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Adding a Lease or Subscription under GASB

This article covers how to add a lease or subscription under GASB 87, 94, or 96

 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

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Step 1: Description & Term

Select the accounting standard from the dropdown and then choose Lessee or Lessor (Lessor does not apply if you selected GASB 96). Fill in the details (including adding any custom fields). Click Save and Continue. 

The following are minimum required fields:

  • 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)
  • Lease Asset Life (Lessee Only)

Step 1: Description & Term

Select the Accounting Standard and then Lessee or Lessor for GASB 87 or 94. (Note, Lessor does not apply to GASB 96)

Select the Reporting Entity and enter the following fields: 

  • Lease Name
  • Description (Optional)
  • Asset Type
  • Start Date, End Date or Term
  • Lease Asset Life (Lessee Only)

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/Lease Receipts

Enter the Discount Rate and Payments/Receipts, including the frequency, amount, number of payments/receipts, and the start date. To add additional receipt stream information, click the +Add button. 

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.

For additional details about adding GL accounts, click here. 

NOTE

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

A maximum of 10 Cost Centers can be allocated per Revenue account.

Step 4: Variable & Other Payments/Receipts

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, view our guidance for Lessees or Lessors.

Click Save and Continue.

Step 5: Attach Documents (Optional)

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

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.