Creating a journal entry event setup template manually

As a lease accountant, you can manually create journal entry setups.

Before you begin

You must sign in as a Lease Accountant.

Procedure

  1. Go to Contracts > Contract Set Up > Templates > Contract Journal Entry Event Setup Template.
  2. Click Add.
  3. In the General section of the form, enter Event Template Name, Template Version, and Description. In the Details section, select fields as described in the table.
    Note: Template Version can be anything maintained as custom version.

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.

  • Abandonment
  • Expiration
  • IFRS Reversal Impairment
  • Impairment
  • Index adjustment
  • Modification
  • Modification Decrease In Term
  • Modification Exceeds Asset
  • Modification Extended
  • Modification Partial Termination
  • Modification Short Term to Long Term
  • New Lease Activation
  • Reclassification
  • Revert Gain/Loss
  • Standard Adopted
  • Termination
  • Termination / Expiration
  • Unexpiration
  • Untermination
When Trigger Type is set to Period, select a period where this Journal Entry Event setup would be triggered.
  • Annually
  • Monthly
  • Quarterly
Trigger Sub Category
  • Catch up
  • Purchase Option
  • Reversal
  • Reclassification on Adoption
Journal Entry Period

For the period for this Journal Entry Event Setup, select from the following:

  • Accounting Start Period
  • Commencement Period
  • Current Open Period
  • Index Adjustment Effective Period
  • Local Modification Effective Period
  • Local Standard Adoption Period
  • Modification Effective Period
  • Standard Adoption Period
  • Termination/Expiration Effective Period
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.

  1. On the Journal Entry Setup Template section, click Find to select existing Journal Entry Setup Template records or click Add to create a new Journal Entry Setup Template record.
  2. Click Create Template.