Discussions
Stay up-to-date with the latest news from NetSuite. You’ll be in the know about how to connect with peers and take your business to new heights at our virtual, in-person, on demand events, and much more.
New AI Community Guidelines. Please review and follow them to ensure AI use stays safe, accurate, and compliant.
Please note that on Saturday, April 11, 2026, at 8:00 PM Pacific time, our Case Management System will undergo a scheduled maintenance for approximately 30 minutes. During this time, case creation via SuiteAnswers will be unavailable and inbound calls will be routed to Customer Service.
Proposing a Lease to become an Asset
NetSuite now follows IAS 17, where Leases are required to be classified as either finance leases (which transfer substantially all the risks and rewards of ownership, and give rise to asset and liability recognition by the lessee and a receivable by the lessor) and operating leases (which result in expense recognition by the lessee, with the asset remaining recognised by the lessor).
Note: Make sure that the Asset Type that will be used on the Lease Asset has the Operating Lease checkbox marked on the Asset Type record if its an Operating Lease.
Note: Make sure the Finance Lease checkbox is marked on the Asset Proposal record if its a Finance Lease.
Tagged:
0