Accounting standards supported
Lease classification
The Lease Classification Test (optional) determines whether a lease is an operating lease or a finance lease under FASB 842, or a capital lease under FASB 840.- Operating lease — ROU asset and liability recorded; lease expense recognized on a straight-line basis
- Finance lease — ROU asset and liability recorded; amortization and interest expense recognized separately
Key components reviewed before creating a schedule
1. Key dates (Basic Info)
- Possession Date — becomes the default schedule begin date
- Current Term Begin / End — defines the base term
2. Options and Terms
Any renewal option with Include in Accounting Schedule checked extends the schedule end date. The latest such option end date becomes the default schedule end.3. Recurring Costs
Only payment types that exist as recurring cost records can be included in the schedule. The schedule pulls dollar amounts from these records for the selected payment types.Schedule lifecycle
- Draft — created and under review; not included in reports or integrations
- Active — the current live schedule; included in reports and integrations
- Archived — superseded by a recalculation or modification; retained for history
- Recalculate — the status flag triggered when the schedule needs to be updated due to lease changes
Financial inputs
Accrual batch workflow
Accounting entries follow this flow:- Accounting schedule is created and set to Active
- Accrual batch is generated for the period
- Batch is approved by an authorized user
- Batch is exported to the ERP (or periods are manually posted)
- Period status changes to Processed — the period is locked
Once a period is processed, it cannot be changed. A new schedule version must be created to correct processed periods.