---
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.com/en/documentation/lease-accounting/basic-configuration-lease-accounting
language: en
last_updated: 2026-10-02
---
# 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.com/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.com/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.com/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.com/en/documentation/lease-accounting/basic-configuration-lease-accounting/import-cost-center.md) so they can be linked to your financial data
- Creating [profit centers](https://support.lucanet.com/en/documentation/lease-accounting/basic-configuration-lease-accounting/manage-profit-centers.md), [accounting areas](https://support.lucanet.com/en/documentation/lease-accounting/basic-configuration-lease-accounting/manage-accounting-areas.md), and [business units](https://support.lucanet.com/en/documentation/lease-accounting/basic-configuration-lease-accounting/manage-business-units.md) as optional master data dimensions that you assign to contract components

> **Note:** The first time you open Lease Accounting, a warning icon appears next to **General configurations**, **Reporting entities**, and **Asset classes** in the **Settings** menu until each section is set up. The icon disappears automatically once the section contains data — for example, after you save the general configurations, import or create a reporting entity, or create an asset class.
>
> the warning appear next to sections that still need to be set up. icon
> Warning icons in the 'Settings' menu