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Lease Fields
  • 12 Apr 2023
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Lease Fields

  • Updated on 12 Apr 2023
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Article Summary

Use Case: Fields found on the lease record.

Field NameRequiredDescriptionExample
Commencement DateYesThe date on which a lessor makes an underlying asset available for use by a lessee1-Jan-2019
Lease Term (months)Automatically CalculatedThe anticipated duration (in months) of the lease (i.e., noncancelable period adjusted for options the lessee is reasonably certain to exercise). (end date - commencement date)36
End DateYesThe anticipated ending date of the lease.31-Dec-2021
Incremental Borrowing Rate %YesThe annual discount rate used to determine the present value of the lease liability calculations (i.e., implicit rate of lease or incremental borrowing rate).5.0%
Prepaid Lease PaymentNoAny lease payments made before the commencement date (increases ROU asset; offset to ROU clearing).$8,000.00
Lease IncentivesNoPayments made by a lessor to a lessee associated with a lease, or the reimbursement or assumption by a lessor of costs of a lessee
(reduces ROU asset; offset to ROU clearing).		$1,000.00
Initial Direct CostsNo

Incremental costs of obtaining a lease that would not have been incurred if the lease had not been obtained
(increases ROU asset; offset to ROU clearing).


$500.00


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