---
title: "Basic Configuration for Lease Accounting"
description: "Before you can start accounting for your leases in Lucanet Lease Accounting, you will need to configure a few basic settings in the ‘Settings’ area. These will form the foundation for your subsequent use of the solution."
source_url: https://support.lucanet.cloud/en/documentation/lease-accounting/basic-configuration-lease-accounting
language: en
last_updated: 2023-08-16
---
# Basic Configuration for Lease Accounting

## Overview

Before you can start accounting for your leases in Lucanet Lease Accounting, you will need to **configure a few basic settings** in the **Settings** area. These will form the foundation for your subsequent use of the solution. These comprise:

- [Creating and configuring reporting entities](https://support.lucanet.cloud/en/documentation/lease-accounting/basic-configuration-lease-accounting/manage-lessees.md) so they can be selected as lessees
- [Creating and configuring asset classes](https://support.lucanet.cloud/en/documentation/lease-accounting/basic-configuration-lease-accounting/manage-asset-classes.md) so they can be used for interest rates and to categorize lease components
- [Creating and configuring interest rates](https://support.lucanet.cloud/en/documentation/lease-accounting/basic-configuration-lease-accounting/manage-interest-rates.md) so they can be used to calculate lease payments correctly
- [Creating or importing cost centers](https://support.lucanet.cloud/en/documentation/lease-accounting/basic-configuration-lease-accounting/import-cost-center.md) so they can be linked to your financial data