Setting Up General Ledger Accounts for Lease Accounting
Lease Accounting for Fixed Assets Management lets you recognize the right-of-use asset and lease liability, and accrue interest. To use these features, you must create new GL accounts and link them to the Lease record.
Go to Lists > Accounting > Accounts > New, and add the following accounts:
|
Account |
Type |
|---|---|
|
Right-Of-Use Asset |
Fixed Asset, Other Current Asset |
|
Acc. Dep. — Right-Of-Use Asset |
Fixed Asset |
|
Lease Liability |
Accounts Payable, Other Current Liability, Long Term Liability |
|
Interest Expense |
Expense, Other Expense |
|
Gain on Modification |
Other Income |