View our manual lease setup walk-through or follow the instructions below.
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Click Add Leases from the top navigation bar and choose one of the following:
- Manual Entry to enter the lease details using the step-by-step workflow
- Create from file to use AI Lease Abstraction
Continue below for the manual entry steps.
Step 1: Description & Term
Fill in the details (including adding any custom fields) and click Save and Continue. The following are minimum required fields:
- Reporting Entity
- Local Currency (defaults based on selected Reporting Entity)
- Lease Name
- Asset Type
- Start Date & End Date OR Lease Term (use the Lease Term Wizard, if applicable, to help walk through early termination and renewal options)
- ROU Asset Life
IMPORTANT
If expected options are not displayed for the following fields, certain user roles can click Add to the right of the field to add it during this step: Reporting Entity, Asset Type, Location, and Lessor.
If you use the Lease Term Wizard, the start/end dates and term fields are disabled. You must use the Lease Term Wizard to make any modifications. Depending on settings under Administration > Policies, using the wizard may be required.
Step 2: Lease Payments & Classification
Fill in Discount Rate, along with Incentives Received and Initial Direct Costs (if applicable). Next, select payment frequency, payment amount, number of payments, and payment start dates. To add payment escalations, click +Add to enter additional payment rows.
If entering a transition lease where the start date equals the Initial Application Date of the Reporting Entity, enter Existing Balances.
Select a classification option from the dropdown or use the Classification Wizard to help select those most relevant option (i.e., Finance vs. Operating).
Click Save and Continue in the bottom-right corner.
IMPORTANT
If you use the Classification Wizard, the classification field is disabled. You must use the Classification Wizard to make any modifications. Depending on settings under Administration > Policies, using the wizard may be required.
Step 3: GL Accounts
Enter GL Accounts and Cost Center allocations. The accounts are available based on the selected Reporting Entity. If there is only one account available, it will be selected by default. Click Save and Continue.
Step 4: Variable & Other Payments (Optional)
This step is optional, but it can be used to enter variable type expenses or other non-lease payments to help organizations easily populate disclosures in preparation for filing. For more information on what may qualify, click here. Click Save and Continue.
Step 5: Attach Documents (Optional)
Click Upload, find/select the file, and click Open. You can add a name to the lease file (optional).
Click Finish in the bottom-right corner if you are done adding details, or use the Prev button in the bottom-left corner to edit details in other steps.
If the Review + Approval policy is enabled under Administration > Policies , there will be a Save and Continue button in place of the Finish button to move onto to Step 6.
Step 6: Review (Depends on Settings)
If the Review + Approval policy is enabled, the final step will be to Submit for Review. Optionally, you can add a Reviewer to be notified via email that a lease is ready for review.
What's Next
If you finished all sections of the lease, it appears with a Complete status on the My Leases page. For organizations with the Review + Approval enabled, leases awaiting approval will be in Review status.
If you exit the lease without completing all the sections, it appears with an Incomplete status on the My Leases page. Click on the ⋮ (more) option to the left of the lease name and select Continue.