Create a lease schedule

  • 10 minutes

After you've finished entering information for the lease, you need to generate the lease schedule. When you generate the schedule, the schedules will implement three actions:

  • Create books based on the lease group.
  • Create schedules (payment, liability, depreciation, and expense).
  • Calculate initial right-of-use assets and initial liabilities.

For example, when calculating the lease term in months, the system finds the difference between the start date and the end date for a specific payment schedule line. Then, it moves to the next payment schedule line and finds the difference again. Finally, the system will add all amounts to determine the lease term in months.

To create a lease schedule:

  1. Go to Asset leasing > Leases > Lease summary
  2. Select New
  3. Select Create schedules.

Screenshot of the Create schedules page.

You will receive a message that the Payment schedule, Liability amortization schedule, Depreciation schedule, and Expense schedule are created for the lease.

Follow these steps to view and confirm the generated lease schedules:

  1. Select the Books tab and then select the book that you created a schedule for.
  2. In the Action Pane, under Schedules, select Payment schedules.
  3. If changes are required, you can still change each payment amount and variable payment. The lease liability is calculated based on the modified payment schedule.
  4. After you have reviewed the schedule, select Confirm schedule. After the schedule is confirmed, the lease is no longer available for editing.
  5. View the payment schedule by selecting the Payment schedule lines FastTab. The Payment amount field shows the payment per period over the duration of the lease.

In the Schedule pane, if you want to view the calculated interest expenses, select the Liability amortization schedule page. To view calculated straight-line depreciation, open the Asset depreciation schedule page.