Release 2022.02.03.11 Closing Journal Entries for Operating & Finance Leases
Release 2022.02.03.11 includes an addition to the journal entry creation for operating and finance leases.
The following updates have been made in this release;
- An issue with the closing journal entries was fixed in this release. Changes have been released to effectively create the closing journal entries and clear the accounts for both Finance and Operating Leases.
- New General Ledger Accounts have been added for Finance Leases to the Account Settings>Lease Accounting page.
- Modification to the textual labels on the Lease Accounting tab for Finance Leases. The label "Apply UsefulLife Override" has been changed to "Asset Owned at End of Term?"
1. Closing Journal Entries.
2. New General Ledger Accounts have been added to handle the closing of Finance Leases if the asset is to be owned at the end of the lease.
- Finance Owned Gross Asset
- Finance Owned Asset Accumulated Depreciation
Change to the textual labels on the Lease Accounting tab for Finance Leases. The label "Apply UsefulLife Override" has been changed to "Asset Owned at End of Term?"
