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In this video I will show you how to add a lease to an existing asset in Assets Accountant.
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Scenarios in which you might want to add a lease to an existing asset include if you have been using Assets Accountant to manage your assets for depreciation and you now want to start using it for managing leases, you're able to add a lease in that manner.
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Or if you have financed an asset once you've owned it for a while and so now there is a lease to manage, then you will need to add a lease to an existing asset.
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In order to do that you navigate to the asset you would like to attach the lease to.
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In this case here I'm going to choose a motor vehicle so let's pick the Hyundai iLOAD.
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I'll go into the assets screen which should look familiar and then in the actions menu you have this option to attach a lease.
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This will ask you the format for the lease. A regular asset financed lease has the format of payments where you have an optional one-off upfront payment such as a deposit, then a series of regular payments followed by a balloon payment which again is optional.
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So you can pick the lease start date so let's say this is going to start in June 2021 and then I can generate the schedule.
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So from here I'll be able to put in my amount financed so let's say it's $20,000 and let's say I'm going to be paying $1,000 a month for let's say 21 months.
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I can generate that schedule. The system will work out the principal and the interest split on each payment.
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Use that schedule and then I can just save that lease and that has now added a lease here to the asset screen so it has the lease being managed over the 21 months of the course of the lease.
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Now I've set that up.
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When you create the next journal that will also reflect the lease has been set up and you will have a journal that will start managing the leases for you.
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So in this video I've shown you how to add a lease to an existing asset in Assets Accountant in scenarios including where you've been using Assets Accountant to manage assets and now you want to start managing the leases or if you've entered into a lease in connection to an asset that you've previously had earned.
