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.
Record important lease information such as:
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.
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.
Gain insights into your lease portfolio and automatically generate required disclosures by running any one of the 11 robust lease reports.
Issue payments directly to the lessor from NetSuite. Avoid manually reconciling your lease payments to your lease accounting spreadsheets.
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.
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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