Accounting for leases in the United States

LeaseQuery Unveils LeaseManager, A Free, Self-Service Lease Management Solution

Retrieved on: 
Tuesday, February 2, 2021

LeaseQuery , a leading provider of comprehensive lease accounting software, announced the launch of its LeaseManager solution.

Key Points: 
  • LeaseQuery , a leading provider of comprehensive lease accounting software, announced the launch of its LeaseManager solution.
  • LeaseManager , able to house an unlimited number of leases free-of-charge, is a self-service lease management solution for tenants and lessees.
  • As companies and organizations across every sector reconsider their leasing needs given the global pandemic, this new solution from LeaseQuery can help optimize the lease portfolio.
  • LeaseQuery helps more than 10,000 accountants and other finance professionals eliminate lease accounting errors through its CPA-approved lease accounting software.

Occupier Releases ASC 842-Compliant Lease Accounting Software

Retrieved on: 
Thursday, December 3, 2020

Following the new lease accounting guidance, all firms issuing financial statements must account for leased asset liabilities on balance sheets by the end of 2021.

Key Points: 
  • Following the new lease accounting guidance, all firms issuing financial statements must account for leased asset liabilities on balance sheets by the end of 2021.
  • Occupier'snew lease accounting module will provide financial professionals with automated tools to ensure their leases comply with these newly announced standards.
  • "After launching Occupier Transaction Management and Lease Administration, we have been overwhelmed by positive reviews and inundated with requests by customers to provide lease accounting workflows in one system," said Andrew Flint, co-founder of Occupier.
  • Occupier Lease Accounting module will automate the reporting of quantitative and qualitative disclosures about leases and reduce time spent searching for information.

New Intelligize Report Highlights Challenges for Companies in Adapting to New Lease Accounting Rules

Retrieved on: 
Thursday, October 1, 2020

It updates the previous ASC 840 standard, which included a loophole that allowed corporations to report their operational leases often a major portion of a lease portfolio in their financial statements footnotes.

Key Points: 
  • It updates the previous ASC 840 standard, which included a loophole that allowed corporations to report their operational leases often a major portion of a lease portfolio in their financial statements footnotes.
  • The reports findings confirm that FASB and the SEC have exercised considerable patience in enforcing the new standard.
  • This has been most evident in the lengthy lead times FASB has established and its flexible response to changing real-world conditions.
  • FASB also adjusted ASC 842 itself, allowing companies to effectively bypass rules governing lease modifications when the pandemic caused mass modifications of commercial leases.

AvalonBay Communities, Inc. Provides Collection Details and Third Quarter 2020 Operating Update

Retrieved on: 
Friday, September 11, 2020

Like-Term Lease Rent Change represents the percentage change in contractual rent between two leases of the same lease term category for the same apartment.

Key Points: 
  • Like-Term Lease Rent Change represents the percentage change in contractual rent between two leases of the same lease term category for the same apartment.
  • Like-Term Effective Rent Change represents the percentage change in effective rent between two leases of the same lease term category for the same apartment.
  • The Company defines effective rent as the contractual rent for an apartment less amortized concessions and discounts.
  • The Companys average monthly Established Communities Residential Collections Percentage at month end for the twelve months ended March 31, 2020, was 97.9%.

Fiserv Enables Financial Institutions to Take Lease Accounting from a Spreadsheet to the Balance Sheet

Retrieved on: 
Wednesday, August 19, 2020

This collaboration will provide users of Prologue Financials accounting software from Fiserv with access to purpose-built lease accounting software from LeaseQuery.

Key Points: 
  • This collaboration will provide users of Prologue Financials accounting software from Fiserv with access to purpose-built lease accounting software from LeaseQuery.
  • This changed when the Financial Accounting Standards Board (FASB) issued ASC 842, a new standard for lease accounting that requires financial institutions to recognize operating leases for retail branches and office space upon commencement of the lease.
  • As a result, financial institutions could see a 60% to 70% average increase in lease liabilities on their balance sheet, according to the recent Lease Liabilities Index Report from LeaseQuery.
  • Prologue Financials from Fiserv enables financial institutions to increase the efficiency of financial accounting processes with built-in automation and controls.

Visual Lease Brings Detailed Reporting to the Forefront

Retrieved on: 
Tuesday, August 11, 2020

Visual Lease, the leader in lease accounting and management software, today announced its newest product release, version 20.3.

