Please enable JavaScript.
Coggle requires JavaScript to display documents.
Lessee Accounting Overview - Current Oracle (PROPERTY MANAGER/PN Note: A…
Lessee Accounting Overview - Current Oracle
PAYABLES/AP
When an Asset originates in Payables (typically from a Purchase Order) - when
ENTERING
in the
Invoice
- Payables will make the following entries to
General Ledger
:
Debit: Asset Clearing (Asset Type Account)
Credit: AP Liability Account (Liability Type Account)
When
PAYING
the
Invoice
- Payables will make the following entries to
General Ledger
:
Debit: AP Liability Account (Liability Type Account)
Credit: Cash/Cash Clearing Account (Asset Type Account)
ASSETS/FA
When
CREATING
an
Asset
(either originating from Payables or entering a new Asset) – the accounting entries sent to
General Ledger
are:
Debit: Asset Cost (Asset Type Account)
Credit: Asset Clearing (Asset Type Account)
Upon
DEPRECIATING
an
Asset
– the accounting entries sent to
General Ledger
are:
Debit: Depreciation Expense (Expense Type Account)
Credit: Accumulated Depreciation (Asset Type Account)
RECEIVABLES/AR
When
CREATING
an
Invoice
- Receivables will make the following entries to
General Ledger
:
Debit: Receivables Account (Asset Type Account)
Credit: Revenue Account
When the customer
PAYS
the
Invoice
- Receivables will make the following entries to
General Ledger
:
Debit: Cash (Asset Type Account)
Credit: Receivables Account
PROPERTY MANAGER/PN Note: A
Revenue Lease
is one where you are the Lessor/Landlord and the Asset Owner. Note: An
Expense Lease
is one where you are the Lessee and not the Asset Owner.
When a
Revenue Lease
is
created
in Property Manager – Property Manager generates the following entries to
Receivables
for billing:
Debit: Receivables Account
Credit: Accrued Assets Account
When a
Revenue Lease
is
created
in Property Manager – Property Manager generates the following entries to
General Ledger:
Debit: Accrued Assets Account
Credit: Revenue Account
When an
Expense Lease
is
created
in Property Manager – it will generate the following entries to
Payables
for payment:
Debit: Accrued Liability Account
Credit: AP Liability Account
When an
Expense Lease
is
created
in Property Manager – send the following entries to
General Ledger:
Debit: Expense Account
Credit: Accrued Liability Account