How does the Lease Accounting work?

The iLeasePro Lease Accounting feature has been developed from the ground up and not a "bolt on" component that you will find in most products and provides ASC 842 complaint amortization schedules and journal entries.

There are two levels of lease accounting; lease level and portfolio level.  At the lease level, you specify the key accounting related lease data, subsidiary entity, ASC 842 Classification and relevant borrowing rate and iLeasePro automatically calculates the Daily Amortization of ROU Asset and Lease Liability to offer you the most accurate ASC 842 calculations. You can generate journal entry transactions for an individual lease or the entire portfolio of leases.

Our Portfolio Accounting feature allows you to create batch journal entries for the entire portfolio of leases or by subsidiary entity.