Set up lease journal names

Lease journal names specify the journals that Asset leasing transactions are posted to. Only journal names that are assigned to the Asset leasing journal type appear in the Initial Recognition and Monthly Journal Name fields on the Asset leasing parameters page. Only vendor invoice recording journal type can be assigned to the Invoice journal name field.

Certain financial fields are locked from being edited to prevent any variances between the transactions and the schedules. Some fields that are locked include: Account, Amounts, Financial dimensions, Currency, and Transaction type. Additionally, you won't be able to add or delete journal entry lines in any Asset leasing journal entries, as this might cause variances between the schedules and the transactions.

To configure lease journal names, complete the following steps.

1. Go to Asset leasing > Setup > Asset leasing parameters.
2. On the General tab, in the Initial recognition journal name field, and select a journal. All initial recognition journal entries will be posted to this journal name.
3. In the Invoice journal name field, select a journal. If the Pay to vendor option is set to Yes for the lease book, lease and expense payment invoices will be posted to this journal name.
4. In the Lease journal name field, select a journal. All depreciation, interest, and short-term reclassification entries will be posted to this journal name. If the Pay to vendor option is set to No for the lease book, lease payments and expense payment entries will also be posted to this journal name.
5. In the Lease modification journal name field, select a journal. Lease adjustment, termination, and impairment transactions will be posted to this journal name. The journal name that you select should not have a workflow or approval assigned to it. If the lease modification journal name isn't defined, lease adjustment, termination, and impairment transactions will be posted to the journal name that is selected in the Lease journal name field.