Lease Accounting

FASB Lease Accounting Compliance - ASC 842

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Real Estate and Equipment Lease Accounting

The iLeasePro Lease Accounting feature addresses the provisions of the new lease accounting standards which requires that the vast majority of lease obligations be recognized on the balance sheet of lessees.

Lease Portfolio Consolidation

The Portfolio Consolidation features allow the user to produce accurate monthly general ledger entries for all lease payments as required by the new lease accounting standard. This information can be calculated for individual leases or can be combined for groups of leases.

Automated Journal Entries

Automatically generate monthly journal entries for posting into your accounting system of record. iLeasePro offers web services integration for several accounting software provides or simply create an export to excel, import into your accounting system and post the journal entries.

FASB Lease Classification Test

The FASB decided on a dual model, under which different types of leases have different accounting treatment subsequent to the initial recognition of leased assets and liabilities. The principal distinction between the two types of leases is in the manner in which lease related expense is recognized. iLeasePro offers a Lease Classification Wizard to walk through a set of questions to help you identify the classification of the lease.

Disclosure Reporting

A lessee will now need to disclose quantitative information about its leases, the related significant judgments made in measuring leases and the amounts recognized in the financial statements. iLeasePro provides the reporting for these required disclosure information

Variable Payments

Variable Payments that are not a component of the Lease Liability must be tracked and accounted by the lessee. iLeasePro offers tracking and automatic journal entry posting for Real Estate, Insurance and Other Variable Payments.

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