Fiscal Calendar Maintenance - Product Advisory
October 2018
Introduction
As a reminder, the configuration for the fiscal calendar must be configured for all years within a lease term to generate the correct accounting. Best practice is to add the task of re-visiting your fiscal calendar to your year-end close process and schedule.
This is a critical issue as the LeaseAccelerator application has experienced a number of errors caused by incorrect fiscal calendar configuration. The most common error is that the fiscal calendars have not been configured for the earliest years and/or the longest term (including all renewal periods).
These incorrect configurations will cause the following errors:
Accounting reports will have incorrect data.
Repop and sweeps will encounter performance issues.
LeaseAccelerator will be enhancing validations during the booking process to confirm that all fiscal calendars with a particular deal are configured. This validation will generate an ERROR and prevent the loading of the lease.
However, in the meantime, please review your fiscal calendar configurations using the fiscal calendar settings in the LeaseAccelerator application:
If the Lease Start Date or Available for Use Date is in a Fiscal Year NOT included in the drop-down menu, you have not configured your calendar correctly.
If the Expected End Date including ALL Renewal Options (not just those which are Reasonably Certain) is in a Fiscal Year NOT included in the drop-down menu, you have not configured your calendar correctly.
LeaseAccelerator’s standard provisioning includes fiscal calendars for 2003 through 2028. If your portfolio contains a lease that starts before or potentially ends after these periods, you MUST manually configure each year. Remember that entering years earlier than 2003 must be configured in reverse order (i.e., 2002, 2001, 2000, 1999 etc.) and years after 2028 must be configured in sequence (i.e., 2029, 2030, 2031)
Also, while some leases may be perpetual in nature or have extremely long terms, LeaseAccelerator is designed only to account for and report for 200 years in the future. Please consult your Implementation Manager or Customer Success Manager if a greater number of fiscal years is required.
Other Tips
It is best to have fiscal calendars set up for at least 10 years preceding your earliest recorded lease and 10 years past your current longest running lease. This allows a LeaseAccelerator user to enter new deals which may have a longer term than a schedule already in LeaseAccelerator.
Fiscal calendar configuration is limited to power users and system admin users.
If you have a custom fiscal calendar (not standard Gregorian or 4-4-5), you will need to manually deselect the default selections and manually select the start date for each month in the graphic of your fiscal calendar. The dates will be reflected in the list and the graphic, but you can ignore the Based on 4-4-5 / Gregorian drop-down menu.
If your fiscal year has start dates that land in more than 12 Gregorian calendar months, please contact LeaseAccelerator for assistance with configuration.
To Configure Fiscal Calendars
Step |
Action |
|---|---|
1 |
Go to the Gear icon in top right corner and select Settings. |
2 |
Select the Fiscal Calendar tile. |
3 |
To add a year in the future, select the last year available from the Fiscal Year drop-down. |
4 |
Update the date for Fiscal Year Start to your actual fiscal calendar. |
5 |
Validate that the Fiscal Year End auto-populates with the correct date. |
6 |
Select Gregorian or 4/4-5 Week Model for the Based On option. |
7 |
Click Auto-Populate Based On button. |
8 |
Validate that the fiscal month starting dates have now been updated to reflect your fiscal calendar. |
9 |
To add a year in the past, select the first year available in the Fiscal Year drop-down menu. |
10 |
Update the date for the Fiscal Year Start to your actual fiscal calendar. |
11 |
Validate that the Fiscal Year End auto-populates with correct data. |
12 |
Select Gregorian or 4/4-5 Week Model for the Based On option. |
13 |
Click Auto-Populate Based On button. |
14 |
Validate that the fiscal month starting dates have now been updated to reflect your fiscal calendar. |
15 |
Click Save. |