USA Deferred Rent & Parking

Joined
May 10, 2016
Messages
2
Reaction score
0
Country
United States
One of my companies' leases included a period of free rent for parking spaces in the beginning of the lease. That period has passed and now we are being charged around $25K per month for the parking spaces. These parking payments are causing reconciling items in the deferred rent account that I reconcile because the parking wasn’t included in the straight line calculation of the monthly rent expense on the lease amortization schedule. I’m not sure what the correct GAAP treatment for the parking. Should the amortization schedule be revised to include the parking and update that standard entry for the monthly rent expense or should I tell my AP department to start coding the parking to the Office Rentals-Other expense account and Reclassify the current amount in the liability account?
 

Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments. After that, you can post your question and our members will help you out.

Ask a Question

Members online

No members online now.

Forum statistics

Threads
11,631
Messages
27,575
Members
21,371
Latest member
FrankArica

Latest Threads

Top