Planned Release Date: January 30, 2021

iLeasePro Release 2020.06

iLeasePro Release 2020.06 contains the most significant enhancements to date for iLeasePro. Our development team has been working with experts in the accounting industry to develop the most accurate and efficient software solution to address the ASC 842 lease accounting changes. In addition to enhancements to the ASC 842 feature, we have added a several new features outlined below.

Note: Additional data entry may be required for the enhancements. For example; new general ledger accounts may be needed in iLeasePro and your accounting system and you may need to make accounting adjustments.

Administrative Enhancements

Lease Accounting – Additional General Ledger Accounts for detailed journal entries.

The FASB ASC 842 lease accounting standards will require new general ledger accounts to be added to your Chart of Accounts. The following general ledger accounts are needed on the Chart of Accounts for each Subsidiary or Operating Entity.

Note: The existing general ledger accounts will not be used after the release 2020.06. New general ledger accounts will need to be manually entered prior to use.

Transition

The Transition feature has been enhanced to allow for the ASC 840 adjustments for Operating Leases and Finance Leases to be manually entered for each lease. At the adoption of the ASC 842 standards, these amounts will determine the ASC 842 starting balances.

Operating Lease ASC 840 Adjustments to ASC 842 Starting Balance

Prepaid Rent
Accrual Rent
Lease Incentives
Straightline Rent Deferral
Unamortized Initial Direct Cost

Finance Lease ASC 840 Adjustments to ASC 842 Starting Balance

Capital Lease Asset: Gross
Capital Lease Asset: Accumulated Depreciation
Capital Lease Liability

Lease Pages

Lease Tab

The Lease page has been changed to support the enhanced ASC 842 changes in release 2020.06.

A new date field, Inception Date, is a required field and has been added to capture any pre-commencement payments and allowances that were made. The pre-commencement payments / receipts (payment to lessor, payment from lessor, initial indirect expense and other expenses) are added by payment date on the Payments tab (see next section below).

The Payment Date field value is used to capture that day that the lease payments occur.

For example, if the lease commencement date is 2/1/2020 but your payments are paid on the 15th of every month, you would add the Payment Date of 2/15/2020.

The Transition Date will be displayed on the Lease tab once the transition has been completed, as shown below;

Payments Tab

The Payments Tab is a new feature in 2020.06. The payment dates and amounts are built automatically based on the Base Rent Amount, Rent Per, rent step increase type and Rent Steps defined on the Rent tab.

The Rent tab will remain unchanged in release 2020.06, but any changes made to the Rent data, defined above, will automatically invoke a change to calculate the lease payments which will be displayed on the Payment tab as shown below.

The addition of this feature allows you to add/delete or modify any payment within the lease term. The pre-commencement payments / receipts (payment to lessor, payment from lessor, initial indirect expense and other expenses) have been added to this feature to allow for manual entry of these values by payment date on the Payments tab as shown below.

The addition of a timing feature has also been added to ensure the accurate calculation of the amortization table.

BOD – Beginning of day. Signifies that the payment is made at 00:00:00 AM of the payment date. The default is Beginning of Day.
EOD – End of Day. Signifies that the payment is made at 11:59:00 PM of the payment date.

Lease Level – Lease Accounting

The Lease Accounting feature at the lease level has been changed to ensure tighter and more accurate amortization calculations and increased visibility into the journal entries.

Additional selection types have been added when building the amortization schedule and a new selection to view journal entries has been added. The display of the journal entries will be the default view, but can be changed by selecting any of the other radio buttons.

Journal Entries By Day

View the detailed journal entries for the lease based on the Selected Year and Selected Month. Journal entries are displayed for each day within the month selected.

Amortization Schedule By Day

View the amortization schedule for the lease based on the Selected Year and Selected Month. Amortization Schedule values have been reordered as shown below and this new format offers the ability to view the daily amortization calculations within the Year and Month selected.

Amortization Schedule By Month

View the consolidated month amortization schedule for the lease based on the Selected Year and Selected Month. Amortization Schedule values have been reordered as shown below and this new format offers the ability to view the monthly amortization calculations within the Year and Month selected.

The ability to view the entire amortization table remains available by selecting “All Years” or “All Months”. But this view can be modified to be by Day or By Month depending on the Display Type Selected and described above.

Variable Payments Tab

The Variable Payments page has been streamlined and the Variable Payment Info section has been deprecated and removed from the page.

Portfolio Accounting

The Portfolio Accounting feature allows the user to build an amortization schedule for multiple leases and also generate a batch of journal entries that can be exported or uploaded. In Release 2020.06, the user can build amortization schedules and also generate a batch of journal entries for multiple leases across all Subsidiaries/Operating Entities where previously a Subsidiary selection was required.

Other Changes

Reports

Accounts Payable Reconciliation Report – Added Subsidiary as new field to this report

Bug Fixes

Corrected the Search functionality in the Admin>Portfolio tab. Users can now search for leases by entering a text search string

For Intacct Users;

Fixed the bug that was not allowing Class Dimensions to be downloaded.