Creating and Configuring Contracts
Last updated on 2024-12-19
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, lessors 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.
This article contains the following sections:
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:
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.
