Where can I learn more about the upcoming lease accounting changes?

ASC 842 is the new lease accounting standard issued by the Financial Accounting Standards Board (FASB). This new standard requires organizations that lease assets to recognize on the balance sheet the assets and liabilities for increased transparency and comparability among organizations. This affects public and privately held companies as well as non-profit organizations. Nonpublic entities will need to adopt for reporting periods beginning after December 15, 2021. AICPA goes into greater detail in this article.

How much does Lease Ledger cost to implement?

Plans start at a little as $100 a month for up to 10 leases.

How long does my free trial on 5 leases last?

If your company deals in 5 leases or fewer, consider this a free tool. You won’t have to pay unless you exceed 5 leases.

Can I download reports to Excel?

Yes, our download capabilities allow you to export your journals, sub-ledgers and reports all to Excel.

Does Lease Ledger produce roll-forward and disclosure reports?

Yes, reports are our specialty, and this software was designed by accountants specifically for lease accounting. If you or your company need something more than what’s currently included, let’s chat! Email us at Support@LeaseLedgerApp.com.

Is the software really as simple as the video shows?

Yes, if you already have good records, importing leases and downloading reports are really THAT easy!

Does Lease Ledger handle lease modifications and right-of-use asset impairments?

Yes, you can create as many lease modifications or impairments as you need. These events add complexity to the accounting, but the software makes it easy for you. Just enter them in, and the tool puts them in the right sequence and calls them out on the amortization schedule to make your review easier.

If I have more than 100 leases, how long will importing take? 500 leases?

The software makes it easy to import leases. You can load all your leases at once, which might take 5 minutes per 100 leases. However, we recommend a best practice of loading smaller batches (20 - 40 leases at a time). The software will alert you to any potential data integrity issues prior to loading so that you can make corrections to your data. We have found that smaller batches are easier for users to manage. If you have any issues or questions, the Lease Ledger support team is ready to assist.