Journal entries for the new lease accounting standards: are you getting the intelligence you need?
As the deadline for complying with FASB lease accounting changes draws closer, financial leaders are realizing they need much more than a tool that produces a list of journal entries for each lease in their portfolio.
Journal entries for the new lease accounting standards are an essential requirement, but they are really only the starting point for accurate and favorable lease accounting and financial reporting.
To optimize your lease accounting outcome, you need business intelligence that helps you:
- Understand how lease accounting impacts your financial reporting
- Examine lease accounting details for different parts of your lease portfolio and different segments of your business
- Make lease accounting choices that result in the best possible financial picture for your organization
- Make better decisions about leasing moving forward
To that end, Visual Lease’s recent software update provides enhanced reporting capabilities and business intelligence for ASC 842 journal entries.
We have also fine-tuned all the nuances of transitioning current leases over the new lease accounting standards, so you have everything you need in place to get prepared for Day 1 compliance.
Keep reading to learn about Visual Lease’s new journal entry summary report, which provides powerful and flexible tools that turn your journal entries into truly valuable data.
Business intelligence helps you do more with ASC 842 journal entries
Large organizations have mountains of financial data. But for that data to be useful for making decisions and improving outcomes, you need the ability to dig in and see that data in a variety of ways.
That’s exactly what we’ve provided with the new Visual Lease journal entry summary report. Using this powerful new tool based on data warehouse and analytics technology, you can view journal entry information across your entire lease portfolio. And, best of all, you can slice and dice it to see exactly what you need, when you need it.
For example, you can look at:
- Journal entries for different reporting entities within the larger organization
- An analysis of leasing information by department
- Lease accounting impacts for a month, quarter or year
- Lease dates, debits and credits to determine account balances for your balance sheet
What our customers seem to love is the flexibility the tool offers to quickly produce a custom view of your journal entries:
- Drag and drop columns to re-arrange information
- Change grouping and subgrouping
- Create subtotals at each group level
- Show the results in visual formats such as charts and graphs
The best part? As you select options to view different journal entry data, the report rebuilds in real time. So there’s no waiting and you have instant access to the information you need.
Visual Lease’s new report is an amazingly powerful tool for analytics reporting and data visualization. In fact, there’s so much you can do with it that we offered our customers a training webinar to show them the possibilities and help them get value from the tool immediately.
See for yourself: request a demo now!
Journal entries: think beyond the basics
Chances are, right now you are focused on ASC 842 implementation and transitioning to accounting for leases under the new standard. So you might be tempted to think only about producing accurate journal entries for all your leases and getting them onto the balance sheet.
That’s understandable. And of course, every lease accounting tool can do that.
However, don’t rush into the wrong decision because, in the urgent push to get prepared for Day 1, you’re overlooking the chance to think bigger and get more. Look for an ASC 842 lease accounting and reporting tool with features that can help your organization meet goals and improve outcomes.
