Add Lease - FASB

This detail and video walks you through how to enter a lease.

To Add a lease, click Add Lease. Follow the workflow to add all required fields. 

Note: A Reporting Entity with correct Initial Application Date must be added before adding leases.

Step 1: Description & Term: Minimum Requirements include Reporting Entity, Lease Name, Asset Type and Lease Term. 

Step 2: Lease Payments & Classification: Here you'll enter the Discount Rate, Lease Payments and Classification. Also, if entering a transition lease where the start date of the lease was prior to the application date of the new standard, you'll enter Existing Balances.

Step 3: GL Accounts: Enter GL Accounts and Cost Center allocations here. 

Step 4: Variable Expense & Non-Lease Payments. This optional field is where you'll enter variable type expenses or non-lease payments. For more information about what may qualify, click here. 

Step 5: Attach Documents: To upload the lease file, click Upload, navigate to the file and click Open. All lease files can be saved within LeaseCrunch.