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Proposing a Lease to become an Asset

edited Feb 7, 2020 4:10PM in Ask A Guru

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.

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