Create a Lease Accounting Schedule - Common Procedure
This article contains the procedures for generating both contract-level and asset-level ASC 842, GASB 87, and IFRS 16 lease accounting schedules. Additionally, it also contains contract-level procedures for generating Straight Line lease accounting schedules.
Contract
This section contains the procedures for generating lease accounting schedules in the Contract module.
Calculate Straight Line Schedule
To generate a straight line schedule:
-
Navigate to Contract > Accounting Info > Straight-Line Rent.
Use the links in the Navigation Pane on the leftmost side of the page.
-
Click Calculate Schedule.
This displays in the Actions menu on the right side of the page.
The Create New Straight-line Schedule window opens.
-
Enter the Begin Date and End Date of the accounting schedule.
You can also click Calendar
to open the Date Picker and select the appropriate date. -
Select the schedule type from the Type field.
-
Select the reason for creating the schedule from the Creation Reason field.
Creation reasons are either user-generated or generated at the company level. However, all creation reasons created at the user level will also be available at the company level.
-
Click Create Schedule.
The page refreshes, and the schedule appears on the page.
Calculate ASC 842 Schedule
To generate an ASC 842 accounting schedule:
-
Navigate to one of the two following pages:
-
Contract > Accounting Info > Accounting Assumptions
-
Contract > Accounting Info > ASC 842 Rent Schedule
Use the links in the Navigation Pane on the leftmost side of the page.
-
-
Click Calculate Schedule.
This displays in the Actions menu on the right side of the page.
The Create New ASC 842 Rent Schedule window opens. The Begin Date, End Date, Accounting Method, and Discount Rate automatically populate.
To learn how to select a different discount rate from the Manage Discount Rates table, see our Search for Another Discount Rate article.
Note:The default value of the Schedule Begin Date is the later of the Accounting Begin Date or the first day of the first unposted period for the schedule. You can override the value of the Schedule Begin Date in the Create Schedule window, provided the date you choose is on or after the first day of the first unposted period.
-
Select the schedule type from the Type field.
-
Select the accounting method from the Accounting Method field.
If you select Finance, two new fields appear: Remaining Asset Balance and Date to Amortize to. These fields will also appear if you select Operating and then enter a value in the Impairments field.
-
Select the reason for creating the schedule from the Creation Reason field.
Creation reasons are either user-generated or generated at the company level. However, all creation reasons created at the user level will also be available at the company level.
-
If you want to specify a percentage or amount of the total asset balance that should remain after the schedule end date, enter the value in the Remaining Asset Balance field.
There are two option buttons: Currency and Percentage. If you enter a value between 0-100, the system will default the option setting to Percentage. If you enter a value of 100.01 or above, the system will default the option setting to Currency. You can override the default option setting.
-
If you want to select a date beyond the schedule end date to amortize to, enter the date in the Date to Amortize to field.
By default, the value of this field is the schedule end date.
To learn more about asset amortization, see the Amortization of the Asset in Contracts article.
-
Enter any other miscellaneous costs that should be accounted for in the schedule in the PV Of Other Adjustments field.
-
Enter any fees paid to the owners of a special-purpose entity for structuring the transaction in the PV Of Structuring Costs field.
-
Enter the amount paid towards rent prior to the commencement date, minus any incentives that have reduced the cost of the lease in the Payments Before Commencement (Less Incentives) field.
-
Enter the incremental costs of a lease that would not have been incurred if the lease had not been obtained in the Initial Direct Costs field. For example, broker’s fees, certain legal fees, and certain payments to tenants to move out.
-
Enter any incentives that have reduced the cost of the lease in the Lease Incentive Amount field.
-
Enter any deductions related to the diminished value of the asset in the Impairments field.
Important!Impairments should be entered as a negative value.
The Remaining Asset Balance and Date to Amortize to fields appear if you selected Operating from the Accounting Method field.
If you enter a value in the Impairments field, two read-only fields appear:
-
Prior Accumulated Amortization Balance: Accumulated Amortization Balance of the accounting period prior to the impairment.
-
Total: Sum of the impairment and the Prior Accumulated Amortization Balance.
-
-
Click Create Schedule.
The page refreshes, and the schedule appears on the page.
