Shared Space Rent Entries

This document outlines the required Netsuite entries to record The Foundation rental space that is sublet to The Society projects.

  • The Foundation rents space in both Yellowknife and Iqaluit which is subsequently sublet to The Society projects. 
  • In Yellowknife, the The Foundation office space is sublet to 3 The Society projects:  AFC, Dene Nahjo and NYL
  • In Iqaluit, the The Foundation office space is sublet to 1 The Society project:  Qanak
  • The Society projects do not actually pay The Foundation for the space.  It is set up as intercompany “Due to”.

ENTRY 1 - RECORD RENT INVOICE

GL IMPACT - Rent Invoice

ENTRY 2 - PAY RENT INVOICE

For instructions on processing EFT Payment click here.

For instructions on processing Cheque Payments click here.

Once the payment has been processed, continue with the process below.

ENTRY 3 - INTERCOMPANY JOURNAL ENTRY

Create a journal entry to reflect amounts owing from sub-tenants (The Society) and allocate them against the original invoice (The Foundation):

  • P087 – Arctic Funders Collaborative = $500
  • P093 – Dene Nahjo = $500
  • P094 – Northern Youth Leadership = $500

NOTE:  Setting up inter-company “Due to” entries for The Society as Operations Arctic causes the Pyango script to fire and create an offset to the project Cash accounts.

GL IMPACT - Intercompany Journal Entry