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Good Afternoon,
There are 3 functions under Periodic in the Asset Leasing module that I would really appreciate it if someone could please explain what they are, how they work and when to use them. If examples could be added that would be extra helpful.
There 3 functions are:
1. Batch journal creation
2. Create schedule batch
3. Confirm batch
Thank you!
Good afternoon,
At a high level, these functions allow you to do the same processes you would do manually on a lease book to create and initially recognize that lease but for many leases at once. Please find a brief description and examples for each of those functions below.
Batch Journal Creation:
This is where you process your monthly leasing journal entries. This button will open a parameters form allowing you to choose what type of journal entry to create - Initial recognition, payment, depreciation, interest, executory costs, or short-term reclass - and allows you to specify the leases to post against. Rather than generating each journal entry manually from the schedules of each lease, you can set the module to create and post journal entries across many leases at once and even set up a batch job.
This is typically run at the month end when you are posting the monthly journal entries for your leases and initially recognizing any new leases you may have.
I've recently written a blog post describing how each posting type is used. This should give you an in depth look at the journal entries the Asset Leasing module produces: Deep Dive into Asset Leasing Posting Types
Create Schedule Batch
This is primarily used when importing new leases through the Parent Lease data entity. This function will generate the books associated to the leases and the schedules associated to those books. This process runs the same function as clicking "Create schedules" when first creating a lease but across many leases.
When you create a lease and only save the lease record, there are no schedules or books created against that parent lease until you click "Create schedules". When uploading many leases through the data entity, rather than manually clicking "Create schedules" for each lease, you can run this function for your leases to generate the books and schedules for your newly imported leases.
Confirmation Batch
This process will confirm the payment schedules for the selected leases within the parameter form. The act of confirming the payment schedule effectively approves the lease to be posted against. If the payment schedule is not confirmed, you will not be able to post the initial recognition journal entry or any other journal entries against the lease.
This process is the same as manually clicking "Confirm" on the payment schedule of every lease book. This batch process is typically run only when importing many new leases as typically you would confirm the payment schedule manually for any one-off lease additions. However, this is very useful when initially uploading leases.
To put these periodic functions together on a high level - When initially importing leases through the Parent Leases data entity, the schedules and books are not created automatically so you can create those schedules at once using the Create schedules batch function. Once the schedules are created, the next step is to confirm the payment schedules. You can run the Confirmation batch function to confirm all of the payment schedules so that you can post the initial recognition journal entries. To post the initial recognition journal entries for all of your leases at once, you can use the Batch journal creation form. Once your leases are initially recognized, the monthly journal entries can be processed using this same process.
Thanks!
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