Step 5: Add GL Accounts
Step 5 instructs Administrators to add, edit, or disable lease-related GL Accounts for each Reporting Entity within Administration, ensuring these accounts align with the entity’s chart of accounts to enable accurate lease-related journal entry mapping, with the ability to toggle between Lessee and Lessor views, while maintaining at least one active GL account per Account Type/Classification and preserving financial reporting for leases linked to disabled accounts.
Step 5: Add GL Accounts
These settings are available for users with the Administrator Role.
Within Administration, navigate to GL Accounts. For each Reporting Entity, add the lease-related GL Descriptions and GL Account Numbers to match the Reporting Entity’s chart of accounts. This will allow lease-related journal entries to map directly into the accounting system.
Users will be able to toggle between Lessee and Lessor to add accounts.
GL Accounts can be edited or disabled at any time.
- Disabled GL accounts will still be attached to existing leases and the disable feature will not affect the financial reporting capabilities of any leases configured to use it.
- At least one GL account in each Account Type/Classification must remain active.
- Disabled GL Accounts will no longer be available in Add/Edit Leases - GL Accounts for new leases.