Calculate GASB 87 Schedule
There are two ways to generate a GASB Operating schedule in Lucernex:
-
Create a Straight Line schedule.
-
Create a GASB schedule with a 0% Discount Rate.
You will need to filter all schedules with the 0% discount rate out of your integrations to your ERP.
To generate a GASB 87 accounting schedule:
-
Navigate to one of the two following pages.
-
Contract > Accounting Info > Accounting Assumptions > GASB 87 Accounting Assumptions page
-
Contract > Accounting Info > GASB 87 Rent Schedule
Use the links in the Navigation Pane on the leftmost side of the page.
-
-
Click Calculate Schedule in the Actions menu on the right side of the page.
The Create New GASB 87 Rent Schedule window opens. The Begin Date, End Date, and Discount Rate automatically populate. Many of the fields will automatically populate with data entered on the GASB 87 Contract Accounting Assumptions page. This is the last place where you can edit these fields prior to generating your schedule.
To learn how to select a different discount rate from the Manage Discount Rates table, see our Search for Another Discount Rate article.
Note:The default value of the Schedule Begin Date is the later of the Accounting Begin Date or the first day of the first unposted period for the schedule. You can override the value of the Schedule Begin Date in the Create Schedule window, provided the date you choose is on or after the first day of the first unposted period.
-
Select the schedule type from the Type field.
-
Select the reason for creating the schedule from the Creation Reason field.
Creation reasons are either user-generated or generated at the company level. However, all creation reasons created at the user level will also be available at the company level.
-
If you want to specify a percentage or amount of the total asset balance that should remain after the schedule end date, enter the value in the Remaining Asset Balance field.
There are two option buttons: Currency and Percentage. If you enter a value between 0-100, the system will default the option setting to Percentage. If you enter a value of 100.01 or above, the system will default the option setting to Currency. You can override the default option setting.
-
If you want to select a date beyond the schedule end date to amortize to, enter the date in the Date to Amortize to field.
By default, the value of this field is the schedule end date.
To learn more about asset amortization, see the Amortization of the Asset in Contracts article.
-
Enter any incentives that have reduced the cost of the lease in the Lease Incentive Amount field.
-
Enter any other miscellaneous costs that should be accounted for in the schedule in the PV Of Other Adjustments field.
-
Enter the amount paid towards rent prior to the commencement date, minus any incentives that have reduced the cost of the lease, in the Payments Before Commencement (Less Incentives) field.
-
Enter the incremental costs of a lease that would not have been incurred if the lease had not been obtained in the Initial Direct Costs field.
For example, broker’s fees, certain legal fees, and certain payments to tenants to move out.
-
Enter the cost of any activity necessary to restore the asset to its original state prior to the expiration of the lease in the Dismantling / Restoring Costs field.
-
Enter any deductions related to the diminished value of the asset in the Impairments field.
Important!Impairments should be entered as a negative value.
If you enter a value in the Impairments field, two read-only fields appear:
-
Prior Accumulated Amortization Balance: Accumulated Amortization Balance of the accounting period prior to the impairment.
-
Total: Sum of the impairment and the Prior Accumulated Amortization Balance.
-
-
Click Create Schedule.
The page refreshes, and the schedule appears on the page.
Calculate IFRS 16 Schedule
There are two ways to generate an IFRS Operating schedule in Lucernex:
-
Create a Straight Line schedule.
-
Create an IFRS schedule with a 0% Discount Rate.
You will need to filter all schedules with the 0% discount rate out of your integrations to your ERP.
To generate an IFRS 16 accounting schedule:
-
Navigate to one of the two following pages.
-
Contract > Accounting Info > Accounting Assumptions > IFRS 16 Accounting Assumptions page
-
Contract > Accounting Info > IFRS 16 Rent Schedule
Use the links in the Navigation Pane on the leftmost side of the page.
-
-
Click Calculate Schedule in the Actions menu on the right side of the page.
The Create New IFRS 16 Rent Schedule window opens. The Begin Date, End Date, and Discount Rate automatically populate. Many of the fields will automatically populate with data entered on the IFRS 16 Contract Accounting Assumptions page. This is the last place where you can edit these fields prior to generating your schedule.
