The easiest to use, most cost-effective, and accurate solution to the FASB ASC 842 Lease Accounting Standard Changes
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iLeaseXpress has been developed to address the needs of your workforce and offer your team 24/7/365 web-enabled access through secure user and password authentication and entitlement process to ensure secure accessibility to your critical lease data using any Internet connection and browser or Mobile device.
Customize iLeaseXpress with context that your company understands to streamline business processes to allow your business to increase productivity and accuracy of information. Realize instant scalability through the ability to upgrade to iLeasePro which offers unlimited number of leases, increase of the number of users allowed to access the system, value added features and functionality, and unlimited storage. Ability to customize user security hierarchy, access rights, and user groups/subgroups.
Missing a critical date action can be very costly. The management and notification of critical dates defined in a lease is key feature of this comprehensive lease administration system. iLeaseXpress provides the flexibility to manage and notify you of all of your defined critical dates; such as lease expiration, option dates and insurance renewals as well as allowing the user to create customized critical dates.
iLeaseXpress provides a single source for all lease related contacts, including lessors, asset managers, bankers, brokers, attorneys and utility providers. With the Contact Management feature you can assign roles to your contacts for each lease within the portfolio.
Eliminate errors and the need of a standalone calculation process when performing complex lease term rent calculations. Simply select from the several pre-defined types of rent payments, add concessions, define the rent steps increase method (Flat, Incremental and Percentage) and iLeaseXpress will apply and calculate the payment costs through the lease term.
Enter and track unlimited clauses and options. Customizable lease clause and option labels. Enter lease paragraph and any additional notes. Set critical date notification for any option and track through expiration date.
Ability to add unlimited subsidiaries or operating entities. Link leases to subsidiary or operating entity to ensure correct allocation of journal entry import into your accounting system as well as detail reporting by subsidiary or operating entity.
Ability to add multiple cost center variables to each lease and associate with each journal entry. Associate any Location, Departments, Employee, Project, Customer, Vendor, Item, Class to a lease and all journal entries created for easy integration with your accounting system.
iLeaseXpress offers over 30 standard reports out of the box with filtering capabilities to produce any variation of key data that you would require to fully understand the current health and financial impact of your lease portfolio. Reporting categories include Account level reporting, Lease Analysis, Detailed Lease Level reporting, Lease Audit reporting, Lease Accounting reporting and Administration reporting.
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The iLeaseXpress Lease Accounting feature addresses the provisions of the new lease accounting standards which requires that the vast majority of lease obligations be recognized on the balance sheet of lessees.
Automatically generate monthly journal entries for posting into your accounting system of record. iLeaseXpress provides the ability to create an export to excel that can be imported into your accounting system and post the lease ASC 842 journal entries.
The FASB decided on a dual model, under which different types of leases have different accounting treatment subsequent to the initial recognition of leased assets and liabilities. The principal distinction between the two types of leases is in the manner in which lease related expense is recognized. iLeaseXpress offers a Lease Classification Wizard to walk through a set of questions to help you identify the classification of the lease.
A lessee will now need to disclose quantitative information about its leases, the related significant judgments made in measuring leases and the amounts recognized in the financial statements. iLeaseXpress provides the reporting for these required disclosure information