A Lease Commences on the Same Day as the Initial Application Date of the Standard

What if you have a lease that actually begins on your Initial Application Date in LeaseCrunch?

A lease that commences on the same day as your Initial Application Date of the new accounting standard is not a transition lease.  

How to Enter the Commencement Date of the Lease into the Software

If the start date of the lease matches the initial application date of the standard, the software routes and calculates that lease as a transition lease.  To bypass this workflow, enter the commencement date of the non-transition lease as one calendar day later than the initial application date.

Example:

Initial Application Date - January 1, 2022

Original Start Date of Lease - January 1, 2022

Start Date Entered into LeaseCrunch Software - January 2, 2022

NOTE:

If the entered dates fall in the first half or second half of the month, changing the start date of the lease in the software by one day will NOT affect the calculations generated by the system.