Accounting

The Accounting page allows Accountants to view the status of objects in Nakisa Lease Accounting Suite, as well as access the application itself.

The workflow for accounting information differs depending on your configured mode of operation.

For standard compliance:

If the Terms Accounting setting in Admin is enabled, you must associate your terms to a Cost Center and a Lease Component before Nakisa Lease Accounting Suite objects can be created.
Accountants must define and activate the following objects in Nakisa Lease Accounting Suite before the contract can be activated:
- Master Agreement
- Contract
  Note: The Generate Vendor Invoice checkbox in Nakisa Lease Accounting Suite must be selected to have partners associated to rent terms. If it is unselected in a contract version, vendors will show as read-only in Nakisa Portfolio Management Suite.
- Lease Component
- Activation Group

For streamlined compliance:

Accountants must define and activate the activation group in Nakisa Lease Accounting Suite before the contract can be activated.

If Terms Accounting is enabled:

On the Accounting page, the Rent Table section lists all your created terms.
For each term, select the associated Cost Center and Lease Component Name. Note that two terms with different cost centers cannot be associated to the same lease component. The lease component name updates once a cost center is selected.
If the Tax Calculation Mode in Financial Organization Structure is set to Advanced, select the Assignment Number. Note that you can only add one assignment number per lease component.
Click Save.
Once all updates have been made and saved, click Finalize. Nakisa Lease Accounting Suite objects are created after finalization.

Note: If there are changes made in Nakisa Lease Accounting Suite that cause discrepancies between the rent table terms and the information in Nakisa Lease Accounting Suite, the application updates the contract at activation, and then once per day to reflect the changes. Users can also click the Sync Contract With Nakisa Lease Accounting Suite button in the Actions menu to sync the contract when required. For changes made once the contract is active, the application deactivates the original contract and creates a new contract version that is automatically activated.

For more information on approving and activating objects in Nakisa Lease Accounting Suite, refer to the Nakisa Lease Accounting Suite User Guide.

The Nakisa Lease Accounting Suite contract, lease component, and activation group names are taken from the contract file number.

A clock icon on the page indicates that there are still objects that must be approved or activated. A check mark next to the object means it is active. Once all Nakisa Lease Accounting Suite objects are active, you can activate your contract.

To manage accounting:

Click to update the statuses of your objects.
If the rent table is empty, click to associate one or more pre-existing lease components. The master agreement and Nakisa Lease Accounting Suite contract are associated based on the selected lease component. If provisioning is enabled, you will only be able to select lease components that use the same provisioning frequency defined in the contract. Terms are transferred to the Rent Table after the contract is activated.
Note: You can associate multiple lease components of the same currency if they belong to the same Nakisa Lease Accounting Suite contract. There can only be one associated contract per currency.
Click to dissociate a lease component.
Click to open Nakisa Lease Accounting Suite to complete and activate the object.
Ensure that every object is activated.