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Use Case:
Software subscriptions are now considered leases under GASB 96. All GASB entities with software subscriptions will need to use this tool.
You will see 3 different changes when this tool is set up properly:
- SBITA lease schedules will have SBITA specific headers
- JE Reports will have SBITA spesific accounts
- Disclosure Reports will separate SBITA from Long-Term leases
Steps:
Lease Type
1. Make sure that your client's Accounting Standard is GASB under the Setup subtab.
2. Under the GASB standard in NetLease you will notice that a new lease type named Subscription (SBITA) has been added.
3. You'll notice that new SBITA account names and number have been added to this lease type.
Adding a GASB SBITA Lease:
1. When adding a SBITA lease make sure that Lease Type and Lease Classification are set to SBITA
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