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Set up Asset leasing

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Several configurations must be set up to ensure that the Asset leasing functionality operates as intended. If the Asset leasing module is not currently available in the environment, an admin must enable it in the Feature management workspace.

Asset leasing in Feature management

To access Asset leasing in the Feature management workspace, follow these steps:

1. If Asset leasing is not listed as a module, go to the Feature management workspace and select the Not enabled tab.
2. Go to the filter and search for “Asset leasing” and then select the module.
3. In the lower-right corner, select Enable now to enable the feature in the environment. This setting will enable the Asset leasing module.

Asset leasing parameters

To set up Asset leasing parameters, follow these steps:

1. Go to Asset leasing > Setup > Asset leasing parameters.

2. On the Leases tab, select the General FastTab.

   • The Allow manual classification override parameter determines whether the lease classification can be overridden before the payment schedule is confirmed.

   • The Cross-entity batch parameter determines whether you can post to other legal entities from the current legal entity. If this parameter is turned on, you can create journal entries for the legal entities that you have access to.

   • Set the Allow depreciation reversals on closed book version option to Yes to allow depreciation expense transactions to be reversed. Expense transactions can be reversed, even when the book version is closed.

   • Set the Allow deletion of confirmed leases option to Yes to allow leases that have confirmed payment schedules to be deleted. Leases can't be deleted if posted or unposted transactions are associated with them, regardless of this option’s setting. You can't restore a lease record after it has been deleted. If you upload records for a deleted lease, either manually or through data entities, the uploaded information is treated as new, not as an update to an existing lease.

     Note

     We recommend that you keep the Allow deletion of confirmed leases option set as No. The setting of this option is used as a validation and control to prevent a closed book version from being accidently depreciated.

In addition to the initial recognition journal, you can define a journal name for lease adjustment, termination, and impairment transactions. You can define the journal name for these types of transactions in the Lease modification journal name field.

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