When I record lease interest, is it normal for NetSuite to debit my Right of Use asset account and then credit my lease liability?

AI generated answer (using internal Slack threads):

Based on the conversations, it appears that when recording lease interest in NetSuite, it is standard behavior for the system to debit the Accumulated Depreciation account and credit the Lease Liability account, especially in the case of an operating lease. This is because the total interest is used as a negative residual value to come up with the correct expense through depreciation. However, it's important to note that this might not align with every company's specific accounting needs. For instance, some users have reported issues with NetSuite's Fixed Asset Management (FAM) Lease module, such as the inability to upload their own payment schedule with interest and principal amounts separately, and the use of only one account for lease debt when separate long-term and short-term accounts are needed. In terms of leasing equipment out to a customer, it seems that this can be achieved natively in NetSuite using the contract amortization setup that aligns with leasing terms, or by using the work order and assembly module. However, the Fixed Asset Management (FAM) module is required for this. ****** Disclaimer: This response was generated by an artificial intelligence assistant based on previous conversations from multiple Slack channels, and may contain inaccuracies or mistakes. ******