Entering and Maintaining Lease Cost Centers
Help Page Summary
This tutorial page will instruct you on all of the Lease tab fields and options. For iLeasePro general navigation instructions, please visit the QuickStart General Navigation page.
Cost Centers Info
The cost center capability offers you the ability to track and report on your financial and operational lease data. You can allocate/link cost center entries to the general ledger accounts for a lease and the cost center entries will be included in the journal entries that are created or exported for the lease.
Cost Centers
iLeasePro includes eight cost centers to select from. The cost centers you can apply are;
- Location
- Department
- Employee
- Project
- Customer
- Vendor
- Item
- Class
Prerequisites:
- Cost Centers need to be setup by the administrator prior to use at the lease level. See Account Setting - Setting Up Cost Centers
- General Ledger Accounts must be added by the administrator prior to use at the lease level. See the Entering General Ledger Accounts section in the Account Setting - Setting Up Lease Accounting article
Linking Cost Centers to a Lease
To link a cost center to a Lease, click on the Jump button as shown in red square below. The Jump To message box will be displayed. Click on the Cost Centers link to link to the Cost Center tab for the lease.
Click on the Cost Centers tab to begin this process. You will see columns for each Cost Center that has been specified for your account with dropdown lists for each Cost Center that the administrator has setup at the top of the table. Select the Cost Center that you would like to link to this lease. In the example below, we will be linking the Location Cost Center to this lease.
To add the first Cost Center entry, click on the dropdown list under the cost center you have chosen and select the correct entry that you would like to link to the General Ledger Account to the left of the dropdown Cost Center entry list as shown below. In this example, we will be linking the Main location entry with a Cost Center code of 700 to the 2001 - Clearing Account.
You can continue this selection process for the remaining GL Accounts or if you want all of the GL Accounts to have the same Cost Center entry, Click on the "Filldown From First?" link as shown below.
If the "Filldown From First?" link is selected, all of the remaining GL Accounts will be populated with the Cost Center code specified in the first entry as shown below. You can make any individual changes as needed by selecting a different Cost Center entry for any of the GL Accounts.
You should continue this process for all of the Cost Centers you are interested in linking to the lease.
Once you have linked the cost center entries to the lease GL accounts, all of your journal entry exports will include the Cost Center entries you have selected to ensure synchronization with your accounting system.
Copying Cost Centers from Another Lease
If you have set up cost centers for leases within the same Subsidiary/Operating Entity, you can copy those Cost Center entries into the current lease from any other lease within the same Subsidiary/Operating Entity.
- Click on the Copy Cost Centers from Lease dropdown list of all leases within the same Subsidiary/Operating Entity, as show below.
- Select the lease to copy from and the current lease Cost Centers will be replaced and stored for the current lease.
R2024.05