From the Assets grid select the 'Reports function in the top right corner. Here the choices of Hire Purchase or Lease reporting are:
- HP/ Lease Asset Summary
- HP/ Lease Further Information
AssetAccountant records and reports on the financial movements between short and long term liabilities with each journal.
AssetAccountant also distinguishes between the interest and principal in both journals and reporting.
AssetAccountant complies with the ASC 842 lease accounting standard for entities reporting under US GAAP.
AssetAccountant complies with AASB 16 for entities reporting under IFRS and removes the distinction between operating and finance leases for lessees and requires the recognition of a right-of-use (ROU) asset and lease liability on the balance sheet.