Soft4Lessee is a software tool for businesses with large portfolios of operating leases, which will be impacted by the change in accounting standards, as the new stands require lessees to recognize assets and liabilities arising from operating leases on the balance sheet.
Lease Agreement Data Management;
You have a database of your lease agreements, with three major statuses – new agreements under consideration, active leases, and archived leases (expired, or terminated early). Data capture is either automatic or manual. You have the option to manually enter agreement details in structured form and attach a scanned contract together with supporting documents. If the lease origination process is done in another system, you have two options for data upload:
- Import from Excel sheets or XML data files,
- Populate data via webservice. The data upload function can be used for data migration from a legacy application. You can download your lease agreement details from Soft4Lessee to Excel or feed them to other systems via webservice. Active leases can be amended, and the system keeps an audit trail of all changes made.
Lease Unit Master Records (equipment being leased);
You can have one or multiple (unlimited) units on lease agreement, with cost price, residual value, and a unique ID for each unit. Data capture methods are:
- Manual entry,
- Import from Excel or XML,
- Via webservice, the same methods as listed above for lease agreements. You can add a download an asset list, together with lease details and depreciation details, and make asset-based reports. Asset grouping for accounting purposes is fully configurable (e.g. motor vehicles, ships, aircraft, office equipment, etc.) in order to group assets with similar characteristics. The asset class drives the standard depreciation term, which can be adjusted per individual asset.
Calculate Lease Liability;
Based on the given parameters, the system calculates lease liability as the present value of lease payments, and the present value of amounts due at the end of the lease term, taking into account purchase or termination options. The system will automatically adjust lease liability as the circumstances change. The system calculates the initial measurement of lease liability at the commencement date, and subsequent measurements at the end of each reporting period (e.g. monthly, quarterly or early).
The system allows lease modifications after the commencement date and will calculate the impact on lease liability and right-of-use asset. The system will produce G/L postings to reflect any lease modification.
Keep Track of Lease Status;
In addition to major lease statuses (under consideration, active, archived) the system gives you the option to track leases by more detailed statuses – requested, quoted, signed or withdrawn, activated, extended, early-terminated, buy-out, expired.
Determine Lease Term;
For IFRS16 (ASC842) purposes, the lease term is determined by a number of circumstances – whether you are reasonably certain to execute the purchase option, or extension option, or terminate the lease before the end of the term. For accounting purposes, the lease term may differ from the contractual lease term.
Why use Soft4Lessee?
From the Quote to Contract Termination. Lease accounting, lease management and financial accounting – all in one place. Powered by
Microsoft Dynamics B/C Industry Solutions.
One version of the truth. Control your business with up-to-date information, analyze health of your leasing business using powerful reports.
Easy to learn and use
Soft4Lessee belongs to Microsoft product family, Microsoft Office look and feel.
Powered by Microsoft Dynamics B/C Industry Solutions.
Flexible to adjust
Can be developed and adjusted if needed; grows as your business grows; new releases yearly; available on-premises or as a monthly subscription in the cloud.
Start within a month with what you really need, add other functional modules later.
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