Ideas for Acumatica

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Add Lease Accounting module or functionality in support of ASU 2016-02 and IASB 16

ASU 2016-02, Leases and IASB 16, Leases change the accounting requirements for leases, requiring all leases be booked as assets and liabilities in the balance sheet.  Customers will either need to set up many spreadsheets to account for them or utilize software to track their leases, determine the present value of related debt, and book related lease amortization.  Acumatica can store documents, such as scanned leases, that would help companies meet this new accounting requirement.  Most affected:  those with equipment and real estate leases.  Effective date - fiscal years after December 15, 2019 for nonpublic companies.  Public companies January 1, 2019, beginning in first quarter in 2019.  

  • Guest
  • Nov 20 2018
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  • Guest commented
    November 21, 2018 00:12

    Optimally, this feature could calculate lease values, create the required amortization schedules (spreadsheet type data layout) and produce resulting journal entries, but a lease document repository would be a nice first step.  thanks