To learn how to select a different discount rate from the Manage Discount Rates table, see our Search for Another Discount Rate article.
Note:The default value of the Schedule Begin Date is the later of the Accounting Begin Date or the first day of the first unposted period for the schedule. You can override the value of the Schedule Begin Date in the Create Schedule window, provided the date you choose is on or after the first day of the first unposted period.
-
Select the schedule type from the Type field.
-
Select the reason for creating the schedule from the Creation Reason field.
Creation reasons are either user-generated or generated at the company level. However, all creation reasons created at the user level will also be available at the company level.
-
If you want to specify a percentage or amount of the total asset balance that should remain after the schedule end date, enter the value in the Remaining Asset Balance field.
There are two option buttons: Currency and Percentage. If you enter a value between 0-100, the system will default the option setting to Percentage. If you enter a value of 100.01 or above, the system will default the option setting to Currency. You can override the default option setting.
-
If you want to select a date beyond the schedule end date to amortize to, enter the date in the Date to Amortize to field.
By default, the value of this field is the schedule end date.
To learn more about asset amortization, see the Amortization of the Asset in Contracts article.
-
Enter any incentives that have reduced the cost of the lease in the Lease Incentive Amount field.
-
Enter any other miscellaneous costs that should be accounted for in the schedule in the PV Of Other Adjustments field.
-
Enter the amount paid towards rent prior to the commencement date, minus any incentives that have reduced the cost of the lease, in the Payments Before Commencement (Less Incentives) field.
-
Enter the incremental costs of a lease that would not have been incurred if the lease had not been obtained in the Initial Direct Costs field.
For example, broker’s fees, certain legal fees, and certain payments to tenants to move out.
-
Enter the cost of any activity necessary to restore the asset to its original state prior to the expiration of the lease in the Dismantling / Restoring Costs field.
-
Enter any deductions related to the diminished value of the asset in the Impairments field.
Important!Impairments should be entered as a negative value.
If you enter a value in the Impairments field, two read-only fields appear:
-
Prior Accumulated Amortization Balance: Accumulated Amortization Balance of the accounting period prior to the impairment.
-
Total: Sum of the impairment and the Prior Accumulated Amortization Balance.
-
-
Click Create Schedule.
The page refreshes, and the schedule appears on the page.
Equipment Contract
This section contains the procedures for generating lease accounting schedules in the Equipment Contract module.
Contract-Level
This section contains the procedures for generating contract-level lease accounting schedules.
(Contract Only) Calculate Straight Line Schedule
To generate a straight-line schedule for your equipment contract:
-
Navigate to Equipment Contract > Accounting Info > Straight-Line Rent.
Use the links in the Navigation Pane on the leftmost side of the page.
-
Click Calculate Schedule.
This displays in the Actions menu on the right side of the page.
The Create New Straight-Line Schedule window opens.
-
Enter the Begin Date and End Date of the accounting schedule.
You can also click Calendar
to open the Date Picker and select the appropriate date. -
Select the schedule type from the Type field.
-
Enter any balance forward in the Balance Forward field.
-
Select whether you want to amortize your adjustments over the remaining term or as a lump sum from the Amortize Adjustments field.
-
Select the reason for creating the schedule from the Creation Reason field.
Creation reasons are either user-generated or generated at the company level. However, all creation reasons created at the user level will also be available at the company level.
-
Click Create Schedule.
The page refreshes, and the schedule appears on the page.
Calculate ASC 842 Contract Schedule
To generate an ASC 842 contract schedule:
-
Navigate to one of the four following pages:
-
Equipment Contract > Accounting Info > ASC 842 Test
-
Equipment Contract > Accounting Info > Accounting Assumptions
-
Equipment Contract > Accounting Info > ASC 842 Rent Schedule
-
Equipment Contract > Accounting Info > ASC 842 Rent Schedule, then select ASC 842 Equipment Schedules from the field to the left of the Actions menu.
Use the links in the Navigation Pane on the leftmost side of the page.
-
-
Click Calculate Schedule.
This displays in the Actions menu on the right side of the page.
A window opens.
Note:The Begin Date, End Date, and Discount Rate automatically populate. Steps 8 – 13 refer to fields that will automatically populate with data entered on the Contract Accounting Assumptions page. This is the last place where you can edit these fields prior to generating your schedule.
