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• New NetSuite Prompt Studio Contest
• And more!
Check out this thread to learn more!
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[FAM Lease Record] Operating Lease: Double Entry when Interest Recorded
Hi Gurus,
I noticed that for Operating Lease in NetSuite, by default when we record the interest, it will always debit Accumulated Depreciation account. But the finance team said this is incorrect, it should debit into ROU Interest Expense instead because we don't own the asset. Do anyone know the reason in financial perspective why is it debiting Accumulated Depreciation account?
In addition, initially we was thinking to input the Accumulated Depreciation account to this "ROU Interest Expense" + set the Asset Accounting method to Zero Depreciation, but finance team said the Lease Record should also subjected to Depreciation, thus if we set the Accumulated Depreciation account to "ROU Interest Expense":
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