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 disclosure information required to update our Financial Reports?
Yes, iLeasePro provides reports specific to 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 compliance for FASB Lease Topic 842?
Yes. FASB Lease Topic 842 is the way that the FASB refers to the new lease standard and iLeasePro provides the technology solution to comply with these new standard changes.
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 upcoming FASB Compliance for 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 and will continue to refine this feature to be aligned with the joint FASB and IASB changes. The iLeasePro Lease Accounting feature provides an answer to your 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 General Ledger entries, based on the current FASB and IASB Lease Accounting standard changes, that can then be imported into your accounting system of record. Lease Accounting information is calculated based on daily payment amounts within the lease term for each lease. You can generate General Ledger transactions for individual leases or your entire portfolio of leases. If you have the Portfolio Management feature, you can group your leases and create General Ledger 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?
Currently, iLeasePro is fully integrated via webservices with Intacct and NetSuite cloud accounting solutions. Users can easy synchronize and automatically import monthly journal entries for its real estate and equipment lease rent payments into either Intacct or NetSuite. Monthly journal entries can also be exported to csv or excel for manual import into any other accounting system or record.
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