EAM: Lease Clearing Account Is Not Balanced Between AM And AP Entries (Doc ID 2128254.1)

Last updated on MAY 06, 2016

Applies to:

PeopleSoft Enterprise FIN Asset Management - Version 9.2 and later
Information in this document applies to any platform.

Goal

When adding lease with the minimum lease amount with VAT, system posts amount with VAT to the clearing account in AM. The lease payment is interfaced to AP for payment. AP voucher posts amount without VAT to the clearing account in AP. The clearing account is out of balance by the VAT amount. The amount posted to the Lease Clearing account from AM includes the total amount including refundable taxes. This leads to:

(i) the Amortization of Lease costs being overstated in AM and GL
(ii) the Lease Clearing account does not clear, as AP posts the amount net of tax rebates.

In summary, financial results are incorrectly stated in the GL.

Solution

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