Quick Tips: Reporting
The content provides a comprehensive FAQ resource for Crunchafi Lease Accounting users, addressing common questions about lease reporting such as correcting initial application dates, changing discount rates, posting security deposits, understanding revisions versus edits, handling subleases, GASB 96 calculations, and lease deletion protocols.
Lease Accounting FAQs
Find answers to common questions about using Crunchafi Lease Accounting
Leases
- What if the Initial Application Date is entered incorrectly for a Reporting Entity?
- What if I need to change the discount rate on a lease?
- Where should the Security Deposit be posted?
- What is the start date of my revision?
- What is the difference between an edit and a revision?
- Why is the start date, end date, term, and/or classification grayed out?
- How does a change in discount rate affect the ROU Asset and Lease liability?
- Can subleases be recorded?
- Does Crunchafi handle calculations for GASB 96?
- When should leases be deleted?
- What does it mean when ROU Asset Life is greater than the Lease Term?
- Can Crunchafi be used for short-term leases?
- Why is my lease showing Incomplete status?
- Crunchafi Artificial Intelligence FAQs
- When should a lease be cloned?
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Transition Leases
- Why must the Start Date of the lease be on or after the Initial Application Date?
- Where do I enter balances that existed under the previous standard?
- Will Crunchafi adjust existing lease balances to flow through to the ROU Asset?
- Should I add my capital leases?
Payments
- How do I handle non-lease payments when I elect to include them with lease payments?
- Why is the first payment missing from the Lease Liability?
- How do I handle monthly lease prepayments?
- Can lease and non-lease payments be shown separately?
Currency
Recognition
- Are Leasehold Improvements (Tis) considered lease incentives?
- How do I use the Cash/AP Clearing Account?
- What are the options for handling 13-period accounting?
- Can I combine short-term and long-term liability?
- Why doesn't the cash outlay match the lease expense?
- Does Crunchafi handle the monthly reclass between short-term liability and long-term liability?
- What will my initial journal entry look like?
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