Key Points: 
  • Visual Lease, the leader in lease accounting and management software, today announced its newest product release, version 20.3.
  • This release features new lease accounting end balance roll-forward reporting capabilities for better transparency and validation, as well as enhanced functionality to accommodate more complex lease portfolios and accounting scenarios.
  • In addition to these new roll-forward reporting capabilities, Visual Lease 20.3 introduces the ability for users to directly import accrued rent receivable values.
  • To learn more about Visual Leases lease accounting capabilities, please visit https://visuallease.com/solutions/
    Visual Lease provides lease accounting and lease administration software solutions to help companies manage, analyze and report on their leased asset portfolios, including real estate, equipment and more.

Apex Tool Group Successfully Adopts ASC 842 Compliance Following Implementation of Visual Lease Accounting Software

Retrieved on: 
Thursday, July 9, 2020

Visual Lease , the leading provider of lease accounting and management software, today announced that Apex Tool Group, LLC (ATG) , successfully implemented Visual Leases software to streamline its ASC 842 lease accounting compliance efforts.

Key Points: 
  • Visual Lease , the leading provider of lease accounting and management software, today announced that Apex Tool Group, LLC (ATG) , successfully implemented Visual Leases software to streamline its ASC 842 lease accounting compliance efforts.
  • We began compiling data about a year prior to our targeted implementation with Visual Lease.
  • With Visual Lease as its lease accounting software provider of choice, ATG successfully adopted ASC 842 as of January 1, 2020.
  • Visual Lease provides lease accounting and lease administration software solutions to help companies manage, analyze and report on their leased asset portfolios, including real estate, equipment and more.

Visual Lease Introduces Enhanced Lease Accounting Reporting Capabilities for Global & National Businesses

Retrieved on: 
Thursday, June 25, 2020

Visual Lease, the leader in lease accounting and management software, today announced its latest product release, 20.2, providing expanded lease accounting and reporting capabilities for global and national companies required to comply with GASB 87 and FASB 842.

Key Points: 
  • Visual Lease, the leader in lease accounting and management software, today announced its latest product release, 20.2, providing expanded lease accounting and reporting capabilities for global and national companies required to comply with GASB 87 and FASB 842.
  • The new product release focuses on expanding Visual Leases lease accounting, reporting and currency conversion functionality.
  • Visual Lease remains committed to continually developing new features that simplify the lease accounting process, said Clark Convery, COO of Visual Lease.
  • To learn more about Visual Leases lease accounting capabilities, please visit https://visuallease.com/solutions/
    Visual Lease provides lease accounting and lease administration software solutions to help companies manage, analyze and report on their leased asset portfolios, including real estate, equipment and more.

Visual Lease, Leading Lease Management & Accounting Software Firm, Engages Affect to Spearhead Public Relations

Retrieved on: 
Wednesday, June 10, 2020

Affect , a public relations agency specializing in technology, health care and professional services, has been selected by Visual Lease , a leading provider of lease accounting and management solutions, to drive its public relations efforts in North America.

Key Points: 
  • Affect , a public relations agency specializing in technology, health care and professional services, has been selected by Visual Lease , a leading provider of lease accounting and management solutions, to drive its public relations efforts in North America.
  • Founded in 1996, Visual Lease provides lease accounting and lease administration solutions that help companies manage, analyze and report on their leased assets, including real estate, equipment and vehicles.
  • Affect will set and execute a PR strategy for Visual Lease that will include, media relations, content development and thought leadership, including a speaking program, to help drive greater industry awareness of Visual Leases lease accounting and lease administration software.
  • Visual Lease provides lease accounting and lease administration software solutions to help companies manage, analyze and report on their leased asset portfolios, including real estate, equipment and more.

AvalonBay Communities Provides May Collection Details and Second Quarter Operating Update

Retrieved on: 
Monday, June 1, 2020

Like-Term Lease Rent Change represents the percentage change in rent between two leases of the same lease term category for the same apartment.

Key Points: 
  • Like-Term Lease Rent Change represents the percentage change in rent between two leases of the same lease term category for the same apartment.
  • Average Like-Term Lease Rent Change is weighted based on the number of leases meeting the criteria for new move-in and renewal like-term rent change.
  • Like-Term Effective Rent Change represents the percentage change in effective rent between two leases of the same lease term category for the same apartment.
  • Average Like-Term Effective Rent Change is weighted based on the number of leases meeting the criteria for new move-in and renewal like-term effective rent change.