20.2 release delivers industry-leading GASB 87 & FASB 842 compliance functionality
Woodbridge, NJ – June 25, 2020 – Visual Lease, the leader in lease accounting and management software, today announced its latest product release, 20.2, providing expanded lease accounting and reporting capabilities for global and national companies required to comply with GASB 87 and FASB 842.
The new product release focuses on expanding Visual Lease’s lease accounting, reporting and currency conversion functionality.
“Visual Lease remains committed to continually developing new features that simplify the lease accounting process,” said Clark Convery, COO of Visual Lease. “Our latest product release provides our clients with more reporting options and builds upon our decades of experience in the lease management and accounting industry. This release reflects our continued passion about developing solutions that offer industry-leading functionality while being easy to use.”
Lease Accounting Functionality
For governmental entities that need to comply with GASB 87, calculations can now be added to Disclosure, Journal Entry Summary and Lease Accounting reports directly through the platform. Additionally, users may quickly run modification calculations when creating lessee calculations in the system.
Further, companies who must comply with FASB 842 are now able to view open accrued rent receivables for lessor calculations.
Useful for global businesses, the platform’s current Roll-Forward Report has been enhanced to support currency conversion and functional currency logic. Available as a standard report in the Visual Lease platform, users can access their data any time and apply the currency requirements directly within the platform.
To learn more about Visual Lease’s lease accounting capabilities, please visit https://visuallease.com/solutions/
About Visual Lease
Visual Lease provides lease accounting and lease administration software solutions to help companies manage, analyze and report on their leased asset portfolios, including real estate, equipment and more. The company’s SaaS platform combines GAAP, IFRS and GASB-compliant lease accounting controls with sophisticated and flexible lease portfolio administration. Over 700 of the largest publicly-traded and privately-owned corporations, retailers, hospitals and institutions around the globe rely on Visual Lease’s cloud-based SaaS platform to meet operational and compliance requirements. For more information, please visit visuallease.com.
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