One click data migration and equipment lease management

At first glance, equipment lease accounting might seem like a relatively simple task, with only a few data points and straightforward terms when compared with real estate leases. But where accounting for equipment leases gets complicated is in sheer volume.

Not only does the category of “equipment lease” cover a diverse range of assets, from vehicles and computers to machinery, medical devices, IT support services, . . . virtually any non-real estate leases. It is also dynamic and unpredictable — often including master leases with many subleases. For instance, you might have a master schedule with subleases for thousands of laptops for employees at multiple locations, with new ones and different terms (such as expiration dates and buy options) continuously being added as the workforce fluctuates and its needs change.

The challenge, then, is getting all this data into one coherent and flexible system. And maintaining it over time. That’s where Visual Lease comes in.

Templates that make data migration a snap

The new FASB and IASB standards require equipment leases to be brought together in one category to undergo the capitalization test. Visual Lease’s equipment leasing software turns this potentially big and cumbersome data migration issue into an easily managed task — providing Excel templates and APIs that bring the data together and upload it all with one click.

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Equipment lease accounting that brings order to data management

Our flexible FASB and IFRS compliant equipment module helps you:

  • Track IT equipment, machinery, vehicles, aircrafts, land, medical devices, vineyards, and many other unique assets
  • Identify all the non-real estate assets that fall into the broad equipment lease accounting category, including service components such as computer maintenance contracts
  • Manage the “parent-child” relationships — the big leases with multiple smaller leases under them — that are common in equipment leases
  • Itemize individual pieces of equipment for a deep dive into asset level accounting
  • Quickly and confidently migrate and update all the data, knowing all calculations are done correctly and according to all the necessary standards

You can customize the solution to create unique reporting configurations specific to your needs. In addition, Visual Lease provides the tools to help you handle changes, additions, and all the nuances of the new FASB and IASB standards.

Ready to see for yourself?