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When processing the invoice lines, the system will sort them by the Start Date. Then, it’ll process the invoice lines sequentially.
The system will create at least two Lease Amortization Lines entries from First Invoice Line:
Initial Entry
Lease Receivable = LR Booked Amount
Monthly Entry
It will calculate the Remaining Principal Amount = LR Booked Amount - Total LR Amount Paid
Interest Amount = Remaining Principal Amount * Interest Rate / 100 / 12
Lease Receivable = MRR Amount - Interest Amount
Tax = Salesforce Invoice Line Tax Amount
Invoice Amount = Salesforce Invoice Line Total Amount
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When processing the invoice lines, the system will sort them by the Start Date. Then, it’ll process the invoice lines sequentially.
It will calculate the Remaining Principal Amount = LR Booked Amount - Total LR Amount Paid
Monthly Entry
Interest Amount = Remaining Principal Amount * Interest Rate / 100 / 12
Lease Receivable = MRR Amount - Interest Amount
Cancel an Amortization
Navigate to the Lease Amortization record that you want to cancel.
Click the Cancel Lease button to initiate the process.
A cancellation entry will be inserted into the amortization schedule.
Lease Receivable = LR Booked Amount - Total LR Amount Paid
Invoice Date = Today()
The system will flag the amortization as canceled.
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Lease Amortization Line Type = Initial Entry
Debit Lease Receivable Account
Credit Product Revenue Account
Lease Amortization Line Type = Monthly Entry
Debit Accounts Receivable (Invoice Amount $18.35)
Credit Lease Receivable Account (Lease Receivable $11.40)
Credit Interest Income Account (Interest Amount $5.55)
Credit Sales Tax Payable Account (Sales Tax $1.40)
Lease Amortization Line Type = Cancellation
Debit Write-off Account
Credit Lease Receivable Account
Lease Amortization Line Type = Discount
Debit What Account?Credit What Account? Discount
Debit Sales Tax Payable
Credit Accounts Receivable
Lease Amortization Line Type = Down Payment
Debit What Account?Accounts Receivable
Credit What Account? Lease Receivable
How to Un-Post Amortization Entries
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