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 below
- Create from file to use AI Lease Abstraction
Continue below for the manual entry steps.
Step 1: Description & Terms
Fill in the details (including adding any custom fields) and click Save and Continue. The following are required fields:
- Accounting for: Select Lessor
- Reporting Entity
- Local Currency (defaults based on selected Reporting Entity)
- Lease Name
- Asset Type
- Start Date and End Date
- Lease Term
- ROU Asset Life
Optionally, you can use the Lease Term Wizard to help walk through early termination and renewal options.
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, and Location.
Step 2: Lease Receipts & Classification
Fill in Incentives Paid 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. Click Save and Continue in the bottom-right corner.
Step 3: GL Accounts
Enter GL Accounts and Cost Center allocations. The accounts available are 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 & Non-Lease Receipts
This step is optional but is used to enter variable type receipts to help organizations easily populate disclosures in preparation for filing. For more information on what may qualify, click here.
Step 5: Attach Documents
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.
Step 6: Review (Optional)
If the Review + Approval policy is selected under Administration > Policies, the final step will be to Submit for Review. Optionally, a Reviewer can be notified via email that a lease is ready for review.
What's Next
If you finished all the sections of the lease, it appears with a Complete status on the My Leases page. For organizations with the Review policy 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. If applicable, make sure to click on the Lessor toggle next to Accounting for to see your lessor leases if you have leases of both types in Crunchafi.
