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.