NetLessor Mass Create Go-Live Transition Journals

MASS CREATE GO-LIVE TRANSITION JOURNALS

Once all leases commenced, they are ready for transition entries, a one-time setup task which books the leases to the general ledger.

STEP BY STEP PROCESS

• Navigate to the Run Transition Journals page by selecting NetLessor > NetLessor Setup > Mass Run Transition Journals
• The period filter will default to the period containing the transition date set on the NetLessor System Setup page. Filter for the appropriate subsidiary or leave blank to process all lease in multiple subsidiaries. Once you’ve selected the desired leases click Run Transition Journals to initiate the journal creation process.

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• You can monitor the status on the subsequent page, periodically refreshing until the status has changed to Complete. Any journals generated will appear on the Batch Summary sublist.

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• Click the link to the NetLessor Transition entry in the Journal Entry column of the Batch Summaryto reveal the GL impact
  • Sales-Type or Direct Financing Lease
    • Debit Lease Type’s “Net Investment in Lease - Receivable Account” for the NetLessor Lease Schedule Entry’s prior period “Net Investment in Lease - Receivable  Balance”
    • Credit Lease Type’s “Go Live Clearing Account” for the NetLessor Lease Schedule Entry’s prior period “Go Live Clearing  Balance” View full size
      
      

• Operating Lease

  • Debit Lease Type’s “Lease Capitalized Initial Direct Costs Account” for the NetLessor Lease Schedule Entry’s prior period “Lease Capitalized Initial Direct Costs Balance”
  • Credit Lease Type’s “Go Live Clearing Account ” for the NetLease Lease Schedule Entry’s prior period “Go Live Clearing Balance” View full size
• The lease itself will have the period containing the transition date split out into two to NetLessor Schedule Entries to record the NetLessor Transition Entry and the normally scheduled NetLessor Amortization Entry View full size