Fixed Assets Lease Accounting

The Lease Accounting feature is introduced in the Fixed Assets Management SuiteApp to comply with the IFRS 16 and ASC 842 standards for lease. This standard requires lessees to recognize nearly all leases and transfer all operating leases to the balance sheet starting on January 1, 2019.

The Lease Accounting feature lets you perform the following tasks using the Fixed Management SuiteApp:

• Creating a Lease Record

• Adding Lease Payments

• Generating the Lease Amortization Schedule

• Creating Lease Journal Entries

• Recording Lease Interest

• Lease Asset Proposal and Generation

• Migrating Existing Lease Details

• Modifying Lease Records

Watch the following help video for a brief overview and demo of the Lease Accounting feature in Fixed Assets Management:

General Notices