Lease Accounting Optimizer for NetSuite

The Lease Accounting Optimizer for NetSuite automates your lease accounting processes for your entire lease portfolio under the new lease accounting standards – IFRS 16 and U.S. GAAP ASC 842.
With the new standards moving operating leases to the balance sheet, companies with operating leases face new challenges as they work towards compliance. Completely embedded within NetSuite, the Lease Accounting Optimizer eliminates the need for integrations and reconciliations with outside systems.

Key Benefits

  • Manage all leases in a centralized location
  • Comply with IFRS 16 and ASC 842 standards
  • Effortlessly import and export lease data

Features of the Lease Accounting Optimizer

Lease Management Data

Record important lease information such as:

  • Commencement date
  • Transfer of ownership
  • Executory costs
  • Asset useful life
  • And much more

By storing all the important aspects of your leases in one place, the module makes it easy to review lease details. In addition, lease agreements are summarized with five different statuses (Draft, Pending Approval, Approved, Posted, and Closed), which keep users up-to-date on their leases.

Automatic Classification

Automatically classify your leases as operating or finance and short-term or low-value by using thresholds established for the current and new standards for both IFRS and U.S. GAAP. The module accurately accounts for your leases under both IFRS and U.S. GAAP standards.

Reports

Gain insights into your lease portfolio and automatically generate required disclosures by running any one of the 11 robust lease reports.

Lease Payments

Issue payments directly to the lessor from NetSuite. Avoid manually reconciling your lease payments to your lease accounting spreadsheets.

Lease Schedules

Automatically create your required lease accounting schedules, including the payment schedule, lease liability amortization schedule, and right-of-use asset depreciation schedule. Put your lease accounting in autopilot by creating a batch job to post monthly transactions from these schedules.

Other Key Features

  • Automatically account for leases with payments dependent on an index rate
  • Adjust a lease and automatically generate the required journal entry
  • Transition your lease portfolio to the new standards using one of three transition methods


Built via a collaboration between Sixred, a 5-Star NetSuite Solution Provider, and Crowe LLP, a top 10 international accounting firm.

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