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Will Crunchafi adjust existing lease balances to flow through to the ROU Asset?

Capital & Operating Leases on the balance sheet at transition can be recorded

When entering a transition lease into Crunchafi Lease Accounting, the system will ask for the existing balances under previous lease accounting guidance. This will show up under Step 2 when adding a lease. 

Take the following steps:

  1. Set up the associated GL Accounts under Administration > GL Accounts.

  2. When entering the lease, select the GL Account under Step 2 and enter the existing balance as a positive number. 

When the Journal Entry Report is exported, the first month entry will include the initial journal entry to record the ROU Asset and Lease Liability and the entries to clear the existing balances.