Know how much you owe on leased equipment and when the leases are complete. The information you enter on the Lease Worksheet is used in the Statement of Position Report.
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1. Item |
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Type the name of the equipment or item such as a computer |
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2. Company |
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Type the name of the leasing company |
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3. Date Started |
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Type the month and year the lease started |
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4. Date Residual Due |
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Type the month and year the lease is complete |
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5. Residual Amount $ |
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Type the amount left at the end of the lease including GST |
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6. Periodic Payment Amount |
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Type the payment amount including GST |
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7. Number Payments For Year |
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Type the number of payments to be made over the year, for example quarterly payments would be 4 |
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8. Total Payments For Year |
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Agrimaster calculates the total spend on the lease for the year by multiplying the Periodic Payment Amount x Number of Payments Per Year |
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9. Month F5 |
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Press F5 and select
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Click on the green tick to OK 
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10. Number Payments Remaining |
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Type the number of payments remaining in this lease Or, press F3 to open the calculator |
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11. Opening Balance $ |
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Type the amount of money owing as shown at the beginning of the year |
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12. Closing Balance $ |
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Type the amount of money owing on the leased equipment at the end of the year Or, press F3 to open the calculator Click EX on the calculator to transfer the answer to the box |
After all data is entered, click on the green tick to save the Worksheets
- Farm leases are operating leases and do not involve the acquisition of the underlying asset. Therefore, farm leases should be included in the Overheads section of the Fixed Costs worksheets. Finance leases involve the lessee acquiring the plant and equipment at the end of the lease period with payment of the residual amount.
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Finance leases involve the lessee acquiring the plant and equipment at the end of the lease period with payment of the residual amount.
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