F.H. Black & Company Inc. GASB 87 Solution – Lite
Automate processes associated with lease calculation and reporting in alignment with GASB 87 requirements
Service Type
Consulting
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Meet a simpler way to address GASB 87 requirements.
The GASB 87 pronouncement changes the way leases are calculated and reported. F.H. Black & Company Incorporated has developed a point solution for organizations that are interested in tackling their GASB 87 requirements and do not need extensive lease management tools.
This solution provides you with:
- Lease data collection forms so users throughout your organization can document each lease
- Summaries of all leases broken down between Governmental and Enterprise leases:
- Lease amortization disclosure
- Lease liability and asset summaries
- Lease asset amortization by month
- Future debt service payments for note disclosure
- Lease liability repayment schedule by month
- Journal entries to record:
- The inception of the lease
- Payment for transportation costs and other expenditures to make equipment ready for use
- Debt service payments for the fiscal year
- Replacement of other financing sources with permanent account – lease liability
- Replacement of expenditures with capital assets – intangible right-to-use lease asset
- Elimination of temporary accounts – principal repayment
- Amortization expense for the fiscal year
- For each lease entered, this solution will automatically calculate
- Lease amortization disclosure
- Lease liability and asset summaries
- Lease asset amortization by month
- Future debt service payments for note disclosure
- Lease liability repayment schedule by month
- Journal entries to record:
- The inception of the lease
- Payment for transportation costs and other expenditures to make equipment ready for use
- Debt service payments for the fiscal year
- Replacement of other financing sources with permanent account – lease liability
- Replacement of expenditures with capital assets – intangible right-to-use lease asset
- Elimination of temporary accounts – principal repayment
- Amortization expense for the fiscal year
- Wdata tables to hold all lease data
- Presentation that presents lease dashboard for management oversight