Should I add my capital leases to LeaseCrunch?

Yes! While the computations for finance leases (formerly known as Capital Leases under ASC 840) have not changed, they still need to be included in the AC 842 Footnote Disclosures. If capital leases are not entered in LeaseCrunch, they will not appear in the Footnote Disclosure from the software.

To add capital leases, use a start date that matches the Initial Application Date for the Reporting Entity. Make sure to include the Existing Balances under Previous Lease Accounting Guidance as the way to clear off balances such as Capital Lease Assets and Capital Lease Liabilities.