Lease Administration ASC 842 Transition

How is your transition to ASC 842 going with PeopleSoft Lease Administration? Please share any issues, lessons learned or successes!

@James H Adkins said in Lease Administration ASC 842 Transition:

@Jefferson Bauer Hi Jeff, have several Oracle JDE clients up and working with a couple of issues. Overall the applications is working for them.

@Jefferson Bauer . We have not seen first and third issue. Not sure if there is a setup difference. Second issue persists but it is manageable with process

@Jefferson Bauer Hi Jeff, have several Oracle JDE clients up and working with a couple of issues. Overall the applications is working for them.

@Abhay Drolia We applied image 30, but have seen multiple issues.

• No clear functionality to eliminate accrued rent against the ROU Asset
• No functionality to determine which period PLP and LEX entries belong to for cleanup.
• Straight-line LEX distributions lines going to the wrong distribution type (RT instead of AA)

Have you come across of any of these issues?

JB

@Jefferson Bauer We transitioned to 842, and there are some minor issues, but for the most part, it is working. It is recommended to go with image 30+ to eliminate most of the lease module issues. We have multiple clients now live on 842 with a very large portfolio of leases