Creating a financed purchased lease with an asset classification

  1. Create a GASB87 lease and specify the details.
    See the details of lease creation in Creating lease addition and adjustment.
  2. In the Main tab, select the Ownership option.
    Note: If the Ownership flag is selected, the status of the Asset or Assets on the Lease are changed to Purchased and are included in the Lessee purchased assets.
  3. Specify the details for the Payment tab and the Payment Schedule tab.
  4. Click Save.
  5. In the Asset tab, create a leased asset.
  6. Verify if the Classification is Purchased.
  7. Click Save and release the asset.
  8. Verify the lease if the created asset is classified as purchased.