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GASB87 with fund accounting

in Lease Accounting 1 comment

Summary:

Our client requires GASB87 compliance with fund accounting. Ability to record leases and monthly schedule payments based on funding split. We have fund as our balancing segment in chart of account.

Content (required):

Our client has leases which are funded by multiple funds. The requirement is to record GL Entries by Fund i.e. all accounting transactions including asset cost, amortization, depreciation, rou, lease liability. Monthly lease payments also need to be proportionately allocated to each of the fund at the time of payables invoice generation. I tried allocating multiple funds on one lease using multiple payment templates. But once lease is set I am unable to do any adjustment in funds. Can you let me know how can I achieve this?

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