Creating payment schedules

After you add the lease, you must create a payment schedule for it. You cannot run a FAS 13 test on the lease if a payment schedule does not exist.
  1. From the Leases menu, open a lease record.
  2. Click Payment Schedule.
  3. Click Create.
  4. Specify this information:
    Payment Vendor
    Select the Payables vendor with the lease invoice.
    Straight Line
    Select this check box to indicate that the payment schedule is recorded on a straight-line basis. After a payment schedule is added or changed, all payments that do not have a non-lease component are added simultaneously.

    The total is divided by the total number of payments to derive the straight-line amount.

    For long term operating leases, select this field. Ensure that the field is cleared on finance leases.

  5. Click the Miscellaneous button and specify this information:
    Process Level
    Select a process level to process the leased invoice in Payables.
    Accrual Code
    Select an accrual code to process the leased invoice in Payables.
    AP Vendor Location
    Select a Payables vendor location that shows a vendor's remittance address.
    Override Amount
    Specify the override amount.
  6. Click OK.
  7. Click Save.
    The Payment Detail, Recurring Payment Detail, and View All Payments tabs are now available.