Manage Property and Equipment Leases in Compliance with SFFAS 54

Manage Property and Equipment Leases in Compliance with SFFAS 54 supports federal lease accounting requirements under SFFAS 54, including lease lifecycle administration, funded and unfunded liability accounting, and right-of-use asset processing.

This release adds federal lease accounting and operational controls for SFFAS 54, including lease lifecycle management, accounting, expiration, purchase order and project references, and Payables invoice generation control.

Steps to enable and configure

  1. Apply the Release 12.2.14 Property Manager update that delivers SFFAS 54 - Administer property and equipment leases.
  2. Review SFFAS 54, Payables, Purchasing, and project-related setup with accounting and procurement teams as applicable.
  3. Configure the relevant system options, payment references, accounting rules, and invoice generation choices.
  4. Run representative lease creation, schedule generation, accounting, Payables interface, amendment, termination, or expiration scenarios and reconcile the results.

Tips and considerations

  • Reconcile ROU asset, liability, amortization, accrual, and journal results before business rollout.
  • Test equipment lease behavior separately from property lease behavior, especially for amendments and versioning.
  • Capture setup, lease transaction, schedule, accounting, and report views for rollout training where applicable.