To learn how to select a different discount rate from the Manage Discount Rates table, see our Search for Another Discount Rate article.
Note:The default value of the Schedule Begin Date is the later of the Accounting Begin Date or the first day of the first unposted period for the schedule. You can override the value of the Schedule Begin Date in the Create Schedule window, provided the date you choose is on or after the first day of the first unposted period.
-
Select the schedule type from the Type field.
-
Select the accounting method from the Accounting Method field.
If you select Finance, two new fields appear: Remaining Asset Balance and Date to Amortize to. These fields will also appear if you select Operating and then enter a value in the Impairments field.
-
Select the reason for creating the schedule from the Creation Reason field.
Creation reasons are either user-generated or generated at the company level. However, all creation reasons created at the user level will also be available at the company level.
-
If you want to specify a percentage or amount of the total asset balance that should remain after the schedule end date, enter the value in the Remaining Asset Balance field.
There are two option buttons: Currency and Percentage. If you enter a value between 0-100, the system will default the option setting to Percentage. If you enter a value of 100.01 or above, the system will default the option setting to Currency. You can override the default option setting.
-
If you want to select a date beyond the schedule end date to amortize to, enter the date in the Date to Amortize to field.
By default, the value of this field is the schedule end date.
To learn more about asset amortization, see the Amortization of the Asset in Contracts article.
-
Enter any other miscellaneous costs that should be accounted for in the schedule in the PV Of Other Adjustments field.
-
Enter any fees paid to the owners of a special-purpose entity for structuring the transaction in the PV Of Structuring Costs field.
-
Enter the amount paid towards the lease payment prior to the commencement date, minus any incentives that have reduced the cost of the lease in the Payments Before Commencement (Less Incentives) field.
-
Enter the incremental costs of a lease that would not have been incurred if the lease had not been obtained in the Initial Direct Costs field.
For example, costs for originating the lease agreement, and legal fees and commission.
-
Enter any incentives that have reduced the cost of the lease in the Lease Incentive Amount field.
-
Enter any deductions related to the diminished value of the asset in the Impairments field.
Important!Impairments should be entered as a negative value.
The Remaining Asset Balance and Date to Amortize to fields appear if you selected Operating from the Accounting Method field.
If you enter a value in the Impairments field, two read-only fields appear:
-
Prior Accumulated Amortization Balance: Accumulated Amortization Balance of the accounting period prior to the impairment.
-
Total: Sum of the impairment and the Prior Accumulated Amortization Balance.
-
-
Enter notes in the Notes field.
-
Click Create Schedule.
The page refreshes, and the schedule appears on the page.
Calculate GASB 87 Contract Schedule
There are two ways to generate a GASB Operating schedule in Lucernex:
-
Create a Straight Line schedule.
-
Create a GASB schedule with a 0% Discount Rate.
You will need to filter all schedules with the 0% discount rate out of your integrations to your ERP.
To generate a GASB 87 contract schedule:
-
Navigate to one of the three following pages.
Use the links in the Navigation Pane on the leftmost side of the page.
-
Equipment Contract > Accounting Info > GASB 87 Rent Schedule
-
Equipment Contract > Accounting Info > GASB 87 Rent Schedule, then select GASB 87 Equipment Schedules from the field to the left of the Actions menu.
The GASB 87 Equipment Schedules page opens. The schedule data appears on the page.
-
Equipment Contract > Accounting Info > Accounting Assumptions, then select GASB 87 Accounting Assumptions from the field to the left of the Actions menu.
-
-
Click Calculate Schedule.
This displays in the Actions menu on the right side of the page.
The Create New GASB 87 Rent Schedule window opens.
-
Select the schedule type from the Type field.
Note:The Begin Date, End Date, and Discount Rate automatically populate. Steps 6 – 10 refer to fields that will automatically populate with data entered on the Contract Accounting Assumptions page. This is the last place where you can edit these fields prior to generating your schedule.
To learn how to select a different discount rate from the Manage Discount Rates table, see our Search for Another Discount Rate article.
Note:The default value of the Schedule Begin Date is the later of the Accounting Begin Date or the first day of the first unposted period for the schedule. You can override the value of the Schedule Begin Date in the Create Schedule window, provided the date you choose is on or after the first day of the first unposted period.
