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Lease Accounting ASC 842

Does QuickBooks Enterprise support the new lease accounting standard ASC 842?  For example, office and warehouse rent is no longer classified as rent expense.  Instead, an asset and liability need to be recorded at the start of the lease, and then interest and amortization expense need to be recorded monthly over the life of the lease.  That's an operating lease.  And there is a different treatment for a finance lease.  Does QB support this?  Thanks.

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QuickBooks Team

Lease Accounting ASC 842

Nice to have you here in the Community, @chrisholmes99.

 

QuickBooks Desktop is constantly updating to support features like the new lease accounting standard ASC 842. The updates can be found on our blog website or in our release notes article here in the Community. Since this update was just released, QuickBooks hasn't updated yet to support it. You can check the blog pages for all of our updates and new releases for Desktop.

 

I'm only a reply away if you have any other questions. Take care!

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