The Lucernex Equipment Contract module allows users to create, track, and manage equipment lease contracts and equipment assets. The Equipment Contract module is compliant with the ASC 842, IFRS 16, and GASB 87 lease accounting standards and can be readily made SOX compliant.
Equipment Contracts can be associated with a location for tax purposes but are not always linked to a location. Equipment Contracts can have a one-to-many relationship with equipment assets (the equipment itself). For example, you could have one contract which covers 200 photocopiers.
The Equipment Contract module is broken into four parts:
Details: Basic contract information such as users assigned to the contract and documents, and equipment assets
Abstract Info: Lease abstract information such as terms, covenants, and key dates
Payment Info: Expense schedules and one-off payments
Accounting Info: Load your accounting assumptions, run ASC 842 tests, and create and manage your accounting schedules