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Lease Accounting
General Functions in Lease Accounting
User Roles in Lease Accounting
All Steps at a Glance
Basic Configuration for Lease Accounting
Selecting a Lessee
Collecting Data
Creating and Configuring Lessors
Creating and Configuring Contracts
Creating and Configuring Contract Components
Importing Data Automatically
Viewing Import History
Reversing Components
Categorizing Components
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Creating Postings
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Exporting Reports and Postings
Importing Postings into Consolidation & Financial Planning
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Glossary

Creating and Configuring Contracts

Overview

A lease contract is a formal agreement between the lessor and the lessee that transfers the right to control the use of an identified asset for a defined period of time in exchange for compensation.

The contract defines the conditions under which the lease is performed, including details of the parties involved and the term of the lease.

Contracts are created and configured in the workspace of the same name.

As an alternative to manual creation, contracts can also be added by importing a CSV file (see Automatically importing data).

Lucanet Lease Accounting can only be used for accounting of regular leases in accordance with IFRS 16.3-4. Short-term and low-value leases are not included in the calculation.

As such, we recommend only using this software to record leases that are categorized as regular per IFRS 16.3-4.

The ‘Contracts’ Workspace

The Contracts workspace displays all the contracts that have already been created.

Use the Active and Archived buttons if you only want to see active or archived contracts:

Displays the 'Contracts' workspace
The 'Contracts' workspace

Creating a Contract

Click Add a new contract to create a new contract.

In the displayed dialog, configure the options for the New Contract as described in the next chapter.

Configuring a Contract

When configuring a contract, the following options are available:

  • Fields marked with a * are mandatory fields. The number of mandatory fields in each tab and how many have already been filled in is shown next to the name of the tab:

  • Fields that have been grayed out cannot be edited. They are filled in automatically based on the information in Lease Accounting.

‘General Information’ Tab

The 'General Information' tab that is displayed for the configuration of a contract is shown.
The 'General Information' tab
OptionDescription
LessorLessor of the contract

Note: All lessors that have been created or imported in Lease Accounting are available for selection.
Contract numberThe contract number provided by the lessor.

Note: If you are the lessee and do not know the lessor’s contract number, enter a contract number of your own ( company number- individual contract number; e.g.: 4144 - 9933754).
Reporting entityReporting entity acting as the lessee for the contract in question
Country or regionShows the lessee’s country or region
Contract ownerContact person or line manager for queries relating to the contract in question
Contract fileAllows uploading, viewing, and removing contract files (primarily PDF format) when creating or editing a contract.

In view mode, files can only be downloaded.

After a contract file has been attached to a contract, an attachment icon Attachment icon appears next to the Contract ID in the Contract overview table.

‘Contract-specific Information’ Tab

Shows the input fields for configuring the contract-specific information
The 'Contract specific information' tab
OptionDescription
Start date of the contractStart date of the lease contract

Note: The start dates of the lease components may differ from the start date of the lease contract itself.
End date of the contractEnd date of the lease contract, not including and extension and/or termination options.

Note: If the contract does not have a fixed term, enter the earliest date on which both parties can terminate the contract without incurring significant termination fees (if in doubt, use the statutory termination date, where applicable).

‘Additional Information’ Tab

The 'Additional Information' tab that is displayed for the configuration of a contract is shown.
The 'Additional Information' tab

Use the Additional information tab to add comments on the contract in a plain text box.

Last updated on Aug 16, 2023

Table of Contents
Creating and Configuring ContractsOverviewThe ‘Contracts’ WorkspaceCreating a ContractConfiguring a Contract‘General Information’ Tab‘Contract-specific Information’ Tab‘Additional Information’ Tab
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