Account Setting - Setting Up Operating Entities/Subsidiaries

Operating Entity/Subsidiary Help Page 

This tutorial page will instruct you on maintaining Operating Entities/Subsidiaries within iLeasePro. For iLeasePro general navigation instructions, please visit the QuickStart General Navigation page.

 

Setting up Operating Entities/Subsidiaries

Some companies may have multiple operating entities or subsidiaries that require the setup separate accounts for each entity/subsidiary.

Note: Only users with the Administrator rights will have the ability to set up the subsidiaries.

The iLeasePro Administrator will set up multiple subsidiaries from an Admin > Account Settings page.In order to properly set up all subsidiary accounts, the Administrator will need to complete the steps required for the Subsidiary page and the Lease Accounting page as defined below.

There are three main steps in setting up subsidiaries

1. Create and manage Subsidiaries on the Account Setting > Subsidiary page
2. Setup the GL Accounts for each Subsidiary on Account Setting > Lease Accounting page
3. Assigning a Subsidiary To a Lease on the Lease > Lease Accounting page
   
   

Create and manage Subsidiaries on the Account Setting > Subsidiary page

Account Settings – Adding a new Subsidiary

1. Select the Subsidiary tab from the menu on the Account Settings page on the Admin site

2. Adding a New Subsidiary
   1. Select the Add New button
   2. A new row will be displayed with an open text field. Enter in the name of the Subsidiary
   3. Click on the Save button to store the new Subsidiary

 

3. The new Subsidiary will be displayed in the table, as shown below

Account Settings – Editing an existing Subsidiary

1. Select the Edit button, shown by red arrow below, on the Subsidiary that you would like to edit
2. Change the Subsidiary Name
3. Click on the Save button. The updated Subsidiary name will be displayed in the table

Account Settings – Deleting an existing Subsidiary

1. Select the Delete button, shown by red arrow below, on the Subsidiary that you would like to remove
2. A message box will be displayed asking to confirm the delete. By selecting “OK”, the Subsidiary row will be deleted. If “Cancel” is selected the delete function will not occur and the Subsidiary row will remain.

Note: Any leases that was associated with the Subsidiary that is deleted will lose the link to that Subsidiary and require a new Subsidiary to be associated.

Account Setting > Lease Accounting

Setup the GL Accounts for each Subsidiary on Lease Accounting

The subsidiary names, entered on the Subsidiary page above, will be used to populate the dropdown Subsidiary list shown below on the Lease Accounting Admin page. If there are no Subsidiaries defined, the dropdown will not be populated.

 

The Admin user will then select a Subsidiary and fill in each of the General Ledger accounts associated with the Lease Accounting Description to the left as shown below.

Lease > Lease Accounting

Assigning a Subsidiary To a Lease

Select the Accounting tab under a Lease. A Lease is associated to only one Subsidiary. But a Subsidiary can be associated to multiple Leases.

The Subsidiary dropdown will include all of the Subsidiaries defined in the Lease Accounting section of the Admin site. If the Subsidiaries have not been defined for this Account, the Subsidiary dropdown will not be displayed.

Upload or Export GL for a Lease

If the Upload or Export is selected to be performed, build the journal entries for the lease and include the Subsidiary Value/Code in the export.

 

Portfolio Accounting

Once a Subsidiary has been defined and associated with a lease, the Administrator can verify that the leases have been associated with a Subsidiary on the Portfolio setup page as shown below.