FAQ
This section includes a list of Frequently Asked Questions from our users about leases, payments, financial statement recognition and more
Initial Application Date
- What is my Initial Application Date under ASC 842?
- What if the Initial Application Date is entered incorrectly?
Transition Leases
- Will LeaseCrunch adjust my existing lease balances to flow through to the ROU Asset?
- What is a Transition Lease?
- Should I add my capital leases to LeaseCrunch?
- 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?
Login
- How to create your LeaseCrunch Account
- Is it ok to use the same password for both Live and Demo?
- A user is unable to login to LeaseCrunch
- A user is unable to login to LeaseCrunch (SSO)
Leases
- What does it mean when ROU Asset Life is greater than its Lease Term?
- How do I know if I have a lease?
- Can subleases be entered into LeaseCrunch?
- Lease Term Wizard
- When should I clone a lease?
- What is the difference between an edit and a revision?
- What happens if I need to change the discount rate on a lease?
- How does a change in discount rate affect the ROU Asset and Lease Liability?
- How can I determine if I have an embedded lease?
- Removing or Restoring a Lease
- Why is the start date, end date, term or classification grayed out?
- Why is my lease showing Incomplete status?
- Can I move my lease from demo to live?
- Can LeaseCrunch be used for short-term leases?
- How to account for month to month leases?
- When Should Leases be Deleted?
Payments
- How do I handle monthly lease prepayments?
- How do I handle non-lease payments when I elect to include them with lease payments?
- Can lease and non-lease payment be shown separately?
- Why is the first payment missing from the Lease Liability?
Currency
Bulk Import
- What format do I use to import a large quantity of leases?
- Bulk Import Best Practices & FAQ
- Troubleshooting Bulk Import Error Logs
LeaseCrunch Billing
Recognition
- Understanding Journal Entries under the New Accounting Guidance (FASB ASC842)
- Are Leasehold Improvements (TI's) Considered Lease Incentives?
- Why doesn't the cash outlay match the lease expense?
- When is Equity affected under ASC 842?
- What are the options for handling 13 period accounting in LeaseCrunch?
- Does LeaseCrunch handle the monthly reclass between Short Term Liability and Long Term Liability?
- How do I use the Cash/AP Clearing Account?
- Present Value Calculations in LeaseCrunch
- Can I combine short term and long term liability?
- What will my initial journal entry look like?
- Lease Accounting Best Practices & Reconciliation