Intro to Course

Welcome to the JE Summary Report training with VLU. This course is designed to introduce you to Financial Reports for FASB and IASB Disclosures in Visual Lease.

By the end of the course, you should be able to:

• Understand the components of the JE Summary Report.
• How to configure, generate, and read the report.
• How to deal with discrepancies in the report.

Please Take a moment to review the agenda. If you are looking for a specific topic, feel free to jump to the corresponding timestamp.

Topic 1: JE Summary Report Overview

In this video, we will explain the use for JE Summary report, an overview on how to generate the report, and a high-level tour of the report

The JE Summary Report captures journal entries resulting from<
calculations made in the Lease Accounting module across your lease portfolioTo get to the JE Summary report, navigate to the reports drop-down in the main menu, then select Standard Lease Reports.

Select from a fixed list of leases or a criteria, then select Journal Entry Summary, here.
Enter your options and when ready click, Generate Report to download the Excel spreadsheet.
Let’s take a look at the layout of the report.
There are two tabs in the spreadsheet for this report. The first is the report criteria which is a summary of your report options selected when generating the report
The second is the Report tab. This tab houses the journal entries and the relevant data for all of the leases that meet the criteria.

Topic 2: Selecting Leases for the Report

In this video, we will explain in more depth how to select the leases to include in your report using either Criteria based selections or a fixed list of leases you can choose from.

On the standard lease reports page, you will see the Lease Selection in the sidebar. Choose whether to select leases from a list or filter leases based on criteria.

When Based on Criteria is selected, the sidebar displays several categories of information you can use to create a filter.

With the right criteria, you can automatically select the records you need. For example, a company may have leases spread out across the country. Here, I can choose only leases within one state. Then, I can choose only journal entries from Operating type leases and only include active leases.

Once your criteria have been chosen, click Set Criteria. Click Reset to clear all selections.

If you have filters already created and saved, you can simply click Load Saved Filter to quickly apply that filter to use on the report.

The filter being used for this report will appear here, under Lease Filter Criteria. These are the criteria we used in the example earlier. Individual criteria can be removed from the filter using the X found here.

You can view the leases that fall within the filter by clicking here. A new panel will display with your lease filter results. Click Hide leases to close this panel

You can manually create a list of leases by selecting Fixed List of Leases under Lease Selection.

The criteria options disappear from the sidebar, and a search field appears here for you to enter lease IDs.

This field features a predictive menu that will display matching lease IDs as you type.

Select which leases to include in the report. The list appears just below the search field.

Once the criteria or individual records are chosen, and the report options are configured, click Generate Report to create the Excel file for the report to be opened and saved locally. If you click Email Report, VL will email a copy of the file to the email address associated with the user running the report, after it has been generated. Save Report will save the report in the Integrations Hub.

Topic 3: Report Options<

In this video, we will explain how to configure a Journal Entry Summary report using the report options panel on the standard reporting page.

To begin, navigate to the standard lease reports page. Select your lease criteria or from a fixed list of leases.

In the list of available reports, choose Journal Entry Summary Report.

In the Report Options below, you can configure the report to show the information you need.

Select your date report date range, including:

• Current Fiscal Year
• Current Year
• Current Month
• Or Custom Date Range

For a custom date range, you will have to enter the beginning and end date you wish to run for the report.

Select Include Allocations to break out each entry by its allocation to each organization, if applicable.

Select at least one Calculation Creation Type (New, Remeasurement, Transition).

Select Show Transition Starting Balances Only to limit the report to only journal entries for transition calculations for the period of transition.

Select at least one Accounting Standard and one Calculation Status.

Note when using a Gregorian calendar that there are three Calculation Statuses called “Historical”:

• Historical when it is “ended” by a remeasurement, transition, or end action.
• Historical Adjustment or Full Reversal is when a calculation becomes historical when a subsequent calculation corrects it with the, mark correction action.

Additional Report Options:

• Select Include Subtotals to insert subtotal rows for each lease in each period and subtotal rows for all leases in each period.
• Select Include Fund Accounting if you are running the report against GASB 87 calculations and want to include the fund accounting-specific journal entries.
• Select one or more Additional Fields to include in the report.

Note: Journal entries will appear only for the calculations that meet the criteria. For example, if you were to effectively remeasure a calculation, moving the original calculation from active to historical status, you must then include Historical leases to return the original calculation’s journal entries

Also Note: There is an overnight refresh of data that will begin at midnight and end around 5-7AM EST. As a result, changes to data will not be seen in real time.

Topic 4: Missing Data or Discrepancies

In this video, we will discuss the steps that need to be taken if there is data missing or there is a data discrepancy in the JE Summary Report compared to the GL Feed.

Reasons for a discrepancy in the report

• Problem: Making changes and running the report before the refresh has taken place
• Remedy: Run the report the following day after the refresh has taken place
• Problem 2: Did not select the Proper Criteria
• Remedy 2: Ensure the proper lease criteria is selected before running the report, typically by selecting Active and Historical calculations.

• For example: If active leases are only included in the criteria, and are looking for original calculations before they were remeasured, there will be missing entries due to historical calculations not being included.

Topic 5: Key Takeaways

This concludes the JE Summary report course with VLU.
Remember:

• You must select the appropriate criteria before running the report.
• There is a daily data refresh that begins on Midnight and ends around 5-7 AM EST.
• Calculation changes made will not be reflected on the report until the following day.
• You can customize the report by using the report options section in Standard Lease Reports.

Thank you for attending this course – any questions, suggestions or feedback can be sent to support@visuallease.com