Monthly process routine

This is a summary of action in the system in respect to accounting period (assumed, monthly).

MONTH OPENING:

  1. Insert new Incremental Borrowing Rates (Add IBR)
    (NOTE: IBR to be reviewed periodically, not necessarily monthly. Can be Quarterly or annual review)
  2. Insert currency exchange rates, which will be used to valuate leases commencing in this month. (Only if you have leases in foreign currency Currency FX).

DURING THE MONTH:

  1. Enter new Leases to the system (Import Leases and New Lease)
  2. Activate new leases (Activate Leases)
  3. Update existing leases as required (lease modifications) (Lease Modification)

END OF MONTH:

  1. Enter New Index and Reference Rates in the system (Index) (Only if you use “repricing” automation)
  2. Run Lease Repricing. (Repricing Run) (Only if you use “repricing” automation)
  3. Run A/P Reconcile (A/P Reconcile)

A/P reconcile shows one side – payables due as per lease agreement in SOFT4Lessee. You need to compare to amount of actual payments made to lessors. In case of non-reconcile, you may need to update lease data in SOFT4Lessee (e.g. lease agreement missing, Payment amount has changed, lease has been terminated, etc.). It is not too late to update lease data, as monthly postings not done yet. Reconcile is based on Payment Schedule, not G/L

 
  1. Run Post to G/L (Run Postings)
  2. Export G/L Output from SOFT4Lessee (Export to G/L Output)
  3. Import G/L Output to your local accounting
  4. Change Posting Period in General Ledger Setup (lock G/L postings to the closed period and open posting to next period)

Open “General Ledger Setup” page, change “Allow Posting From” and “Allow Posting To” date values into current period starting and ending dates on each subsidiary. This prevents any further postings to closed period.