Income Receivable Balancing [R0407]

End of Period: This process can be run either interactively through this update or seleted to run as a special month-end version during EOP End of Month. As an EOP module, the process is:

EOP Only	Yes*
Frequency	Monthly
Sequential Updates	No
Skip Notes	No restrictions

*The special month-end version of this report is only available through EOP End of Month, but is otherwise the same as the interactive version, using the same processing but with selection criteria specific to End of Month.

For more information about End of Period, refer to U04 End of Period Overview.

 

The Income Receivable Balancing report [R0407] provides a detailed accounting of income accrued but not yet due for leases with non-monthly payment schedules. This report may also be used to reconcile the Lease Income Receivable General Ledger account balance on the General Ledger Entries Listing report [R0406].

Leases with a suspended earnings status are not reported upon in this report. The Suspended Earnings report [R0609] should be used to reconcile the Suspended Income Receivable General Ledger account balance.

The report may be accessed through the Audit Control report menu [R04].

The report may be selected interactively for:

• All leases
• A portfolio
• A company
• A region
• An office
• A lease

The report may be automatically generated for each portfolio at the end of the month through the End of Period update [U0401]. Use the END OF PERIOD MODULES AND REPORTS screen under the End of Period Customizations option of the Portfolio update [U0212] to specify whether the report is created.

 

Income Receivable Balancing Selection

• ALL
  Enter X to report on all leases. Leave blank to report on a specific portfolio, company, region, office or lease.
  
  
• PORT
  Enter the number of the portfolio upon which to report. Leave blank if reporting across portfolios.
  
  
• COMP
  Enter the number of the company upon which to report. Leave blank if reporting across companies.
  
  
• REGN
  Enter the number of the region upon which to report. Leave blank if reporting across regions.
  
  
• OFFIC
  Enter the number of the office upon which to report. Leave blank if reporting across offices.
  
  
• LEASE
  Enter the number of the lease upon which to report. Leave blank if reporting across leases.

 

Income Receivable Balancing Report

 

The Income Receivable Balancing report [R0407] reports at the lease level and provides the following information:

• LEASE
  The lease number is displayed.
  
  
• LESSEE SHORT NAME
  The short form of the lessee name is displayed.
  
  
• PMT FREQ
  The payment frequency of the lease (e.g., Semi-Annual, Quarterly) is displayed.
  
  
• PTD RENTAL INCOME - LESSOR
  The lessor's income accrued but not due for the period-to-date is displayed.

  Note: Income is accrued and recognized monthly, regardless of the lease's payment schedule. If the payment is not due, the accrued income is held in income receivable. Unearned income is credited by the accumulated income receivable only when the payment is actually due.

• PTD RENTAL INCOME - ITC
  The period-to-date investment tax credit income (accrued for book purposes) is displayed.
  
  
• PTD RENTAL INCOME - VENDOR
  The vendor income accrued but not due for the period-to-date is displayed.
  
  
• PTD RENTAL INCOME - INVESTOR
  The investor income accrued but not due for the period-to-date is displayed.
  
  
• PTD RENTAL INCOME - TOTAL
  The total period-to-date income receivable for the lease is displayed. It is calculated as follows:

  PTD RENTAL INCOME LESSOR
  + PTD RENTAL INCOME ITC
  + PTD RENTAL INCOME VENDOR
  + PTD RENTAL INCOME INVESTOR.

• TOTALS
  Page totals for all dollar amounts are shown by office. Region, company, portfolio, and grand totals are shown for all dollar amounts.

 

Balancing Procedures

The period-to-date rental income totals for each accounting unit (portfolio, company, region and office) should balance to the Lease Income Receivable General Ledger account on the General Ledger Entries Listing report [R0406]. When balancing, both the Income Receivable Balancing report [R0407] and the General Ledger Entries Listing report [R0406] should be generated at the same time.

 

LeasePak 7.6a Documentation Suite

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