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Structure Contact Lease Feature

The Structure Contact Lease feature offers a straightforward solution for managing lease agreements within your organization. It simplifies the process, allowing you to keep track of important details effortlessly.

Key Features

Centralized management of lease agreements
Automatic reminders for lease renewals and deadlines
Customizable contract templates
Easy access to lease-related documents and information
User-friendly interface for quick navigation

Potential Use Cases and Benefits

Real estate companies managing multiple properties
Businesses needing to track office lease agreements
Educational institutions overseeing leasing for facilities
Non-profit organizations managing community spaces
Property managers looking to streamline contract management

By using the Structure Contact Lease feature, you can address common pain points such as missed deadlines or lost documents. This tool ensures that you stay organized, reduces the risk of errors, and improves communication among stakeholders. You will gain peace of mind knowing that your lease agreements are always up to date and easily accessible.

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The equipment account is debited by the present value of the minimum lease payments and the lease liability account is the difference between the value of the equipment and cash paid at the beginning of the year. Depreciation expense must be recorded for the equipment that is leased.
The lessee records the leased right as an item of property, plant, and equipment, which is then depreciated over its useful life to the lessee. Short-term leases are known as operating leases. Rent is simply recorded as rent expense as incurred and the underlying asset is not reported on the books of the lessee.
Accounting: Lease considered an asset (leased asset) and liability (lease payments). Payments are shown on the balance sheet. Tax: As owner, lessee claims depreciation expense, and interest expense.
The leased equipment is not shown as an asset on the company's balance sheet. This is always viewed as a “true lease” by the IRS, and the company (the lessee) cannot take the tax benefits of ownership.
Equipment Leasing. Definition: Obtaining the use of machinery, vehicles or other equipment on a rental basis. Ownership rests in the hands of the financial institution or leasing company, while the business has the actual use of it. Another way to keep equipment costs down is to lease instead of buy.
The leased equipment is not shown as an asset on the company's balance sheet. This is always viewed as a “true lease” by the IRS, and the company (the lessee) cannot take the tax benefits of ownership.
Capital leases are classified under the “fixed assets” or “plant, property and equipment” heading in the assets section of a small or large company's balance sheet.
Assets being leased are not recorded on the company's balance sheet. They are expensed on the income statement. So, they affect both operating and net income. Other characteristics include: Ownership: Retained by lessor during and after the lease term.

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