PeopleSoft Lessee Accounting for GASB
PeopleSoft Lessee Accounting for GASB allows your business to measure and recognize payables leases. In PeopleSoft FSCM, PeopleSoft introduced enhancements including business unit configuration options and the recognition of a financed purchase for contracts with a transfer of ownership. The migration and transition activity guide helps you organize the tasks for asset management leases to the shared lease administration data structure. It also provides you with the steps for preparing and transitioning to the new lease accounting guidance.
In the activity guide, the tasks required for assets management lease data migration are classified into three sections: Initial assessment of management, pre-migration configuration and migration process. These tasks enable asset managements shared product functionality with lease administration. To begin, you first start with an initial asset management assessment that allows you to review your existing lease assets. Next, the tasks in the pre-migration configuration section guide you through the configuration you need to migrate you asset management leases to the lease administration data structure successfully. Then, you’re ready to migrate your assets management leases to the shared lease data structure.
The migration process section of the activity guide lists the tasks needed to migrate your assets management leases to the lease administration data structure; it also includes tasks to review your leases online after migration. The activity guide also serves as a central point for executing the tasks that complete the transition to the new accounting guidance. These tasks are in two sections: preparing to transition to the new standard and transition to the new standard. Preparing to transition includes tasks for you to review and update lease configuration so that your leases are ready to be accounted for under the new leasing guidance. You can also review pivot grids detailing the expected cost amount of your operating leased assets on your transition date.
A new step has been added to the activity guide to identify leases exempt from capitalization such as short term leases. You transition your leases to the new accounting guidance by capitalizing your operating leases and generating the corresponding straight lined schedules for those leases. This is how PeopleSoft Lessee Accounting for GASB allows you manage your payables leases.