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. You can have multiple payment schedules on the lease, but the lease payments must be on the payment schedule of the lease lessor.
- From the menu, open a lease record.
- Click Payment Schedule.
- Click Create.
- Specify this information:
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Payment Vendor
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Select the Payables vendor with the lease invoice.
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Straight Line
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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.
- Click the Miscellaneous button and specify this information:
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Process Level
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Select a process level to process the leased invoice in Payables.
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Accrual Code
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Select an accrual code to process the leased invoice in Payables.
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AP Vendor Location
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Select a Payables vendor location that shows a vendor's remittance address.
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Income Code
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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.
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Override Amount
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Specify the override amount.
- Click OK.
- Click Save.
The Payment Detail, Recurring Payment Detail, and View All Payments tabs are now available.