-
Select the reason for creating the schedule from the Creation Reason field.
Creation reasons are either user-generated or generated at the company level. However, all creation reasons created at the user level will also be available at the company level.
-
If you want to specify a percentage or amount of the total asset balance that should remain after the schedule end date, enter the value in the Remaining Asset Balance field.
There are two option buttons: Currency and Percentage. If you enter a value between 0-100, the system will default the option setting to Percentage. If you enter a value of 100.01 or above, the system will default the option setting to Currency. You can override the default option setting.
-
If you want to select a date beyond the schedule end date to amortize to, enter the date in the Date to Amortize to field.
By default, the value of this field is the schedule end date.
To learn more about asset amortization, see the Amortization of the Asset in Contracts article.
-
Enter any incentives that have reduced the cost of the lease in the Lease Incentive Amount field.
-
Enter any other miscellaneous costs that should be accounted for in the schedule in the PV Of Other Adjustments field.
Note:The Purchase Option, Cancellation Option, and Residual Value Guarantees should automatically populate if you have those options entered on the Covenants page. The Initial Liability Balance will be automatically calculated by the system.
-
Enter the amount paid towards the lease payment prior to the commencement date, minus any incentives that have reduced the cost of the lease, in the Payments Before Commencement (Less Incentives) field.
-
Enter the incremental costs of a lease that would not have been incurred if the lease had not been obtained in the Initial Direct Costs field.
For example, costs for originating the lease agreement, and legal fees and commission.
-
Enter the cost of any activity necessary to restore the asset to its original state prior to the expiration of the lease in the Dismantling / Restoring Costs field.
-
Enter any deductions related to the diminished value of the asset in the Impairments field.
Important!Impairments should be entered as a negative value.
If you enter a value in the Impairments field, two read-only fields appear:
-
Prior Accumulated Amortization Balance: Accumulated Amortization Balance of the accounting period prior to the impairment.
-
Total: Sum of the impairment and the Prior Accumulated Amortization Balance.
-
-
Enter notes in the Notes field.
-
Click Create Schedule.
The page refreshes, and the schedule appears on the page.
Calculate IFRS 16 Contract Schedule
There are two ways to generate an IFRS Operating schedule in Lucernex:
-
Create a Straight Line schedule.
-
Create an IFRS schedule with a 0% Discount Rate.
You will need to filter all schedules with the 0% discount rate out of your integrations to your ERP.
To generate an IFRS 16 contract schedule:
-
Navigate to one of the three following pages.
Use the links in the Navigation Pane on the leftmost side of the page.
-
Equipment Contract > Accounting Info > IFRS 16 Rent Schedule
-
Equipment Contract > Accounting Info > IFRS 16 Rent Schedule, then select IFRS 16 Equipment Schedules from the field to the left of the Actions menu.
The IFRS 16 Equipment Schedules page opens. The schedule data appears on the page.
-
Equipment Contract > Accounting Info > Accounting Assumptions, then select IFRS 16 Accounting Assumptions from the field to the left of the Actions menu.
-
-
Click Calculate Schedule.
This displays in the Actions menu on the right side of the page.
The Create New IFRS 16 Rent Schedule window opens.
-
Select the schedule type from the Type field.
Note:The Begin Date, End Date, and Discount Rate automatically populate. Steps 6 – 10 refer to fields that will automatically populate with data entered on the Contract Accounting Assumptions page. This is the last place where you can edit these fields prior to generating your schedule.
To learn how to select a different discount rate from the Manage Discount Rates table, see our Search for Another Discount Rate article.
Note:The default value of the Schedule Begin Date is the later of the Accounting Begin Date or the first day of the first unposted period for the schedule. You can override the value of the Schedule Begin Date in the Create Schedule window, provided the date you choose is on or after the first day of the first unposted period.
-
Select the reason for creating the schedule from the Creation Reason field.
Creation reasons are either user-generated or generated at the company level. However, all creation reasons created at the user level will also be available at the company level.
-
If you want to specify a percentage or amount of the total asset balance that should remain after the schedule end date, enter the value in the Remaining Asset Balance field.
