NetSuite Tutorial: Lease Accounting | NetSuite Fixed Assets (FAM) | NetSuite Solution Provider

[@josephkeown9739]

Is this compatible with GASB 87 lease reporting requirements?

[@CHINWAICHUNG]

Thanks! This video helps me a lot！

[@magedabdelrahman6665]

Thanks a lot for the tutorial, i have a question how i should record the lease payment (DR. Lease Liability CR.Bank) manual jv?

[@integrisuite]

Yes but might be better to use transaction Check
Journals should be used as little as possible

[@nachitou1]

Hi, i have a question. What should i do with the bill and bill payment? Wont i be duplicating entries?

[@nachitou1]

Bill is ap, expense
Bill payment is Cash, ap
Lease amort is expense and interest , Cash
Amort is expense, accu dep

[@integrisuite]

No won’t be duplication
Bill is debit expense / credit AP
Bill payment is debit AP / credit bank
So AP is cleared

[@brunocaruso1082]

is there any way to modify the lease and the related ROU asset in case the lease is reduced

[@integrisuite]

@@brunocaruso1082 yes lease can be modified and asset can be revalued

[@brunocaruso1082]

​@@integrisuitethank you would be good a video to show how to modify it

[@meiwolfy]

Thanks for the tutorial... What do I debit and credit when I make the rent payment plse? Thanks!

[@integrisuite]

Credit: Bank
Debit: Lease liability