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Approve a Lease Accounting Schedule - Common Procedure

You can mark lease accounting schedules as being approved. The Approved? flag behaves similarly to the Locked flag on the ASC 842 Test and Accounting Assumptions pages.

Important!

Once a schedule has been approved, it cannot be un-approved. Additionally, an approved schedule cannot be deleted.

If a System Administrator has enabled the Restrict Accounting Schedule Approver setting:

  1. A user cannot approve accounting schedules where:

    1. The user created the schedule, OR

    2. The user triggered the Recalc? flag on the schedule.

      In either of these two scenarios, the Approved check box is disabled for the schedule.

  2. A user can approve accounting schedules where the above conditions are false.

  3. These settings apply to accounting schedules for RE Contracts, Equipment Contracts, and Assets.

ClosedView how the Recalc? flag and the Approved? flag behave in different scenarios

The following table describes how the Recalc? and Approved? flags behave in different scenarios.

Scenario Recalc? flag Approved? flag
User creates initial schedule No No
User approves the schedule No YES
Recalc? flag triggered YES YES
User recalculates schedule No No
User approves recalculated schedule No YES

ClosedProcedures

To approve a lease accounting schedule:

  1. Navigate to one of the following nine pages.

    Use the links in the Navigation Pane on the leftmost side of the page.

    • Contract > Accounting Info > ASC 842 Rent Schedule

    • Contract > Accounting Info > IFRS 16 Rent Schedule

    • Contract > Accounting Info > GASB 87 Rent Schedule

    • Equipment Contract > Accounting Info > ASC 842 Rent Schedule

    • Equipment Contract > Accounting Info > ASC 842 Rent Schedule >ASC 842 Equipment Schedules Page

    • Equipment Contract > Accounting Info > GASB 87 Rent Schedule

    • Equipment Contract > Accounting Info > GASB 87 Rent Schedule >GASB 87 Equipment Schedules Page

    • Equipment Contract > Accounting Info > IFRS 16 Rent Schedule

    • Equipment Contract > Accounting Info > IFRS 16 Rent Schedule >IFRS 16 Equipment Schedules Page

  2. Select the schedule you want to approve.

  3. Click Approved? check box on the right side of the page.

    A dialog box opens. The message reads: Are you sure you want to approve the rent schedule? You will not be able to un-approve or delete once approved.

  4. Click OK.

    The dialog box closes. Your schedule is approved.

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