What is a Lease Schedule?

Typical Elements of a Lease Schedule:

• Identification and description of the leased asset.
• Lease commencement and expiration dates.
• Payment schedules, including amounts and frequency.
• Interest rates, if applicable.
• Terms related to renewal, termination, or purchase options.
• Any specific maintenance or usage requirements.
  
  

Why Lease Schedules are Important

Lease schedules simplify lease management by consolidating detailed information into an organized format, making it easier for organizations to track compliance, financial obligations, and lease terms. 

Properly maintained lease schedules support financial accuracy, regulatory compliance (such as GASB 87 and ASC 842), and informed financial decision-making.

What’s important here?

A lease schedule is an attachment to a master lease agreement that outlines specific terms and conditions for individual leased assets. Utilizing lease schedules helps organizations efficiently manage leases, ensure compliance, and maintain accurate financial reporting.