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Tanimura & Antle is in the process of implementing Real Estate Management to handle the tracking of land operating leases. We need to be compliant with new accounting procedures that dictate that lessees of property and non-property assets require that the leased asset needs to be accounted for on the company's balance sheet. These leased assets must be included on the balance sheet, and organizations must recognize the assets and the liabilities associated with the lease. These assets are called Right of Use (ROU) assets. Oracle has provided for this functionality in an update to 9.2, but it only works correctly if the company is using a 12 month fiscal date pattern.
We are using a 13 period accounting cycle (4 week date pattern) which means that this functionality does not work correctly. Oracle has classified this as an enhancement. We would like Oracle to make changes to the programs that are part of this process such that the system handles the 13 period date pattern that our company uses. We must be able to handle this new requirement by January 2020.
I have created an Enhancement Request on the Quest website the ID is 12370 Title Property Management balance sheet lessee accounting does not work when using 13 period date pattern. If you have this same issue please go to this enhancement and rank it so that Oracle will take it into consideration. I'd also like to hear how you plan to get around this issue if Oracle does not address it before January 2020.