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Administrator Guide
Last Updated: 2023-06-23
Steps: Set Up Multibook Asset Accounting for Leases

Steps: Set Up Multibook Asset Accounting for Leases

Security: These domains in the Business Asset Accounting functional area:
  • Set Up: Company Asset Books
  • Set Up: Business Asset Accounting
Security:
Set Up: Ledger and Book
 domain in the Common Financial Management functional area.
Configure your tenant for multibook asset accounting. Multibook accounting helps you report on lease contracts for U.S. Governmental Accounting Standards Board (GASB) and International Financial Reporting Standards (IFRS), as well as alternate lease-type supplier contracts for different accounting standards.
  1. Enable asset accounting for multiple books.
    1. Access the
      Edit Tenant Setup - Financials
       task.
    2. In the
      Business Assets Options
       section, select the
      Enable Multibook Asset Accounting
       check box.
  2. Access the
    Maintain Book Codes
     task to create new lease book codes.
  3. Access the
    Maintain Asset Books
     task.
    Associate a book code to that asset book when you select the
    Accounting Book
     check box for an asset book. The book code is a requirement when you set up a company asset book.
  4. Access the
    Maintain Lease Contract Book Code Configuration
     task.
    Configure book codes associated with a lease-type supplier contract. The book codes can't be the same as the book codes that you use on the
    Add Company Asset Book
     task.
  5. Access the
    Maintain Company Asset Book Restrictions
     task.
    Restrict assets to specific asset books when you want to record lease-type contracts for any of the multibook asset accounting scenarios.
    You can select these specific scenarios in the
    Lease Accounting
     section on the
    Edit Tenant Setup -Financials
     task:
    Scenario 1:
    • Modified or Full Retrospective Reporting
    • Operating Lease IFRS or Public Sector
    Scenario 2:
    • Modified or Full Retrospective Reporting
    • Operating Lease IFRS or Public Sector
    • Operating Lease US GAAP
    Scenario 3:
    • Operating Lease IFRS or Public Sector
    • Operating Lease US GAAP
  6. Access
    Maintain Asset Book Rules
     task.
    Asset book rules apply to all companies but you can restrict a rule to specific companies by adding it as criteria for individual rules.