Enable compliance using lease accounting software to manage your real estate and equipment leases

Our lease accounting software has always operated to enable compliance with core accounting and financial reporting regulations, including ASC 840 and the new FASB ASC 842, IASB IFRS 16 and GASB 87 standards. This means that by using our software, businesses can automate calculations that are otherwise time-consuming, prone to error and difficult to audit in a spreadsheet or separate software approach. Designed as an open information system, the calculated values can be interfaced through to corporate accounting systems to avoid manual journal creation. In addition, fields have been added that capture discount rates, assumed end dates of the lease (taking into account break clauses and extensions, plus comments to satisfy auditors as to why this date has been chosen), incentives, costs and dilapidations.

Lease Accounting Software features

Time saving calculations

Automatic recalculations and associated balance sheet adjustments when leasing events require it, such as extensions and terminations.

Equipment lease management

Track and manage all types of assets, including office and IT equipment and vehicles, with visibility into critical data such as lease terms, depreciation schedules, and residual value guarantees.

Comprehensive reporting

New disclosure reports providing details of right-of-use assets, interest, amortization, cash flow and weighted terms.

What if scenarios

Scenario modelling of new leases to aid decision-making when considering the impact of new contracts on the balance sheet.

lease accounting software

Advantages

  • A single source for all current, newly signed and planned leases, including lease terms, financials and potential changes.

  • Handle FASB and IASB calculations simultaneously.

  • Get automatic notifications when critical information changes. Finance can also be notified when a new lease is under negotiation.

  • Ensure data is captured at source, eliminating the need for multiple entries.

  • Easily import revised lease abstracts to ensure the accuracy of information.

  • Model scenarios for full and modified retrospective leases, and see what impact these have on the balance sheet.

  • Address wider workplace needs, including space management, maintenance and facilities management.

  • Easily generate lease capitalization and disclosure reports. Run lease classification tests.

  • Management of landlord incentives, impairments and dilapidation provisions.

  • API allows easy integration to corporate ERP for lease payment and receivables.

Property & equipment leasing

ASC 842, IFRS 16 & GASB 87 compliance for both property portfolio materiality and non-property assets.

Lessor accounting

ASC 842, IFRS 16 & GASB 87 compliance for lease receivables linked to a head-lease payable, whether the subtenant is a third party company or intercompany.

Lease level accounting

Audit trail for each lease of all balance sheet calculations, each displaying amortisation, opening/closing liability, interest, depreciation etc for each period in line with company-specific accounting calendar.

Discount rate management

Definition and management of discount rate strategy - lease by lease, implicit, asset class.

Dual reporting

Group Vs Entity Reporting, ASC 842 and IFRS 16 dual reporting for organizations requiring to declare the impact on the balance sheet of leases across multiple entities within a global group.

Lease exemptions and classifications

Automated classification of short term leases and small value lease exemptions, along with FASB operational and finance lease classifications.

Accounting periods

Compounding on a daily rate or monthly rate in line with a client’s accounting calendar i.e. standard calendar months, 13 weeks, retail and manufacturing accounting periods (4-4-5).

Disclosure reports

Lessee and lessor disclosure reports (ASC 842, IFRS 16 & GASB 87).

Journal postings

ASC 842, IFRS 16 and GASB 87 journal entries per period – standard reporting or ability to interface to ERP.

Resources

Key Facts

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If you would like to find out more about our Lease Accounting software, please get in touch today.