This is the second of a two-part series: 6 Lease Accounting Errors You’re Probably Making (And How to Fix Them). Our previous post addressed the first 3 common accounting errors we have found after reviewing thousands of leases. To summarize, those common errors were:
In today’s article, we will show you the next 3 lease accounting errors (errors 4 to 6) we have found after our evaluation of numerous leases.
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This article was contributed by LeaseQuery: LeaseQuery is lease management software that helps companies manage their leases. Rather than relying on excel spreadsheets, our clients use LeaseQuery to get alerts for critical dates (renewals, etc), calculate the straight-line amortization of rent and TI allowances per GAAP, provide the required monthly journal entries (for both capital and operating leases) and provide the commitment disclosure reports required in the notes and the MD&A. Contact here.