases with expedient election. |
Lease Classification | Select Operating or Finance. |
Lease Treatment | If the Journal Entry Setup is for the ASC840, select either OPERATING or CAPITAL. If the
Journal Entry Setup is for the IAS17, select either OPERATING or FINANCE. Tip: This field
is visible when the 'ASC840/IAS17?' is selected.
|
Accounting Standard | Select GAAP (FASB) or IFRS (IASB) or GASB. |
Payment Timing | Select Payment in Advance or Payment in Arrears. |
Accounting Type | Accounts Payable (AP) or Accounts Receivable (AR). If it is selected as Accounts Payable (AP), then it will trigger JEs for the Accounts Payable (AP) type of Lessee leases, and the Accounts Receivable (AR) type will be considered for the Accounts Receivable (AR) Lessor leases. |
Trigger Type | Select Lease Event or Period. |
Trigger Sub Type |
When Trigger Type is set to Lease Event, select one of the following scenarios where this Journal Entry Event Setup would be triggered.
When Trigger Type is set to Period, select a period where this Journal Entry Event setup
would be triggered.
|
Trigger Sub Category |
|
Journal Entry Period |
For the period for this Journal Entry Event Setup, select from the following:
|
Local Reporting | Check only if the Journal Entry should be created for local reporting tab. |
Local Lease Classification | Select Operating or Finance. This is the lease classification of the local reporting tab on a lease. |