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Fixed Asset _Lease Accounting ( Ind AS116)

in Ask A Guru 3 comments

We are a project-based company in the minerals sector with diversified business interests, currently migrating from a legacy ERP to Oracle NetSuite. While NetSuite was recommended by our ERP consultants after requirement analysis, we are now being advised that multiple requirements may need customization.

I am looking for expert clarification from the NetSuite community on some fundamental standard capabilities of NetSuite to help us make informed decisions

📢1.6] In case of lease remeasurement (e.g., change in lease term or lease payments), does the system automatically generate accounting entries for:

  • Adjustment to lease liability
  • Corresponding adjustment to the Right-of-Use (ROU) asset and depreciate it accordingly
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