Leases
Generating Payment Schedules
Once the lease has been created, payment schedules will be posted to the General Ledger each month. Schedules will be based on the Payment Frequency fields.
If you chose a payment frequency option that was not import or custom, you should generate a payment schedule. Here are the steps to generate them:
Go to Lease Accounting > Leases, then click Leases.
Next, click on the lease that the schedules should be generated for.
After clicking into the lease, click the drop-down menu that reads More actions and select “Generate Payment Schedules.”
Now that you have created your payment schedules, it is in the “Payment Schedules Generated” workflow status.
Note: If a change should be made to the payment schedules, the schedules can either be canceled or regenerated. To regenerate schedules, repeat steps 1 and 2 from above and then select Regenerate Schedules after clicking on the More Actions drop-down menu. Please remember that by regenerating schedules, previous schedules are deleted from the system. If a lease is in workflow status In Service, the lease will need to be taken out of service to edit schedules.
The Payment Schedule is made up of the following columns:
Actions: The Actions column shows the Payment Schedule entry after clicking “View” for a specific date.
Status: The Status is the status of that specific row within the Payment Schedule. By default, when the Schedule is generated, this status will show as Created. Once a Schedule Date has passed, and a payment has been generated, the status for that row and all related rows will be posted.
Payment Amount: The Payment Amount is the original amount that will be paid to the lease at each scheduled payment. This amount is included in the Total Bill Amount which is the amount an AP Bill will be created for.
Reclaimable Tax: The Reclaimable Tax refers to total tax amounts that you expect to recover or get refunded. These will be the total of all taxes that are not included in lease valuation, meaning they will not impact the Lease Liability Value and Schedules.
Non-Reclaimable Tax: The Non-Reclaimable Tax (or non-recoverable tax) refers to the total amount of taxes that you expect to not deduct or reclaim once they have been paid. These taxes are included in lease valuation and will impact the Lease Liability Value and Schedules.
Expense Amount: The Expense Amount field is the Change Amount value when a change is made to the payment schedule, but the lease schedules are regenerated without revaluing the lease. The change amount is then considered an expense, and along with the payment amount, makes up the total bill amount. Expenses can be any changes to the payment schedule that don't require the lease to be revalued. Once the lease is revalued, the Expense Amount will be included as the Payment Amount.
Reclaimable Tax Expense: The Reclaimable Tax Expense column refers to Reclaimable tax changes made to the payment schedule, but the lease schedules were regenerated without revaluing the lease. This means the changes made were considered an expense, which can impact the payment schedule but doesn’t require the lease to be revalued. Once a lease is revalued, the value in the Reclaimable Tax Expense column will be moved and included in the total Reclaimable Tax.
Non-Reclaimable Tax Expense: The Non-Reclaimable Tax Expense column refers to Non-Reclaimable tax changes made to the payment schedule, but the lease schedules were regenerated without revaluing the lease. This means the changes made were considered an expense, which can impact the payment schedule but doesn’t require the lease to be revalued. Once a lease is revalued, the Non-Reclaimable Tax Expense will be moved and included in the total Non-Reclaimable Tax.
Total Bill Amount: The Total Bill Amount column will be the total amount that will be reflected on the AP Bill for that schedule entry. This value will be the sum of the Payment Amount, Reclaimable Taxes, Non-Reclaimable Taxes, the Change Amount if applicable, and any amounts in the 3 expense columns (Expense Amount, Reclaimable Tax Expense, and Non-Reclaimable Tax Expense) if applicable.
Currency: Currency is the currency that the lease will be paid in.
AP Bill: This is the record that will be created for this lease. Please keep in mind that it will only populate a record number for the dates that the AP Bills will be generated. All other rows will not have a record number.
AP Bill State: The AP Bill State is the state of the AP Bill that was generated. This state can either be Drafted or Posted.
AP Bill Create Date: The AP Bill Created Date is the date that the AP Bill was created.
AP Bill Due Date: The AP Bill Due Date is the date that the AP Bill is due.
Schedule Entry: The Schedule Entry is the number of the Lease Payment Schedule Entry which shows more detail about this payment.
Created At: Created At is the date that the Payment Schedule was created.
