Transferring lease company details

Before initiating a lease transfer, you must meet these conditions:
  • All lease invoices before the transfer date are invoiced and posted.
  • For financed leases, all depreciation before the transfer date is recognized.
  • The new company must use the same lease accounting standard as the original company.
  • The transfer must be a full balance transfer.

You can transfer one lease at a time.

  1. Select Leases.
  2. Open a lease record.
  3. Select Transfer.
  4. In the Lease Company Transfer Details, specify this information:
    Transfer Date
    Specify the implementation date of the transfer.
    Company
    Specify the new company and accounts to which the lease is transferred.
    Note: The new company must have the same lease accounting standard with the current company.
  5. Click Next.
  6. Optionally, you can transfer or terminate non-lease components in the lease.
  7. In the Lease Company Transfer Summary Form, verify the From Lease and To Lease company details.
  8. If you are satisfied, click Release Transfer.
  9. Click OK to confirm.
    A new lease is created in an unreleased state. The amortization schedule, payment schedule, recurring payments, straight-line entries, and lease payment due dates are copied from the original lease. The accounts, company, and any non-lease components are set according to the values specified in the form.
  10. Click Next.
  11. In Asset Transfer, click Asset Transfer. You can open the record of the associated asset in the lease.

    See the Assets Accounting User Guide.

  12. Navigate back to Lease Transfer.
  13. In the Complete Transfer, click Finish button.