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.
    Income Code
    Specify an income code to associate with lease payment invoices.
    Note: If both the lease payment and the non-lease component have income codes, then you cannot combine them on the same invoice.
    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.