ELA: Lease Amendment (Transfer) With Payment Type Advance Has Incorrect Accounting Entries
(Doc ID 2642202.1)
Last updated on JULY 21, 2020
Applies to:PeopleSoft Enterprise FIN Lease Administration - Version 9.2 and later
Information in this document applies to any platform.
When amending a Lease (Transfer) with Payment Type Advance, the Transfer In/Out accounting entries for Rent Expense (Distribution Type 'RE' and Cost Type 'E') are incorrect.
- The Transfer "Out" should be Debited, not Credited.
- The Transfer "In" should be Credited, not Debited.
1) Create a Financial Property Lease.
2) Add Base rent with Payment Type Advance.
3) Add an operating unit to the Asset Cost Distribution.
4) Allocate, Classify, Activate.
5) Amend the Lease to change the Operating Unit.
6) Save the Amendment.
7) Depreciate the Leased Asset.
8) Create Accounting entries for the Leased Asset.
See Replication document.
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