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GASB 96 - Setup & SBITA Entry

If you're already using Crunchafi Lease Accounting for GASB 87, no additional licensing is required to enter SBITAs

GASB 96 Administration Setup

Reporting Entity

Go to Administration > Reporting Entity to add a Reporting Entity under GASB 96 and select the correct Initial Application Date, which is one year later than the GASB 87 Initial Application Date. Not sure about your Initial Application Date? Learn more here.

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Asset Types 

For ease of entry, a SBITA - GASB 96 asset type is automatically added under Administration > Customization and can be selected when adding leases. 

GL Accounts

Go to Administration > GL Accounts. For each GASB 96 Reporting Entity, add the related GL numbers to match your chart of accounts. This allows SBITA-related Journal Entries to map directly into your accounting system. 

Some examples of GL Accounts needed for GASB 96 include:

  • Subscription Asset
  • LT Subscription Liability
  • ST Subscription Liability

Adding GASB 96 SBITAs to Crunchafi Lease Accounting

To get started, go to 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 an overview of adding leases using manual entry. 

Step 1: Description & Term

First, select Accounting Standard: GASB 96 (SBITA).

Fill in the details (including adding any custom fields). The following are minimum required fields:

  • Reporting Entity
  • Lease Name
  • Asset Type (i.e., select SBITA - GASB 96)
  • 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

NOTE

The Start Date for subscriptions that existed prior to GASB 96 should match the Initial Application Date. For example:

If a SBITA was signed on 09/01/2021 for a 3-year term and the entity is applying the GASB 96 guidance to the financial statements as of 07/01/2022, then the Start Date of the SBITA in the software is 07/01/2022. 

Click Save and Continue to move onto the next step. 

Step 2: Lease Payments

Enter the Discount Rate and Payments, including those falling under existing balances.

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Click Save and Continue to move onto the next step. 

Step 3: GL Accounts

The GL Accounts specific to the Reporting Entity will be preselected when there is only one account for each account type. To allocate expenses to Cost Centers, add them here. 

Step 4: Variable Expense & Other Payments (optional)

Add any variable expenses you'd like to track in the software. 

Step 5: Attach Documents (optional)

This is where you can add the files associated with each agreement. 

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.

For more detailed instructions on adding leases under GASB, click here.