Guidance Needed on Lease Accounting Conversion Strategy — Cloud Customer Connect
You're almost there! Please answer a few more questions for access to the Applications content. Complete registration
Interested in joining? Complete your registration by providing Areas of Interest here. Register

Guidance Needed on Lease Accounting Conversion Strategy

in Lease Accounting 2 comments

Summary:

Lease Accounting Conversion Strategy for Accounting

Content (please ensure you mask any confidential information):

We are currently implementing lease accounting, and our GL team’s first open period is March 2025. I have loaded the conversion leases in May 2025, with lease start dates start dates from 2018. These leases were initially loaded in draft mode.

After manually activating the leases and running the create accounting process, I noticed that the journal entries were posted starting from the March 2025 period. Is this the expected behavior? Is the reason entries were not created from 2018 because March 2025 is the first open period?

Additionally, if I activate these leases, will the journal entries always be created from March 2025, or will they post directly in May 2025, the month in which the leases were loaded?

Tagged:

Howdy, Stranger!

Log In

To view full details, sign in.

Register

Don't have an account? Click here to get started!