LeaseQuery’s Present Stability Migration Resolution – Tech Journal

It’s been greater than six years for the reason that first implementation deadline of the “new” lease accounting requirements. Though the usual has change into enterprise as normal, some firms could also be discovering their present lease accounting resolution just isn’t as environment friendly as they initially believed. Many firms determined to account for his or her leases in Excel and are realizing a lease accounting software program resolution would offer higher audit documentation and quicker, extra detailed reporting.

Lease Accounting Software program Transitions: Frequent Challenges

The implementation of the lease accounting requirements was a big endeavor for a lot of organizations. The prospect of transitioning to a brand new software program resolution, even with the promise of elevated effectivity, may be simply as daunting, significantly as a result of it usually necessitates the re-entry of all lease information. Recognizing this problem, FinQuery has developed an answer to simplify the method of switching out of your present lease accounting software program to the LeaseQuery platform.

One of many foremost challenges in transitioning between lease accounting software program options lies within the calculation of the lease legal responsibility’s current worth. Though the lease accounting requirements require the lease legal responsibility to be measured at this time worth of the lease funds, they don’t present an express components for this calculation. This lack of a standardized components can result in calculation discrepancies between completely different software program options or when performing the calculation manually in Excel. Reconciling these variations when switching to a brand new software program generally is a complicated and time-consuming course of.

Moreover, variations may come up from the way in which a specific resolution calculates the short-term legal responsibility or rounds the straight-line complete lease expense. These inconsistencies, whereas seemingly minor, may end up in variances which can be undesirable from an accounting perspective. Accountants try for precision and accuracy, the place numbers stability to the penny. Due to this fact, the prospect of switching software program options and introducing potential variances is way from ultimate.

Find out how to Overcome Lease Knowledge Migration Obstacles

LeaseQuery’s Present Stability Migration resolution is designed to facilitate the seamless switch of your present lease information into LeaseQuery. This resolution eliminates the necessity for historic information entry and reduces the complexities related to transitioning to a brand new lease accounting software program supplier.

Migrating to a brand new lease accounting software program can appear daunting, particularly if you happen to’re mid-lease. However with LeaseQuery’s Present Stability Migration function, transitioning your lease accounting onto our platform is less complicated than you would possibly assume.

Right here’s the way it works:

Begin at Any Level in Your Lease Time period
You may have the flexibleness to start your lease accounting in LeaseQuery at nearly any level through the lease time period. Merely choose your required amortization begin date, and LeaseQuery will deal with the remaining.
No Must Recreate Historical past
Overlook in regards to the tedious activity of recreating previous lease actions or inputting all of your historic information and former lease adjustments. With Present Stability Migration, you solely want to offer your present lease legal responsibility and right-of-use (ROU) asset balances.
Straightforward Knowledge Entry
Give attention to the long run, not the previous. You solely have to enter cost particulars from the migration date ahead, together with a couple of different key information factors. This simplifies the transition course of and saves you beneficial effort and time.
Automated Amortization and Journal Entries
LeaseQuery takes care of the heavy lifting. When you’ve supplied the mandatory info, our software program routinely generates the amortization schedule and journal entries wanted to transition your lease accounting onto the platform.
Advantages of Present Stability Migration:

• Simplified transition: Simply migrate your lease accounting with out recreating historic information.
• Time financial savings: Cut back the effort and time required to get began with LeaseQuery.
• Improved accuracy: Decrease the danger of errors related to guide information entry.
• Quicker compliance: Get compliant with lease accounting requirements (ASC 842, IFRS 16, GASB 87) extra rapidly.

Leverage the Advantages of LeaseQuery

As soon as your leases are migrated to LeaseQuery you’ll be able to leverage the advantages of the answer’s AI-powered lease entry, glorious assist companies, and detailed lease accounting resolution. LeaseQuery’s AI-powered lease entry automates the extraction of key lease information from lease agreements, lowering the danger of guide errors and saving beneficial time. Our devoted assist crew is out there to offer help and steerage everytime you want it. And our complete lease accounting resolution ensures that you’ve the instruments and insights it’s essential successfully handle your lease portfolio and adjust to the newest lease accounting requirements.