NetLease - ROU Asset Useful Life Override
Overview:
In some instances, it may be necessary to depreciate an asset at a faster rate than the agreed-upon lease term. ROU Asset Useful Life, enabled in NetLease Setup, allows users to define an ROU Asset Useful Life less than the Lease Term on a lease resulting in an increase in drawdown of the asset balance.
Step by Step Process
- Navigate to NetLease > NetLease Setup > System Setup > General and check the box labeled Allow ROU Asset Useful Life Override under the System Settings header.
- Click Save
The lease record will now contain the field ROU Asset Useful Life (Months) field. The ROU Asset Useful life will now depreciate at a calculated rate, separate from the lease term, using the value entered in this field.