Lease Accounting Lifecycle

Overview

NetLeaseGo has been purpose-built to support each phase of the lease accounting life cycle.  Each step is covered separately in the subsequent user guide.

A brief description of each step is included below:

• Identify & Configure Leases - Represents the activities required to set up a new lease in the NetLeaseGo module and enter the required calculation inputs.  The lease amortization table is created in this phase of the lifecycle (no journal entries are recorded yet for the lease.)
• Commence Leases - Represents the activities required at lease commencement to initiate the lease, resulting in the establishment of the lease liability and corresponding Right of Use asset.
• Modify or Renew Leases - Represents the activities required to modify a lease, whether the change in scope or terms of the release were part of the original agreement or subsequent agreement.
• Terminate Leases - Represents the activities involved to close or terminate a lease record, write off all balances, and lock the lease for further activity.
• Disclose Lease Details - Represents the activities and reports available to support lease disclosure requirements.