A common element of an aircraft lease is a monthly report and payment to the lessor to compensate them per the terms of the lease. Chronos' Lease Ledger Payment Calculator helps operators produce this monthly report and payment with a few mouse clicks.
Showing the Lease Ledger
On the main menu Accounting section, click the Cost Accounts link.
Select an account.
The monthly total and lease payment will be shown.
Credit and Debit are from the perspective of a lessor's escrow account. Credit refers to a payment to the lessor account. Debit refers to deductions from the lessor account.
Lease Payment Report
A more detailed report is provided which provides the capability to adjust the lessor payment due, or filter out owner or maintenance usage.
1. To view the lease payment report, click the Payment Report at the top of the screen.
2. Adjust the date filter to match the lease payment requirements and click apply. For example: if you make monthly payments, set the date filter to the appropriate month.
Top Section - Beginning Balance
The beginning balance field allows you to adjust the lease payment by providing a beginning balance. Positive or negative beginning balances may be entered.
Enter a negative beginning balance if you have a credit with the lessor, and a positive beginning balance if you have a balance due to the lessor.
Top Section - Adjustments
Adjustments may be made to the lease back account by making journal entries. For example, if the lease agreement requires the lessor to pay maintenance costs, the maintenance expenses may be entered as an adjustment.
Ignoring Owner Use Entries
If your lease agreement allows you to filter owner use or maintenance, the accounting entries can be edited to adjust the amount.
Click edit to edit the underlying accounting entries for the usage. NOTE: do not use the edit option that is associated with the Usage Entry. In this case the accounting values must be edited.
Edit the credit and debit values that are associated with the cost model and save the entry.
Using this method, the accounting may be adjusted to zero, or any other desired value. Make sure the credits and debits balance.
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