Visual Lease for ASC 842 Compliance

FASB’s deadline for compliance with ASC 842 is now. Visual Lease enables your organization to generate financial reporting and disclosures while keeping your lease portfolio organized.

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Meet ASC 842 Compliance Deadlines

ASC 842 requires organizations to recognize leases longer than 12 months as right-of-use assets and as liabilities on their balance sheets.

As the deadline approaches, companies must organize and report on their lease portfolios.  This can be problematic as they may be scattered across multiple office locations, in a mix of both paper and digital formats. The need for one system of record for all lease documents is essential to your company’s financial and operational health.

Visual Lease’s lease accounting software helps organizations consolidate all lease documentation into one intuitive system. Using data points from your leases, Visual Lease is able to generate the necessary disclosure information to comply with ASC 842 for all lease types.

Keep Compliant with Lease Administration

From one reporting period to another, your lease portfolio can change, even if you don’t sign any new leases.  CPI increases, changes in size and exercising options can require you to recalculate your right-of-use assets and liabilities.  Managing your leases in Visual Lease’s lease administration system will ensure your accounting team will have the most up-to-date information needed to keep your financial statements accurate.

Visual Lease also allows you to create critical date alerts, which gives you greater control over meeting deadlines, and ensures the accounting team is involved in important decisions.

Automated Operating Expense and Cam Audits

How much money are you wasting every year by overpaying CAM and other lease-related operating expenses? Visual Lease’s Audit Manager ensures that all charges are accurate and in accordance with lease terms.

Lease Reporting

With Visual Lease disclosure reporting, your lease data is quickly and easily organized and summarized, and supported by corresponding journal entries.  Reports also provide a complete breakdown of lease data over time with robust reporting tools.

Integrate With Business Systems

In addition to accounts payable and accounts receivable processing support, Visual Lease has extensive lease accounting functionality, serving as a subledger to your general ledger.  In addition, Visual Lease allows for the creation of one-time and recurring general ledgers entries, allowing any journal entries necessary for your organization to be stored and transmitted to your ERP.