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Join nowDoes 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.
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!
RE: Does QB support this?
Yes, while there's no explicit feature for this case, you're free to record your transactions in a way that complies with what you describe.
Does Quickbooks' most current version have a module to calculate accounting for leases in accordance with FASB 842?
I'll share some information about a QuickBooks module that discusses calculating accounting for leases, @MIsip.
In most cases, topics like this need someone who's well-equipped to address accounting queries and can assist you in understanding the process.
For topics about accounting for lease, you can visit our QuickBooks Blog. Since your query pertains to FASB 842 compliance, we're unable to provide specific guidance on this matter. That said, I recommend reaching out to a qualified accountant. Accountants are well-equipped to address accounting concerns and can assist you in the process. If you're not affiliated with an accountant, we can help you find one through this link: Find a ProAdvisor.
Moreover, you can view our Help Articles page and look for any QuickBooks information you want to know.
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