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Blu Banyan SolarSuccess

LeaseQuery – Lease Accounting for NetSuite

Status: Unverified

A lease accounting application built entirely inside NetSuite. The solution helps organizations comply with the lease accounting standards IFRS 16 and ASC 842, streamline their lease accounting process, and gain insights into their lease portfolio.

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Description

Lease accounting compliance in NetSuite for ASC 842 & IFRS 16

100% built in NetSuite, LeaseQuery for NetSuite lets you ditch your lease tracking spreadsheets and automate and consolidate your lease accounting processes.

Key Benefits

  • 100% built for NetSuite and NetSuite native, without the need for integrations or reconciliations with outside systems.
  • Calculates schedules including lease payments, lease liability amortization, and right-of-use asset depreciation/amortization.
  • Generates journal entries for the initial recognition and subsequent measurement of the lease liability and right-of-use asset.
  • Automatically classifies leases as finance or operating, low-value or short-term, and accounts for each accurately.
  • Centrally stores lease management information such as vendor, commencement date, renewal options, and other significant contract details.
  • Seamlessly integrates with your company’s chart of accounts, currencies, vendors, departments, classes, and locations.
  • Practical expedient application simplifies the transition to ASC 842 and IFRS 16.
  • Automatically generates disclosures with the click of a button.
  • Robust lease modification/change reporting and audit trail for confident compliance.
  • CPA-approved calculations with more than 40 accountants on staff for numbers you can trust.

Capabilities

  • Catch errors before they occur with data validation and duplicate entry prevention.
  • Generate reports with the click of a button, including amortization schedules, footnote disclosures, and roll forward reports.
FEATURES

Lease Management Data

  • Record important lease information such as commencement dates, executory costs, asset fair value, and more.
  • Store all the important aspects of your leases in one place, making it easy to quickly review lease details.
  • Track lease agreements with one of five different statuses (Draft, Pending Approval, Approved, Posted, Closed), to keep users up-to-date on their leases.

Accounting Intelligence

  • Automatically classify leases as operating or finance and short-term or low-value using thresholds established for the legacy and new leasing standards.
  • Accurately account for the leases according to their classification and produce the appropriate journal entries.
  • Automatically create your required lease accounting schedules; including the payment schedule, lease liability amortization schedule, right-of-use asset depreciation/amortization schedule, and footnote disclosures.
  • Generate monthly journal entries to record lease payments, interest expense, and depreciation/amortization expense from the lease schedules.

Accounts Payable

  • Issue payments directly to the lessor from NetSuite to prevent missed payments.
  • Avoid manually reconciling your lease payments to your lease accounting spreadsheets.

Lease Adjustments and Transitions

  • Effortlessly modify a lease, exercise a renewal option, or terminate a lease and produce the necessary journal entry and new schedules automatically.

Expert Support

  • More than 40 accountants on staff
  • Dedicated US-based support team