Write Off Subsequent to a Lease Early Termination

Write Off Subsequent to a Lease Early Termination

Purpose

There are times when an account balance needs to be Written Off after an Early Termination has taken place.

The Write Off functionality is exactly the same for all termination methods.

The process is described here for the Rental Standard Early Termination Method only.

Access

  1. Access Lease |  | 

Process

On accessing the Early Termination dialog, the details will be similar to:



The Early Termination section of the dialog cannot be accessed except for the Add Taxes check box option which is available

A Write Off Reason different to the Termination Reason can be selected

The Write Off Date can be a date different to the termination date, but not earlier than the latest transaction date

If a write off date earlier than the last transaction date is entered, the following message will display:



The date will be set to the latest transaction date, but can be changed to a later date

Enter the Write Off and Default Interest Write Off amounts required:



If the write off is GST inclusive, check on the Add Taxes check box

 to post the transactions


  to Write Off the Lease, or  to make any changes

The transaction list will look like:



Each write off transaction will have a Reference of WRITEOFF. Separate entries are posted for the write off of default interest (a credit of the default interest charged) and the account balance write off.

If the Add Taxes check box is ticked, the write off amount is considered inclusive of GST.

When the transaction posts to the GL the GST content will post to the GST GL Code.



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