Lease accounting under ASC 842, and the assets with it
Right-of-use assets and lease liabilities computed properly, with modification and remeasurement handled rather than re-entered. Ask and we will walk you through the lease and fixed asset deck.
Lease Accounting Standards
ASC 842 turned every operating lease into a balance sheet item with a discount rate, a re-measurement trigger and a disclosure table. The compliance moment has passed; the maintenance has not. Modifications, renewals, terminations and index adjustments arrive continuously and each one changes the schedule.
Most companies run leases in a spreadsheet next to the ERP and journal the monthly result, which works until an auditor asks how a rate was derived on a lease modified two years ago.
What's in the scope
- ASC 842 lessee accounting: right-of-use assets and lease liabilities computed inside NetSuite
- Modifications, renewals, terminations and index adjustments remeasured, not re-entered
- Discount rate provenance on every lease, so an auditor can see how each rate was derived
- Multi-book depreciation for fixed assets, including tax books
- Assets created on demand from the purchase transaction, with a drill-down back to it
- Construction in progress tracked until the asset is placed in service
- Asset tags and a tag registry for physical verification
Who it's for, and what it doesn't do
Who this is for
Companies with a meaningful lease portfolio: retail footprints, fleets, equipment, real estate. Audited companies that have to show how a discount rate was derived. Anyone maintaining an ASC 842 schedule outside the ERP.
This does not replace NetSuite's own Fixed Assets module
Lease is the lead. Fixed Assets is available for companies that want one register, but we do not position this as a displacement of an Oracle module.
No IFRS 16 or lessor accounting
This is ASC 842 lessee accounting. IFRS 16 and lessor accounting are outside the scope.
No tax depreciation filing
We compute tax books. We do not prepare the return.
No lease abstraction service
We do not read your leases and key them in. Import or entry is yours.
How to start the conversation
Tell us roughly how many leases you carry, where the schedule lives today, and whether you want the asset register alongside it.
Related applications
Rental and Lease Equipment
The other side of the same standard. This page is lessee accounting — the assets you lease in. If you also rent or lease assets out, lessor classification, net investment schedules and the disclosure pack sit in the companion application, on the same asset register.
Start with your number
Send us the line item you want to replace: the vendor, the annual number and what it is priced on. We will tell you plainly whether we can replace it, and quote it in two lines: the license, and any services you choose to add.
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Runs natively in your NetSuite account.
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