Lease Accounting Software
Change is inevitable and can be challenging. The new accounting standard for leases represents a major change for nearly all organizations, but it doesn’t need to be disruptive. Schneider Downs Technology Advisors is developing a web-based software solution that can simplify your transition to the new standard. The program will be produced with insights from our own accounting professionals, ensuring that it will be current and easy for our clients to implement. We’re simplifying lease accounting so you can focus on the next big change on the horizon.
The Solution will:
- Guide the user through user-friendly wizards, asking questions to assist with the appropriate treatment of each lease.
- Generate amortization schedules for finance and operating leases, in accordance with Lease Accounting Standard Update 2016-02.
- Interface with accounting systems to automate the process of posting requisite journal entries.
- Interface with fixed asset software to automate the process of creating the right-of-use assets (ROU).
- Include features and services to assist with transitioning existing finance and operating leases to the new solution.
- Help efficiently manage and inventory finance and operating leases, both new and existing.
This web application will be branded to your organization and accessed through a secure portal. It will help you:
- Automate the process of inputting the key terms of lease agreements.
- Easily determine if your contract is a lease that needs to be capitalized.
- Determine whether it is a finance (capital) lease versus an operating lease.
- Calculate present and future values of the asset/liability, generating the necessary amortization schedules.
- Generate standard reports, such as lease listing, amortization schedules, roll-forward of liability balance and future payment schedules for operating leases.
- Manage ongoing lease details, such as changes to existing lease terms, lease terminations, etc.