ERE: Minimum Lease Obligation Report (Doc ID 1902386.1)

Last updated on SEPTEMBER 15, 2016

Applies to:

PeopleSoft Enterprise FIN Lease Administration - Version 9.2 to 9.2 [Release 9]
Information in this document applies to any platform.

Symptoms

In release 9.2, production the Minimum Lease Obligation report as delivered shows the remaining rent obligation for the entire year plus future years.


Business Impact:
Does not provide accurate 10K (SEC) reporting for our clients. Would require a manual deduction of rent already paid for the current year, and with 1,000s of leases, this would be nearly impossible to complete.

As delivered, it assumes that the report is generated at the end of each year; however, most of our clients require this report quarterly. Therefore, the remaining obligation amount must take into consideration any amounts already paid during the current year. For example, the report if generated in December 2013 would show all rent scheduled for the entire year of 2014. This is correct. If the same report is generated at the end of March 2014, the report should show the remaining rent for the months of April - December 2014 only, as January - March have already been processed. The current report in PSFT would show the entire year of 2014, regardless of when the report is generated. Our clients require this level of accuracy for their 10k reporting, and will be needed for the new Lease Accounting rules to be introduced within the next few years.

Steps to replicate:

REM-Lease Administration - Reports - Minimum Lease Obligation Report.

Cause

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