Overview:
Deleting a lease removes it from journal entries and financial reports. It is recommended to keep expired leases in Cradle until they no longer appear in any financial reports. This helps ensure accurate historical data and consistent financial reporting.
Should I Delete a Lease? What are the impacts of deleting a lease?
Key Points When Deleting a Lease
When you remove a lease, it will no longer appear in any of your financial reports, including the journal report, financial statement, and disclosure.
Running a prior year report, assuming the lease was still active in that period, and subsequently deleting the lease will result in that balance changing. This can result in Cradle no longer reconciling to historic financial figures.
Under What Circumstance Should I Delete a Lease?
You may delete a lease when you are highly certain that it is no longer needed for financial reporting purposes
What is the best practice for removing a lease?
The best practice is to keep the lease in Cradle until it is fully washed out of all financial reporting, including comparative years
In Cradle, you can also archive a lease once it is no longer applicable. However, please note that this feature is only available as part of our enterprise plan
The video below provides a brief demonstration of how deleting a lease will impact your comparative period. It also discusses the circumstances under which you may delete a lease.
Video length: 1 minutes
FAQs:
If i delete a lease can I retrieve? No, the lease is deleted for good.