Company profile
The settings every lease in this company is calculated with, and the books-closed lock.
Company and policies
| Setting | Value |
|---|---|
| Company name | Sample Company (demo) |
| Fiscal year end Year-to-date figures start the month after it. | December |
| Books closed through Leases with periods in closed books can only change through a modification. | No periods closed |
| Major part of economic life Classification threshold applied to every lease (ASC 842-10-55-2). | 75% |
| Substantially all of fair value Classification threshold applied to every lease. | 90% |
| Decrease in scope Policy election for partial terminations (ASC 842-10-55-177 to 55-185). | Reduce the ROU asset by the share of the right of use given up |
| Current portion of lease liabilities How the balance sheet splits each liability. | Reduction in the liability over the next 12 months |
| Your access | Demo (view only) |
Chart of accounts
| Lease account | Account in your ledger |
|---|---|
| ROU asset — operating | ROU asset — operating |
| Lease liability — operating | Lease liability — operating |
| Lease liability — operating, current portion | Lease liability — operating, current portion |
| Lease cost — operating (expense) | Lease cost — operating |
| Cash (operating lease payments) | Cash |
| ROU asset — finance | ROU asset — finance |
| Accumulated amortization — ROU asset | Accumulated amortization — ROU asset |
| Lease liability — finance | Lease liability — finance |
| Lease liability — finance, current portion | Lease liability — finance, current portion |
| Interest expense — finance leases | Interest expense — finance lease |
| Amortization expense — ROU asset | Amortization expense — ROU asset |
| Cash (finance lease payments) | Cash |
Closed periods
Currently: nothing closed.