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Stub Payment Journal in Wrong period

in Lease Accounting 1 comment

Summary:

Hi Team,

We have encountered one scenario and need some clarification on the same. We have one lease which end dated on 31/10/2023 and then it was terminated.

However on 30/06/2024 we observed a payment journal entry related to this lease got posted in our GL. On more investigation we observed that, since this is a property lease so there was a stub payment in this lease with start and end date as 31/10/2023 and the journal entry which got posted in the Jun-24 period was related to this stub payment in the lease. We want to know if this is a valid scenario and what could be the reason behind this since the lease is already terminated on 31/10/2023.

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