We created a lease amortization schedule and a few months later we noticed that the last payment is actually one month later. So we have already created the amortization schedule and recognition posting, plus subsequent lease proposals. I have modified the terms and conditions to add one more payment. How do I get the amortization schedule to recalculate and the recognition entry to post this correction?
Question
Lease Accounting - Edit to T&C
+16You can create a new amortization schedule by following the same process as creating it initially and this will create a schedule ID 2. They are all available in a dropdown.
You can also trigger an update to the recognition posting by creating it using the same process as initially.
I added a new line, but the line was just added to the bottom and did not recalculate the amortization schedule as expected
I think my issue is in the pop up window when doing the modify. It asks me for a Base Date for Present Value Calculation. It does not give me the option to go back to 1/1/22 because Recognition Postings have been created.
+16You can roll-back the acquisition posting by going to “Rollback Object Transaction” for the right of use asset. This will allow to remove the amortization schedule and re-create it.
Reluctant to do that since this contract has been live since March, don’t even know if IFS would allow that
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