LeaseQuery©

In the accounting of leased fixed assets, multiple regulations apply. Public and private companies must record and summarize the financial transactions of a lease and report the results in the financial statements. Leased assets, both capital lease and operation lease, must be included in the balance sheet and profit and loss statements, and the financial transactions must be recorded.

To help organizations achieve compliance and eliminate accounting errors, LN can now be integrated with LeaseQuery.

LeaseQuery is a third party software application that includes software for these lease accounting standards:

US: GAAP-FASB (ASC 842)
World: IFRS (IFRS Chapter 16)
State and local government: GAAP-GASB (GASB87)

In the integration, LeaseQuery is the system of record for all leased assets. The master data is stored in this application as well as the subledger, the lease payments, ad hoc reporting, and disclosures. By clicking a button, all transactions are transferred to LN through an API.

In LN, the transactions are received, processed, and converted to a standard Journal Voucher transaction BOD, which is then consumed by the LN General Ledger. A finance batch and non-finalized transactions are created. After finalizing, all ledger accounts and dimensions are updated based on the mapping in LeaseQuery.

The integration requires this software:

Infor LN
License for Product ID 7056 (Infor LN Adapter), which is required for BOD enablement
Infor ION 12 or later, including the connector