Add the Cash General Ledger Account to iLeasePro

Sage Intacct requires iLeasePro users to specify the Clearing Account rather than the Accounts Payable General Ledger Account. 

iLeasePro generates journal entries for updating lease related accounts to the user’s general ledger, including entries for payment of lease liabilities. However, the actual payments are generated from the user’s general ledger system of record. Therefore, it is important that any payment information not be duplicated from entries passing from iLeasePro to the general ledger system.

 

Please note that the recommended approach from Sage Intacct is for the use of the Clearing Account option in order to lessen the risk of duplication. This should be the case in any general ledger system that a user may employ.

 

As an example, in the general ledger system, the user would post an entry to set up the monthly lease payment as follows:

 

The entry generated from iLeasePro would be as follows:

 

The Clearing Account entries would offset, and the user would make the payment for the account's payable entry in the typical manner. The other alternative would have the user crediting Accounts Payable in the iLeasePro entry instead of Clearing Account. In this case, the user should take steps to make sure that the Accounts Payable entry is not duplicated in the general ledger system.