NetLease - Lease Payable Clearing Reconciliation
Purpose
The lease payable clearing reconciliation report is used to review lease payment activity by lease. Vendor bill payments recorded by Accounts Payable and lease amortization entries booked by NetLease run through the lease payable clearing account. This activity should net out to zero for each month if the correct payments are made and NetLease schedules are correct.
How To
Navigation:
NetLease > Reports (All or GL & Recon) > Lease Payable Clearing Reconciliation > Run
Filtering:
The report search can be narrowed down by adjusting the filters for subsidiary, currency, department, class, location, lease, accounting period, or date. Once desired filters are set, click preview to view the reconciliation.
Filter by accounting period or date to match payments to report period.
Results
Upon running the report the user will see the lease payable clearing account by lease. The individual leases can be drilled down to view the associated transactions. If the lease payments recorded match the NetLease amortization schedule each lease will net to zero. Select the export button to download report into Excel.
Troubleshooting
If the reconciliation does not net to zero check the following:
1. Does the lease payment on the vendor bill match the lease schedule?
2. Is the lease payment transaction tagged with the appropriate lease? If a payment has been made and is not tagged with lease there will be a balance in "Unassigned".
3. Are the lease payments coded to the appropriate accounts? When AP makes a lease payment the following journal entries should be recorded:
DR. Lease Payable Clearing Account
CR. Cash/AP