The future minimum rents report shows the rents already paid and those to be paid for each lease. This information is also displayed in the Income Statement/Balance Sheet Detail report.
Leases that terminate on or before the As Of date specified are excluded from this report, since by definition they have no future rent payments. Leases that have already expired but have a month-to-month extension past the As Of date are listed, but show no future rents (since any rents paid during the month-to-month extension period are not part of the minimum lease payments).
Separate columns are displayed for operating and finance rents. The rent is broken into its constituent parts: executory costs, non-lease components, interest, and liability. For each column, the report shows the future rents scheduled to be paid by year for the number of years you have specified in System Options (usually 5), then all remaining years in a “Thereafter” group, with a total for all future rents. Immediately following that, the rents paid from the inception of the lease to the report date are shown, and a grand total of all rents for the lease. “Year” may be either 12 month periods from the report As Of Date, or fiscal years, depending on your “Rent commitments” selection in System Options. Executory costs are shown combined on the text report, separately by type on the spreadsheet report.
For GASB 87, the schedule is shown by year for the number of years specified in System Options (usually 5), then in groups of 5 years to the end of the last active lease.
If you have selected “Include future leases in future minimum rent commitments” in System Options, leases that are booked on or before the As Of Date, but start later, are included in the report. In such a case, all rent is in the future.
ASC 842/IFRS 16/GASB 87 reports include at the end the weighted average lease term and discount rate for all leases, separated between finance and operating leases. The lease term is weighted by the remaining rent; the discount rate is weighted by the remaining liability. This is a required disclosure for ASC 842; it is provided as a courtesy for IFRS 16 and GASB 87.
Your report title
Enter any title you want to give to the report. The type of report is always displayed at the top left corner; you can use this title to describe the report (such as “Midwest Division”).
Type of leases to use
You may limit the report to just the capital leases, just the operating leases, or use both (the default). This option is not displayed for reports that include only capital or only operating leases. If a lease is part-capital, part-operating, the appropriate portion is included if you choose one or the other.
You may get lease by lease detail, or just the totals for all leases.
Group of leases to use
You may choose All leases, a Group of leases starting with the same character(s), or a Single lease. If you choose Single lease, a popup displays the leases in the file; choose the one you want. If you choose Group, you are prompted for the beginning character(s) to search for.
You may run the report according to the old standard (FAS 13 or IAS 17, depending on which accounting methodology you have chosen in System Options) and the new standard (ASC 842/IFRS 16/GASB 87). While accounting under the old standard is no longer valid after the implementation date (usually 2019/2020), EZLease still permits you to create reports using the old standard for comparison purposes. If you choose the new standard, reports run for dates before the transition date (usually 1/1/2017 or thereabouts, as set in System Options) will be according to the old standard; once the transition date is reached, the leases will be converted to the new standard. A report that includes the actual transition date shows the transition activity required to convert each lease.
You can create a text report that displays on the screen (and which can then be exported in HTML, PDF, Rich Text Format (.rtf), Microsoft Word® (.doc), Microsoft Excel® (.xls), and Crystal Reports (.rpt) formats). Please note that the Excel output exported from a text report is laid out the same way as the text report, which is generally not well-suited for sorting and otherwise manipulating the data inside Excel. If you export a text report, please wait for the “Export completed successfully” message to display before continuing with EZLease.
As of date
Only leases that are booked on the date specified (that is, the lease’s booking date is before this date, and its end date, and early termination date if any, is after this date) are included in the report.
You can also create spreadsheet output. This is specifically designed to manipulate inside a spreadsheet program; a report period is displayed on a single line, so you can select, sort, and sum results. The same information is provided as on the text report, but the layout is considerably different to facilitate data manipulation. If you select spreadsheet output, you are prompted to specify an output filename.
In System Options, you can select whether the spreadsheet output should be generated as an Excel .xls file, or as an XML-format spreadsheet. Output in Excel format requires that you have a licensed copy of Excel on your computer.
Click this button to get a secondary screen which allows you to select special groups of leases and temporarily capitalize operating leases.