Knowledge Base

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Knowledge Base

FAQ

FAQ

This section includes a list of Frequently Asked Questions from our users about leases, payments, financial statement recognition and more

What's the risk of using Spreadsheets?

What will Financial Statements look like under ASC 842?

Initial Application Date

What is my Initial Application Date under ASC 842?

What if the Initial Application Date is entered incorrectly?

Transition Leases

Why must the Start Date of the lease be on or after the Initial Application Date?

What is a Transition Lease?

Where do I enter balances that existed under the previous standard?

Will LeaseCrunch adjust my existing lease balances to flow through to the ROU Asset?

Should I add my capital leases to LeaseCrunch?

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Login

How to create your LeaseCrunch Account

Is it ok to use the same password for both Live and Demo?

A user is unable to login to LeaseCrunch

A user is unable to login to LeaseCrunch (SSO)

Leases

How to account for month to month leases?

Removing or Restoring a Lease

Why is my lease showing Incomplete status?

How does a change in discount rate affect the ROU Asset and Lease Liability?

What happens if I need to change the discount rate on a lease?

Can subleases be entered into LeaseCrunch?

When Should Leases be Deleted?

Can I move my lease from demo to live?

When should I clone a lease?

Can LeaseCrunch be used for short-term leases?

How can I determine if I have an embedded lease?

Why is the start date, end date, term or classification grayed out?

What does it mean when ROU Asset Life is greater than its Lease Term?

How do I know if I have a lease?

Lease Term Wizard

What is the difference between an edit and a revision?

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Payments

How do I handle monthly lease prepayments?

Can lease and non-lease payment be shown separately?

How do I handle non-lease payments when I elect to include them with lease payments?

Why is the first payment missing from the Lease Liability?

Currency

What is the purpose of the foreign currency effect column on the Amortization Schedule?

Bulk Import

What format do I use to import a large quantity of leases?

Bulk Import Best Practices & FAQ

Troubleshooting Bulk Import Error Logs

LeaseCrunch Billing

LeaseCrunch Billing Details

Recognition

Understanding Journal Entries under the New Accounting Guidance (FASB ASC842)

Are Leasehold Improvements (TI's) Considered Lease Incentives?

Why doesn't the cash outlay match the lease expense?

When is Equity affected under ASC 842?

What are the options for handling 13 period accounting in LeaseCrunch?

Does LeaseCrunch handle the monthly reclass between Short Term Liability and Long Term Liability?

How do I use the Cash/AP Clearing Account?

Present Value Calculations in LeaseCrunch

Can I combine short term and long term liability?

What will my initial journal entry look like?

Lease Accounting Best Practices & Reconciliation

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Reports

Why does my ASC 842 Footnote disclosure for Cash Flows not equal Cash columns in the Amortization Schedule?

Cash Flow Statement under ASC 842

Why is my lease liability lower than my payments?

Can I generate one spreadsheet with all journal entry data, Amortization Schedule and Footnote Data?