Importing ASC 840 Adjustments
iLeasePro provides a feature that helps you transition to the ASC 842 Lease Accounting Standard. This feature allows you to input any ASC 840 Adjustments which are used to help accurately build the initial ASC 842 Transition financials and journal entries. The ASC 840 Adjustment import process offers you the ability to enter in the specific ASC 840 adjustments for each Operating & Finance lease within your lease portfolio.
| Import Order | Level | Data Field | Required /Optional | Required For Import |
| 14 | Account | ASC 840 Adjustments | Optional | All Account and Lease Data |
Note: Operating Lease 840 Adjustments include
| Prepaid Rent | Accrual Rent | Lease Incentives | Straightline Rent Deferral | Accrued IDC Asset |
|---|
Finance Lease 840 Adjustments include
| Capital Lease Asset: Gross | Capital Lease Asset: Accumulated Depreciation | Capital Lease Liability |
|---|
We will not go into the step by step instructions in this tutorial. All imports are generally the same process which you can find in the step by step guidance on adding your lease data.
Importing ASC 840 Adjustment data
Click on the ASC 840 Adjustments icon on the Dashboard to begin the import process
Click on the Export Template to create an "iLeasePro Smart Template" for the ASC 840 Adjustments Import to enter the ASC 840 Adjustments data for each lease within your lease portfolio. We call these templates "Smart" because they pre-populated with key iLeasePro data that you can select in a dropdown.
The ASC 840 Adjustments excel template will be downloaded onto your desktop. Open the template and add your data to the template. Highlighted fields are required. Click here for the details on the Lease Variable Payments Data Descriptions and Dropdown selectors.
Note: You cannot simply cut and paste from one worksheet into the iLeasePro Smart Template because this will over write the dropdown selections. The dropdown selectors provide iLeasePro with the key index value of the selected field. But any field value that does not have a dropdown can be cut/pasted from another worksheet.
Once the template has been downloaded, save the completed template to your desktop. Record the location so that you can easily upload the file in the next step.
Click on the Import icon and either drag the import template file onto the page or select "Browse for file" to upload the excel template
Once the template is imported, the data will be displayed for verification. Review all pages and fix any errors that may have been found. Click "Save" to start the import process.
Click "Yes" to continue or "Cancel" to stop the import process.
The import process will begin and you when completed the import data will be updated with the actual number of rows that have been imported.
To verify the imported Account Cost Centers
In iLeasePro, click the sidebar menu link for Transition. You can toggle between Operating and Finance lease as appropriate.
Review the iLeasePro Transition feature and process to complete the transition to the ASC 842 Lease Accounting Standard.
You can also view the imported 840 Adjustments data on the Pre-Transition ASC 840 Adjustments Listing Report.