Lease Accounting

Lease Accounting is an integrated solution for your lease accounting requirements as a lessee. This solution complies with ASC 842, GASB 87, GASB 96, and IFRS 16.

Lessor tasks are not currently addressed in this solution. Lease Accounting is a single point of entry from which you can perform these tasks:

  • Define and maintain your leases.
  • Define and maintain assets that are associated with the leases in Asset Accounting.
  • Create and approve lease payment invoices and import them to Payables for invoice processing.
  • Automatically calculate rents, payments, and obligation balances.
  • Automatically create journal entries in Global Ledger.
  • Review the status of leases and invoices using invoice inquiry forms and the Drill Around® feature.

You can automate the lease classification specification by running a classification test. You can keep an audit trail of any changes that are created to leases and invoices. You can also generate a disclosure report for ASC 842, GASB 87, and GASB 96.