New FASB Module
Visual Lease now supports the new FASB/IASB regulations by automating the calculations needed to support the new filling requirements. This includes the calculations for the Right of Use and Liabilities that will go onto the Balance Sheet as well as the amortization of the expenses for the CashFlow Statement.
Specific features include –
- A new Lease Financials tab called “FASB/IASB” where you will find the data entry location for the 4-part Finance vs. Operating lease test as well as the complete cashflow amortization schedule.
- Determine if your lease is a Finance (Capital) or Operating Lease with the built-in in Calculator.
- Define which Financial Entries you wish to include in your FASB/IASB amortizations.
- Review all amortized schedules across the duration of your lease.
- Track the Fair Market Value and Incremental Borrowing Rate at the time of lease commencement.
- All FASB/IASB calculations are available as part of the ad hoc report generator.
- Added the ability to export all FASB/IASB calculations as part of the VL:Connect (AP Feed).
- Added a new FASB Standard Report and a FASB section to the Abstract Report.
Payments Module Enhancements
In order to enhance our capabilities to manage accounts and account balances for leases, and provide more flexibility for all the ways in which our customers user Visual Lease, we have enhanced the Lease Financials Payments screen.
- Added an Overdue Amount column when viewing payments by Outstanding Amount.
- Enhanced the Payments Summary popup to allow authorized users to edit and delete payments.
- Enhanced the Payments Import to allow payments to be imported for any date range.
- Added a switch to turn off Unlinked Payments if desired.
- Added a CAM/OpEx Rules Standard Report.
- Enhanced Ad Hoc Reporting security to allow read-only users to save private reports.
- Updated the Percent Rent Sales Report to better function as a Landlord Remittance Report. This includes a new signature line and additional payee information.
- To improve security we have added password reuse limitations that will allow Administrators to specify how old a password needs to be before it can be reused.
- Added the ability to copy Document References as part of the Save As Lease function.