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NSC | Lease Interest Expense Account

edited May 27, 2024 11:57AM in Accounting / ERP

Scenario:

The user is unable to utilize the Interest Expense Account for Operating Leases.

Explanation:

The recording of Interest Expense for an Operating Lease follows standard behavior, which includes the following interest journal line:

  • Debit to Accumulated Depreciation – Right-Of-Use Asset
  • Credit to Lease Liability

The General Ledger accounts utilized in the interest journal are drawn from the accounts specified in the Posting Reference subtab of the Lease record.

Hope this helped!

Micah Patricia Timbol | Basic and Advanced Accounting, OTC Guru

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