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Accounting for Short term Lease Liability and Long Term Lease Liability when using Fusion Assets

in Assets

We have setup Leases in Fusion Assets in order to use Lease functionality.
We have added some operating leases too. However the accounting entry that Calculate Lease Expense generates is not making any consideration for short term lease liability vs long term lease liability.

We only see an option to setup a generic Lease Liability account at the category level.

As per the Primary Accounting Standard (IFRS16 and ASC842) - the total lease liability (representing future payments) is split into a current portion (due in the next 12 months) and a long-term portion, reported separately on the balance sheet to show short-term obligations distinctly from long-term ones, enhancing financial transparency.

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