The new FASB’s accounting standard for Leases (Topic 842), will have an impact on all companies across all industries that have leased real estate, equipment, automobiles, industry-specific items. Thus, your accounting procedures and software should be updated to comply with the new standard. The new lessee accounting requires significant judgments at lease commencement and reassessments during the lease term. Accounting for Operating leases become more complex, as you must capitalize the lease liability and right-of-use asset on your balance sheet, and then account for interest on the lease liability and right-of-use asset depreciation. However, the operating lease expenses stay straight-line.
The transition to new ASC 842 standard may be a big challenge for companies with hundreds of leases – capture leases in a structured way and ensure you have all the data that is needed for extensive ASC 842 disclosure requirements. Soft4Lessee is here to help – Add-on for Dynamics 365 Business Central with built-in transition procedures, lease data management features and finally – reporting under ASC 842. Take advantage of ready data templates, pre-configured G/L accounts, high level of process automation and professional consultancy services from certified lease accounting experts.
Soft4Lessee will help you:
Contact us at https://soft4lessee.com and explore how Soft4Lessee solution can help you prepare for the change.
This app supports both the Essential and Premium editions of Microsoft Dynamics 365 Business Central.
United States, Australia, New Zealand, United Kingdom, Indonesia, Malaysia, Singapore, South Africa, Thailand, United Arab Emirates.