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Lease Accounting

  • Complies with UK and international accounting standards for lease accounting.
  • Can be used stand-alone, or leases may be cross-referenced to assets held within the lease and recorded in the asset register.
  • Enables finance and operating lease details to be maintained to satisfy the full accounting and disclosure requirements for leased assets.
  • Apportions rentals payable between the finance charge and the repayment of capital.
  • Provides three methods of allocating finance charges to payment periods.
    • Actuarial method
    • Rules of 78 (i.e. sum of digits) method
    • Straight line method
  • Calculates the amount of outstanding obligations for finance leases, net of future finance charges, analysed by accounting year.
  • Calculates aggregate finance charges for the period in respect of finance leases.
  • Identifies commitments at the balance sheet date in respect of finance leases entered into, but where inception occurs after the year end.
  • Shows operating lease rentals charged in the period.
  • Analyses the payments which the lessee is committed to make under operating leases according to the year in which the lease expires.
  • The Fixed Asset Accounting module provides for the full depreciation accounting requirements of leased assets.
  • Lease costs can be broken down into different asset categories, based on information held on the asset register.
  • Adjustments are made to disposal proceeds for VAT, on early settlement of HP contracts, if used in conjunction with the asset register.