iLeasePro Introduces Subsidiary and Operating Entity Features
The Subsidiary function within iLeasePro offers a powerful solution for corporations with complex organizational
structures, encompassing multiple subsidiaries. This feature streamlines lease portfolio management by enabling the
centralization of all lease data on a single iLeasePro platform, regardless of how many subsidiaries are
involved.
One of the key advantages of this function comes into play when it's time to upload periodic journal
entries to the general ledger system of record. Here's how it works:
1. Centralized Lease Management: All lease
agreements, whether they pertain to the parent company or its various subsidiaries, are stored and managed within the
same iLeasePro platform. This centralization simplifies data organization and accessibility.
2. Subsidiary
Designation: When a user needs to upload journal entries related to a specific lease, they have the option to designate
the subsidiary to which that lease is associated. This step ensures that the financial transactions are correctly
attributed to the appropriate subsidiary.
3. Precise General Ledger Posting: With the subsidiary designated, the
system facilitates the posting of journal entries to the subsidiary's specific general ledger. This precision is crucial
for maintaining accurate financial records at both the corporate and subsidiary levels.
4. Streamlined Financial
Reporting: By linking lease data with the respective subsidiaries and their general ledgers, iLeasePro simplifies
financial reporting. It allows for the generation of subsidiary-specific financial statements and consolidated reports
at the corporate level.
5. Compliance and Accountability: This functionality enhances compliance efforts, as each
subsidiary's financial records remain distinct and easily traceable. It also fosters accountability within the
organization by ensuring that financial data aligns with the subsidiary's lease obligations.
In summary, the
Subsidiary function in iLeasePro is a valuable tool for multi-subsidiary corporations, offering efficiency, accuracy,
and transparency in managing lease portfolios and financial reporting. It aids in maintaining clear financial boundaries
while providing a comprehensive view of the entire corporate lease landscape.
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