There are two option buttons: Currency and Percentage. If you enter a value between 0-100, the system will default the option setting to Percentage. If you enter a value of 100.01 or above, the system will default the option setting to Currency. You can override the default option setting.
-
If you want to select a date beyond the schedule end date to amortize to, enter the date in the Date to Amortize to field.
By default, the value of this field is the schedule end date.
To learn more about asset amortization, see the Amortization of the Asset in Contracts article.
-
Enter any incentives that have reduced the cost of the lease in the Lease Incentive Amount field.
-
Enter any other miscellaneous costs that should be accounted for in the schedule in the PV Of Other Adjustments field.
Note:The Purchase Option, Cancellation Option, and Residual Value Guarantees should automatically populate if you have those options entered on the Covenants page. The Initial Liability Balance will be automatically calculated by the system.
-
Enter the amount paid towards the lease payment prior to the commencement date, minus any incentives that have reduced the cost of the lease, in the Payments Before Commencement (Less Incentives) field.
-
Enter the incremental costs of a lease that would not have been incurred if the lease had not been obtained in the Initial Direct Costs field.
For example, costs for originating the lease agreement, and legal fees and commission.
-
Enter the cost of any activity necessary to restore the asset to its original state prior to the expiration of the lease in the Dismantling / Restoring Costs field.
-
Enter any deductions related to the diminished value of the asset in the Impairments field.
Important!Impairments should be entered as a negative value.
If you enter a value in the Impairments field, two read-only fields appear:
-
Prior Accumulated Amortization Balance: Accumulated Amortization Balance of the accounting period prior to the impairment.
-
Total: Sum of the impairment and the Prior Accumulated Amortization Balance.
-
-
Enter notes in the Notes field.
-
Click Create Schedule.
The page refreshes, and the schedule appears on the page.
Asset-Level
This section contains the procedures for generating asset-level lease accounting schedules.
Creating an asset schedule generates a schedule for all assets assigned to that schedule type for the contract. For example, if you have 100 assets with separate expenses that are all tied to the same schedule type, 100 asset schedules would be generated.
Calculate ASC 842 Asset Schedule
In order to calculate an equipment schedule for ASC 842, you must first meet one of three prerequisites:
-
You must populate the Accounting Method Override on the Equipment Assumptions / ASC 842 Tests page.
-
You must populate the Fair Value of the Asset, the Portion of Asset Controlled and Remaining Economic Life/Units on the Equipment Assumptions / ASC 842 Tests page.
If the system finds the proper values, it will generate a locked test. The system generates a locked test to prevent you from editing the test and causing the test to be out of sync with the lease accounting schedule.
-
You must run and LOCK an Equipment Classification Test.
If none of these three prerequisites are met, a message appears in the log file of the event in the Job Log that says: Unable to find current, locked ASC 842 test result. Cannot generate schedule.
To generate an asset schedule:
-
Navigate to one of the four following pages:
-
Equipment Contract > Accounting Info > ASC 842 Test
-
Equipment Contract > Accounting Info > Accounting Assumptions
-
Equipment Contract > Accounting Info > ASC 842 Rent Schedule
-
Equipment Contract > Accounting Info > ASC 842 Rent Schedule, then select ASC 842 Equipment Schedules from the field to the left of the Actions menu.
Use the links in the Navigation Pane on the leftmost side of the page.
-
-
Click Calculate Schedule.
This displays in the Actions menu on the right side of the page.
A window opens.
-
Select the Create Equipment Schedules tab.
The Create Equipment Schedule page of the window opens.
-
Select the schedule type from the Type field.
If you want to create a new schedule type, follow the Add an Accounting Schedule Type procedures.
You must select the schedule type associated with your equipment.
-
Select the creation reason from the Creation Reason field.
Creation reasons are either user-generated or generated at the company level. However, all creation reasons created at the user level will also be available at the company level.
-
Enter the discount rate in the Discount Rate field.
The discount rate is also known as the Interest Rate or Internal Borrower Rate (IBR). To learn how to select a different discount rate from the Manage Discount Rates table, see our Search for Another Discount Rate article.
-
Click Create Schedule.
The page refreshes, and the schedule is created. You will receive an email confirmation.
