Lease accounting journal entries under the new standards
The new lease accounting standards are shifting the way journal entries are calculated. Under FASB ASC 842 and IASB IFRS 16, organizations are required to record assets and liabilities as journal entries on the balance sheet for almost every leased asset. Leases must be classified as an operating lease or a capital lease to determine the correct lease accounting treatment.
Compounding the complexity of getting ready for the new standards is the fact that companies must prepare journal entries for both the existing standards and the new standards during the transition period.
Visual Lease helps you manage that complexity by producing journal entries for both the current and new FASB and IASB lease accounting standards:
- FASB ASC 842 journal entries and FASB ASC 840 journal entries
- IFRS 16 lease accounting journal entries as well as IAS 17 journal entries
- Additional local GAAP & IFRS journal entries
Automate lease accounting journal entries with Visual Lease
Visual Lease automatically calculates your journal entries under the current and new FASB and IFRS standards. Our cloud platform provides you with all the required calculations for any given asset and time period, whether it’s straight-line expense entries, right-of-use asset entries as well as lease liability entries, along with interest and amortization entries.
Achieve deep and flexible integration with GLs and ERPs
Visual Lease works with Oracle, SAP, PeopleSoft, Power Plan, Workday, NetSuite, JD Edwards and more than 50 additional general ledger and ERP systems.