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Lease Accounting in LeaseQuery
A comprehensive, cloud-based lease accounting solution
LeaseQuery is a cloud-based, CPA-approved lease accounting solution that simplifies accounting for leased assets including real estate property, equipment and vehicles.
Built by accountants for accountants, with all the complexities of lease accounting in mind, the LeaseQuery solution is fully compliant with the new lease accounting standards: GASB 87, ASC 842 and IFRS 16. By generating accurate reports and disclosures required by auditors and regulators, LeaseQuery facilitates mandatory compliance for organizations across all sectors.
LeaseQuery is a solution built specifically for lease accounting
With the new lease accounting standards in effect, companies have two primary needs related to their leases:
- A lease accounting solution that will ensure compliance with the new regulations
- A centralized repository where anyone within the organization can access lease documents
LeaseQuery offers an unmatched suite of features and functions built specifically for lease accounting, enabling organizations to comply with ASC 842, IFRS 16 and GASB 87.
- Operational tools: Role-based access, locked journal entries, central repository and alert notifications
- Data integrity: Data entry validation, lease change history and duplicate prevention
- Accounting intelligence: Right-of-use asset and lease liability calculation, practical expedient application and useful life charts
- International considerations: Options for IFRS transition method, multicurrency and translation
- Advanced reporting: Disclosure reports for all compliance standards
Download the ASC 842 Selection Guide
Many of the available lease administration and lease management systems cannot fully accommodate the new accounting standards. When selecting a lease accounting software, organizations should identify which solutions were made specifically for lease accounting from the ground up.
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