[Christine Barr]

Hi – we are tying to post a lease termination but no journal entry is produced.  Is this expected behaviour or are we missing something in set up.  We have leases that have expired and need to remove the assets but also have tried to terminate a lease early with same result.  The white papers don’t cover what happens when a lease naturally ends.

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Christine Barr
Smart Technologies

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[Paula Buffa]

I am assuming you are talking about a lease termination in the asset leasing module.  Select your asset from the lease summary.  Then hit termination proposal. Enter in the effective date of the termination and when you want it posted. The termination date can’t be earlier than any posted date for that lease. Hit the termination proposal button.  Then go to Asset Leasing/Leases/Lease terminations.  You should see your journal entry.  Select that journal entry and hit “Terminate” up at the top, (next to save).  The journal entry will get posted automatically and you can see it in your posted JE’s.  This would not work if you are early terminating and have negotiated a different buyout price. That would have to be done through the adjustment process.  FYI. there is a current bug with the lease movement report in v 10.0.30 related to terminations.  The termination amount is showing in both the adjustment and termination column and the ending balance is showing a negative amount instead of 0.00.  It’s been reported to MS but they said it is too risky to fix at this time. SMH.  Good luck hope this helps.

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Paula Buffa
Controller
XTRA Lease
St. Louis MO
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[Christine Barr]

Thanks Paula.  Those were the steps we have followed but with no luck.  We must have something wrong in our set up.  Appreciate the help!

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Christine Barr
Smart Technologies
Calgary AB
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