Late amendment catch-up scenarios for modifications occur when the effective date of a new lease or lease modification is in a period prior to the current open period. Because previous periods are already closed, the system will generate catch-up entries to true up the current period balances to what they should have been if amendment had been input in a prior effective period. These catch-up adjustments not only true up the current period but also allow for the ongoing accounting to be correct.
If the begin date of the late amendment schedule is prior to the begin date of any existing schedule, the status of any posted periods changes to Non-Postable. You cannot change the status of periods that have a status of Non-Postable, but you can delete them if necessary. The status of non-posted periods does not change.
This feature must be enabled using the Allow Schedules in Posted Periods setting on the Financial Settings page.
Below are the defined terms that you will see in the system related to late amendment catch-up functionality:
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Posted Initial Liability Adjustment for Mod Effective Date (SLSummary.PostedInitLiabilityAdj) — the difference between the Initial Liability Balance of the new schedule and the previous schedule’s posted Liability Balance as of the Posted End Date.
If the begin date of the late amendment schedule is prior to the begin date of any existing schedule, this value is set to 0 by default.
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Posted Initial Asset Adjustment for Mod Effective Date (SLSummary.PostedInitAssetAdj) — the difference between the Initial Asset Balance of the new schedule and the previous schedule’s posted Asset Balance as of the Posted End Date.
If the begin date of the late amendment schedule is prior to the begin date of any existing schedule, this value is set to 0 by default.
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Posted Liability Adjustment at Mod Input Date (SLSummary.PostedLiabilityAdjustment) — the difference between the Liability Balance of the new schedule and the previous schedule’s last posted Liability Balance
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Posted Asset Adjustment at Mod Input Date (SLSummary.PostedAssetAdjustment) — the difference between the Asset Balance of the new schedule and the previous schedule’s last posted Asset Balance
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Posted End Date (SLSummary.PostedEndDate) — the last posted fiscal period End Date of the schedule being modified
These fields are available to be added to page layouts, imports, or reports. You can find them in the Page Layout Editor in the Available Fields > Contract > Straight Line Summary folder.
