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Straight Line Rent - Contract Module

A lease accounting schedule is a list of lease payments and related accounting over the course of the lease term. Lucernex supports the creation of Straight-line, ASC 842, and IFRS 16 schedules.

You can view your lease accounting schedule in three ways: by Calendar Year, by Fiscal Year, or by Fiscal Details. The Fiscal Details page breaks down the lease accounting schedule by period, and automatically calculates the period length.

Best Practices

  • When calculating a straight line schedule to accommodate an extension, start the new straight line from the beginning of the lease.

  • Changes to the Begin Date should only be made if there was an error.

  • Use the Balance Forward amount to straight line an amount that does not have a recurring expense record.

Remember

  • There can only be one active straight line schedule of a particular type at a time.

  • For each type of straight line schedule, there can only be one active schedule at a time.

  • The following occurs when a schedule is recalculated:

    • The currently active schedule will become inactive.

    • The inactive date will become populated.

    • Posted values will be marked as posted in the new schedule.

    • Posted values will not change in the new schedule.

  • Straight line schedules can only be deleted if the following is true:

    • There are no posted values.

    • There is a previous version of the schedule with the same posted values.

  • A single straight line type can pull values from multiple expense types.

    If you want to create a new schedule type, follow the Add an Accounting Schedule Type procedures.

  • A single expense type can only map to one straight line type.

    To add an expense type, follow the Add an Expense Type procedures.

To navigate to the Straight-Line Rent page:

  1. Navigate to Contract > Accounting Info > Straight Line Rent.

    Use the links in the Navigation Pane on the leftmost side of the page.

  2. Follow a procedure below.

ClosedImport Data

To learn how to import a spreadsheet to generate your lease accounting schedule, see our Bulk Lease Accounting Data Import article.

ClosedCalculate Straight Line Schedule

To generate a straight line schedule:

  1. Click Calculate Schedule.

    This displays in the Actions menu on the right side of the page.

    The Create New Straight-line Schedule window opens.

  2. Enter the Begin Date and End Date of the accounting schedule.

    You can also click Calendar A small button with a picture of a calendar on it. to open the Date Picker and select the appropriate date.

  3. Select the schedule type from the Type field.

  4. 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.

  5. Click Create Schedule.

    The page refreshes, and the schedule appears on the page.

ClosedRe-Measure Your Straight Line Schedule

Re-measurement is the process by which an entity will adjust the right of use asset and lease liability due to a change. Generally, re-measurement occurs if something has changed in the contract. Maybe the termination option was renegotiated, or maybe additional costs came up that needed to be added to the contract.

Proration is disabled in the first period of a re-measured Straight Line schedule, because doing so changes the total obligation.

To re-measure a lease accounting schedule:

  1. Click Calculate Schedule.

    This displays in the Actions menu on the right side of the page.

    A window relevant to the schedule you are re-measuring opens.

  2. Enter the Begin Date and End Date of the accounting schedule.

    You can also click Calendar A small button with a picture of a calendar on it. to open the Date Picker and select the appropriate date.

  3. Select the schedule type from the Type field.

  4. If you have a balance forward that you need to account for:

    1. Enter the balance forward in the Balance Forward field.

    2. Select whether you want to amortize your adjustments over the remaining term or as a lump sum from the Amortize Adjustments field.

  5. 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.

  6. Enter notes in the Notes field.

  7. Click Create Schedule.

    The window closes, and the page refreshes. Your new schedule appears in the Straight-Line Summary List.

Approve a Lease Accounting Schedule

Delete a Lease Accounting Schedule

Change Accounting Period Status

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