Adding a Short Term Lease

Under ASC 842, leases less than 12 months in length are considered Short Term Leases in iLeasePro and do not have to be recorded on the balance sheet if the lessee makes the policy election not to include leases of 12 months or less (ASC 842-20-25-2).

To add a Short term lease, begin by clicking on the Add New Lease button.

Enter in the key lease data depending on the lease type.  Refer to https://ileasepro.zendesk.com/hc/en-us/articles/200764839-Step-3-Adding-a-Lease for details on adding a new lease.

After the lease has been added there are two steps that are required to define a lease as a Short Term Lease. 

1) Select the Short Term Lease checkbox on the Lease tab, as show below

2) If your plan includes Lease Accounting, you will need to classify the lease accounting method as a Short-Term Lease Method, as show below.

Select Show Journal Entries By Day to view the automated build of the journal entries for this lease