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- Lease Accounting
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Getting Started
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Lease Administration
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Lease Accounting
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Transaction Management
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Broker Deals CRM
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Monthly Release Notes
What is a Legal Entity?
A legal entity is an organization that has legal rights and responsibilities, including tax filings.
A Legal Entity is an organization that has legal rights and responsibilities, including tax filings. Legal Entities can be structured as S corps, C corps, LLCs, sole proprietorships, partnerships, and nonprofits, amongst others.
The Legal Entities feature In Occupier allows you to organize leases by Legal Entity. This enables you to filter and analyze lease data/entries by Legal Entities within your organization. For example, all reporting (journal entries, trial balance, and disclosures) can be filtered by an Legal Entity.
If you have Legal Entities with different reporting standards (US GAAP vs IFRS), establishing separate legal entities with each standard will ensure the leases are populated under the correct reporting standard.
For more information on how to apply this in Occupier, refer to this article.