⌘K
Transition Journal Entry
Record the opening balance journal entry at your transition date.
Standard Entry
Basic transition journal:
Transition Journal
DR ROU Asset £82,309
CR Lease Liability £82,309
With Retained Earnings
If asset and liability differ:
Entry with RE Adjustment
DR ROU Asset £75,000
DR Retained Earnings £7,309
CR Lease Liability £82,309