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      Adding a Lease or Subscription - GASB Step by Step

      This step by step guide shows on how to add a lease or subscription under GASB 87, 94 or 96

      Step 1: Description & Term

      At the top left of the screen on the Add Leases workflow, select the Accounting Standard and then Lessee or Lessor for GASB 87 or 94. (Note, Lessor is not applicable to GASB 96)

      The Description & Term tab shows the following required fields: Accounting Standard, Accounting for (Lessee or Lessor where applicable) Reporting Entity, Lease Name, Asset Type, Start Date and End Date, Term and Lease Asset Life of the lease or subscription.

       

      Description and term tab

       

      Note: If you are entering a Lessor lease, there is no field for Lease Asset Life.

      The Lease Term Wizard to assists with entering the lease term details.  Click here for assistance with using the Lease Term Wizard.

      Note: Once the Lease Term Wizard is used, the Start Date, End Date and Term fields are greyed out and can only be changed again by navigating back through the Wizard.

      For additional information about the required information, click on the blue question mark next to any topic.  Question mark 

      Step 2: Lease Payments/Lease Receipts

      The Lease Payments/Receipts tab shows the following required fields: Discount Rate and Payment Streams, including Payment Frequency, Payment Amounts, Number of Payments, and Payment Start Date. To add additional payment stream information, click the Add button in the bottom right.

       

      Lease payments/receipts tab

      Step 3: GL Accounts

      The GL Accounts tab shows the GL Accounts associated with the Reporting Entity selected on Step 1 Description & Term. If there is only one GL Account, it is preselected. Details about adding GL accounts can be found by here. 

      GL accounts tab

       

      Expenses can be allocated to Cost Centers by selecting Add Allocation. 

      A maximum of 10 Cost Centers can be allocated per lease.

      Step 4: Variable Expense & Non-Lease Payments

      Click Next to enter Variable Expense & Non-Lease Payments. This step is optional and works exactly like the Lease Payments tab. Variable Expenses and Non-Lease payments are not required however entering the details here will ensure a complete lease/subscription record.

      Variable expense and non-lease payments

      Step 5: Attach Documents

      To attach documents related to this lease or subscription, upload unlimited lease documents. 

      Attach documents

      Step 6: Review

      If an Administrator has turned on Review + Approve, users are required to complete the Review screen by clicking Submit for Review. 

      Optionally, users can choose to notify another user by selecting the email address. Note the user much be a LeaseCrunch Client Account user in order to receive email notifications and approve the lease.

      Review and approve

      Click the Submit for Review button to send the optional notification and navigate to My Leases.