LP - Mid-Term and End of Lease Transactions

LP - Mid-Term and End of Lease Transactions

See attached document for complete details. 

The goal of lease rewrite is the modification of the lease record and creation of the general ledger entry required to properly reflect the changes to the rewritten lease in the company’s accounting records. This is accomplished in LeasePlus through the rewrite function.

When processing a rewrite transaction, the object is to account for changes in the book value of the lease. Rewrite actions which do not cause a change in book value do not require a general ledger entry. For example changing the customer number on a lease does not change the book value of the lease and will not produce a general ledger entry.

Changes in payment amount, number of payments, timing of payments, changes in equipment basis (adds & drops), and changes to residual values always cause a change in book value and therefore require a general ledger entry. 


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