Note:If more than one of your assets have had the value of their Operational Status change to something other than Active, a dialog box will open, with a message that reads: Since last schedule creation, some assets have changed to non-Active status. Do you want to terminate the asset schedules for them?
-
Select ASC 842 Equipment Schedules from the field to the left of the Actions menu.
The ASC 842 Equipment Schedules page opens. The schedule data appears on the page.
Calculate GASB 87 Asset Schedule
To generate an asset schedule:
-
Navigate to one of the three following pages.
Use the links in the Navigation Pane on the leftmost side of the page.
-
Equipment Contract > Accounting Info > GASB 87 Rent Schedule
-
Equipment Contract > Accounting Info > GASB 87 Rent Schedule, then select GASB 87 Equipment Schedules from the field to the left of the Actions menu.
The GASB 87 Equipment Schedules page opens. The schedule data appears on the page.
-
Equipment Contract > Accounting Info > Accounting Assumptions, then select GASB 87 Accounting Assumptions from the field to the left of the Actions menu.
-
-
Click Calculate Schedule.
This displays in the Actions menu on the right side of the page.
The Create New GASB 87 Rent Schedule window opens.
-
Select the Create Equipment Schedules tab.
The Create Equipment Schedule page of the window opens.
-
Select the schedule type from the Type field.
If you want to create a new schedule type, follow the Add an Accounting Schedule Type procedures.
You must select the schedule type associated with your equipment.
-
Select the creation reason from the Creation Reason field.
Creation reasons are either user-generated or generated at the company level. However, all creation reasons created at the user level will also be available at the company level.
-
Enter the discount rate in the Discount Rate field.
The discount rate is also known as the Interest Rate or Internal Borrower Rate (IBR). To learn how to select a different discount rate from the Manage Discount Rates table, see our Search for Another Discount Rate article.
-
Click Create Schedule.
The page refreshes, and the schedule is created. You will receive an email confirmation.
Note:If more than one of your assets have had the value of their Operational Status change to something other than Active, a dialog box will open, with a message that reads: Since last schedule creation, some assets have changed to non-Active status. Do you want to terminate the asset schedules for them?
-
Select GASB 87 Equipment Schedules from the field to the left of the Actions menu.
The GASB 87 Equipment Schedules page opens. The schedule data appears on the page.
Calculate IFRS 16 Asset Schedule
To generate an asset schedule:
-
Navigate to one of the three following pages.
Use the links in the Navigation Pane on the leftmost side of the page.
-
Equipment Contract > Accounting Info > IFRS 16 Rent Schedule
-
Equipment Contract > Accounting Info > IFRS 16 Rent Schedule, then select IFRS 16 Equipment Schedules from the field to the left of the Actions menu.
The IFRS 16 Equipment Schedules page opens. The schedule data appears on the page.
-
Equipment Contract > Accounting Info > Accounting Assumptions, then select IFRS 16 Accounting Assumptions from the field to the left of the Actions menu.
-
-
Click Calculate Schedule.
This displays in the Actions menu on the right side of the page.
The Create New IFRS 16 Rent Schedule window opens.
-
Select the Create Equipment Schedules tab.
The Create Equipment Schedule page of the window opens.
-
Select the schedule type from the Type field.
If you want to create a new schedule type, follow the Add an Accounting Schedule Type procedures.
You must select the schedule type associated with your equipment.
-
Select the creation reason from the Creation Reason field.
Creation reasons are either user-generated or generated at the company level. However, all creation reasons created at the user level will also be available at the company level.
-
Enter the discount rate in the Discount Rate field.
The discount rate is also known as the Interest Rate or Internal Borrower Rate (IBR). To learn how to select a different discount rate from the Manage Discount Rates table, see our Search for Another Discount Rate article.
-
Click Create Schedule.
The page refreshes, and the schedule is created. You will receive an email confirmation.
Note:If more than one of your assets have had the value of their Operational Status change to something other than Active, a dialog box will open, with a message that reads: Since last schedule creation, some assets have changed to non-Active status. Do you want to terminate the asset schedules for them?
-
Select IFRS 16 Equipment Schedules from the field to the left of the Actions menu.
The IFRS 16 Equipment Schedules page opens. The schedule data appears on the page.
