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A strategic approach to leasing can reduce expenses and save your business
money while assuring you always have the latest and best equipment you need.
LEASE is a tool used by lessees to manage corporate leasing. LEASE tracks both capital
and operating lease data for any type
of property – real property, machinery and equipment,
automobile fleets, etc. LEASE tracks real estate leases, breaking out and distributing the correct proportion to new land and building leases. It helps you make the best decisions when determining whether
to lease or buy, simplifying what used to be a potentially confusing and costly exercise by saving hours spent
poring over endless data.
Enhance Your Leasing Advantage
FASB 13 compliance testing is automatically performed by the system to identify capital
leases. Capitalized amount is calculated for capital leases.
Up to 99 different schedules of payments may be established for each lease. Number
of payments, payment amount and whether executory costs are included are all user-defined
within the spreadsheet.
Executory costs categories include:
- Insurance
- Maintenance
- Taxes
- Other
Both recurring and special one-time executory costs are accommodated.
General ledger accounts - Numerous general ledger accounts may be tracked
for each capital lease - property, interest expense, current and non-current obligations.
Rent expense account data may also be tracked for operating leases. They may be utilized
when interfacing with the general ledger.
LEASE Features
Flexible Organization Structure
Utilize eight user-defined levels to define your organizational structure – consolidated
group, company, division, locations, cost centers, plants, stores, departments or
others.
Extensive Lease Value information
- Fair market value
- Guaranteed residual value
- Unguaranteed residual value
- Bargain purchase amount
- Penalty
- Payment frequency
- Ordinary annuity
- Lease term
- Incremental interest rate
- Effective interest rate
- Information Fields
- Status
- Lease class
- Type of lease
- Extension notice
- Termination notice
- Termination date
- Renewable terms
- Restrictions
- Review Date
- Lessor
- Quantity
- Twenty-five user-defined fields
- Unlimited additional text for each lease
LEASE Provides:
Inquiry
- Inquiry into the Lease Agreement Master file is available by ten unique selection
criteria: Lease Number, Lessor, Review Date, Description, Inception Date, All five user-defined
Control Levels.
- Complete integration with FAMS (Fixed Assets Management System) for depreciation
of capital leases.
- Whenever a lease is determined to be capital, the lease number, capitalized amount, in-service date and useful life can be transferred to FAMS. Numerous fields are automatically
transferred from LEASE to FAMS (company, division, control levels, description, etc.).
- One lease may represent a single asset or multiple assets.Expenditures – Capital and Expense
General Ledger Interface
General Ledger Interface is available and is most useful when booking the appropriate
spreadsheet entries for asset cost, current and non-current obligation, interest expense, and
executory costs (if applicable), accrued interest (for annuity due payments). Operating
lease payments may also be accommodated through the interface.
Accounts Payable Interface
Accounts Payable Interface is available. LEASE is responsible for initiating the
payment process in AP. This is especially useful since leases may be paid on a non-monthly
basis and may have varying payment amounts due to executory costs or contingencies.
Security-By-User Profile
-
Menu /Option
- Security
Database
- Security
Group Profile Capability
Complete Audit Trails
Optional audit trail file reflects additions, changes and deletions to a lease by
user and workstation ID
- Available on-line or via reports
- Graphical User Interface (GUI) available
LEASE Reports
The wide range of standard reports provides the necessary data for internal
and external accounting, reporting and planning – in a format that's readable and
easy to interpret. Most reports can be downloaded to an Excel spreadsheet for maximum flexibility. A Report Writer is also available to design specialized reports.
- Lease Payments Report
- Lease Commitments Report
- Lease Disclosure Report
- Lease Income Statement
- Lease Balance Sheet
- Detail Lease Listing
- Detail Amortization Schedule
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