ELA: Lease With Advance Payment Calculates Incorrect Lease Interest In First Month
(Doc ID 2799233.1)
Last updated on MAY 29, 2023
Applies to:
PeopleSoft Enterprise FIN Lease Administration - Version 9.2 to 9.2 [Release 9]Information in this document applies to any platform.
Symptoms
Incorrect Interest expense is calculated on first month of the lease for advance payment type.
The issue can be reproduced at will with the following steps:
1. Review Installation Options – New Accounting Standards enabled.
2. Create Schedule for Lease (Setup Financials/Supply Chain > Common Definitions > Calendars/Schedules)
3. Review Delivered Calendar
4. Create New Lease (Lease Administration > Create Payables Leases > Create new payable Lease)
5. Add Asset in the Lease Admin while creating new lease.
6. Enter Financial Terms
7. Add Base Rent
8. Allocate Costs
9. Classify Asset
10. Validate and Activate Lease
11. Preview Payment Schedule Page and shows interest on 1st month and no reduction in obligation; incorrect for GASB87
Changes
Cause
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In this Document
| Symptoms |
| Changes |
| Cause |
| Solution |
| References |