Does iLeasePro create accounting entries under the existing lease accounting standards or only the new lease accounting standards?
iLeasePro has been designed to assist firms in complying with the new lease accounting standards. iLeasePro does not offer lease accounting under the existing accounting standards. iLeasePro was developed as a transition tool and it is assumed that companies will continue to use its existing process until it is decided to transition under the new lease standards.
Does iLeasePro offer the required Financial Disclosure data required for the FASB ASC 842 Lease Accounting changes?
Yes, iLeasePro provides the data in reports required to support the ASC842 Financial Disclosure requirements. Current disclosure reports include Short Term Expenses, Maturity Analysis of Lease Liabilities, Lease Liability, Weighted Lease Term Report and Weighted Average Discount Rate Report to name a few.
Does iLeasePro provide a solution to the lease accounting changes for both Real Estate and Equipment leases?
Yes. iLeasePro allows you the user to identify and capture the key data for both lease types.
Does iLeasePro provide lease activity business intelligence reporting?
Yes, iLeasePro provides 35 standard reports, each with filtering capabilities to enable the user to "slice and dice" the key data in many variations to enhance real-time decision capabilities.
Does iLeasePro support the requirements to comply to the FASB ASC 842 Lease Standard Changes?
Yes. iLease Management LLC has been actively involved in the FASB Lease Accounting changes and has been providing insightful information through research articles and whitepapers since 2010 (Check our our Lease Accounting Blog). Unlike most other lease accounting products, the iLeasePro solution's Lease Accounting feature is not a "bolted on" component but rather has been built from the ground up. Our development group has built the foundation to support the complex Right to Use journal entry calculations. The iLeasePro Lease Accounting feature provides an answer to your ASC 842 compliance requirements.
How does the Lease Accounting Feature work?
The iLeasePro Lease Accounting feature has been developed from the ground up and not a "bolt on" component that you will find in most products. Once all your lease data has been entered into iLeasePro, you can generate journal entries, based on the current FASB Lease Accounting standard changes, that can then be imported or uploaded into your accounting system of record. iLeasePro calculates the Daily Amortization of ROU Asset and Lease Liability to offer you the most accurate ASC 842 calculations. You can generate journal entry transactions for individual leases or your entire portfolio of leases. If you have the Portfolio Management feature, you can group your leases and create journal entries based on the groups defined.
Is iLeasePro a cloud-based system that integrates with your current ERP, accounting and accounts payable systems?
Yes, iLeasePro is a cloud-based enterprise solution that will integrate with your current ERP and accounting systems.
Questions to Consider When Selecting a Lease Accounting Solution to comply with FASB Leases - Topic 842
1. Does the solution provide the ability to manage and report on real estate, equipment and other leased assets?
2. Is the solution a cloud-based, SaaS (software-as-a-service) solution?
3. Are software updates and future versions free of additional costs?
4. Does the solution provide the ability to readily integrate with your ERP/Accounting Systems?
5. Does the solution provide a lease classification test feature?
6. Does the solution provide the ability to separate variable payments?
7. Does the solution provide portfolio level consolidation of leases and lease payments?
8. Does the solution provide the new "right-to-use" calculations?
9. Does the solution provide the ability to produce standard accounting reports?
10. Does the solution provide the ability to produce the required disclosure reports?
11. Does the solution provide the ability to provide detailed audit trails and tracking of all data changes?
If you cannot answer yes to all of the above questions, you should take a look at iLeasePro as your solution!
What accounting systems has iLeasePro been fully integrated with?
iLeasePro is fully integrated via webservices with the Intacct cloud accounting solution. Users can easy setup synchronization between the two solutions and automatically upload journal entries for its real estate and equipment lease into your Intacct General Ledger. Journal entries can also be exported to csv or excel for manual import into any other accounting system or record.
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