Lease Accounting
Lease Accounting as per Ind AS 116 is mandatorily effective date 1st April 2019 replacing the earlier Ind AS 17. Leases should be recognized in the balance sheet as a ‘right-to-use’ asset and a ‘lease liability’.
Become compliant with the requirements of Ind AS 116 / IFRS 16 using the cloud-based software tool used by several corporate entities
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Why choose RVSBELL Analytics for Lease Accounting?
Computation:
1. Right-of-Use and Lease Liability computation on the fly
2. View Lease details in one location
3. Computation of imputed interest on interest free Lease deposits
4. Amortization table displayed
5. Ability to see workings for every lease or per asset class or for the entity as a whole
Reports:
1. Journal entries at lease level; 2. Trial balance any given date; 3. General Ledger for any range of dates end for range of lease assets
Modification & Termination:
1. Modification with the scope increase or decrease
2. termination before lease maturity period
3. Multiple modifications are possible
4. computation of profit and loss impact on modification or termination
Disclosures:
1. Right-of-Use , 2. Lease liability, 3. Liability breakup and 4. Dashboard giving details
Processing:
1. Processing on the flight- very fast
2. Back-end processing with the load balancing features
3. Downloads provided in excel format
1. Right-of-Use and Lease Liability computation on the fly
2. View Lease details in one location
3. Computation of imputed interest on interest free Lease deposits
4. Amortization table displayed
5. Ability to see workings for every lease or per asset class or for the entity as a whole
Reports:
1. Journal entries at lease level; 2. Trial balance any given date; 3. General Ledger for any range of dates end for range of lease assets
Modification & Termination:
1. Modification with the scope increase or decrease
2. termination before lease maturity period
3. Multiple modifications are possible
4. computation of profit and loss impact on modification or termination
Disclosures:
1. Right-of-Use , 2. Lease liability, 3. Liability breakup and 4. Dashboard giving details
Processing:
1. Processing on the flight- very fast
2. Back-end processing with the load balancing features
3. Downloads provided in excel format
Key features of the software
- Leases are recognized in the balance sheet as a ‘right-of-use’ asset and a ‘lease liability’.
- Provides exemptions for short-term leases and leases of low value items. User can define asset classes for availing exemption as per the asset class
- Different modes of payment – Monthly, Quarterly, Half-yearly or Yearly either at the beginning of the period or at the end of the period can be handled by the system
- Computation of Right-of-Use, Amortisation, Lease Liability, imputed income from interest-free deposits with complete accounting entries for the entire life of the lease
- All Accounting entries are generated on the fly with ability to see key account balances at every reporting date
- Disclosures provided as per the requirements of the Accounting Standard
User profiles
- Cloud-based application with full security
- Three User Profiles are provided
- Accountant role – Multiple accountants can enter the data. Each accountant can view or edit the data uploaded by her/him
- Manager role – Manager login responsible for the processed output, who can view and edit all data entered by any accountant. Manager can process the data and generate all reports
- Auditor role – Auditor login to view all the input data and reports available in the system. Can view the entire audit trail for all transactions
- Dashboard gives details of the Right-of-use, amortization, lease liability, imputed income and finance charges for any given lease or all leases
Benefits of the Software
1. Designed by professional accountants having in depth practical experience
2. Developed by hard core software engineers
3. Cloud servers- Amazon Web Servers which is best in the class
4. Complete audit trail available
5. Data protection – servers hosted in India to comply with regulatory requirements
6. Extremely fast processing thanks to load balancing features offered by AWS
7. Easy input formats which can be derived from any ERP tool
Statistics of Our Lease Accounting Software
20+
Top corporate clients
50%
Savings in cost and efforts
100+
Years combined experience
Lease Accounting that is hosted on the world's most trusted cloud-computing service provider
Save time, money, and headaches with our cloud based software tool that needs just a web browser to compute the results
Talk To An ExpertDesigned by experts - professional accountants
Lease Accounting Software has been designed by experts who know their stuff – professional accountants boasting in-depth practical experience combined with hard core software engineers who understand the needs of businesses like yours. Our comprehensive software is hosted on Amazon Web Servers for unmatched performance and reliability. Lease Accounting Software gives you all the tools you need to quickly and easily compute right-of-use and lease liability on the fly. Plus, our easy-to-use amortization table enables you to keep an eye on how every single lease impacts your bottom line.online bookkeeping service providers.
View all the lease details in one place
You can also conveniently view all of your lease details in one place – so no more frantic searches when you need information fast! As if that weren’t enough, Lease Accounting Software also allows you to generate journal entries at the lease level, get a trial balance for any given date, or review general ledger information for any range of dates. So for companies struggling with compliance requirements or simply looking for an easier way to manage their leases – Lease Accounting Software is here to help!
Upload the data using simple input formats
Lease data and lease deposit data imported from a file
Initial indirect cost, costs of removal and restoring, lease incentives and residual value guarantee data all captured by the system
Input the risk-free rate and the credit rating of the counterparty to compute the imputed interest income from lease deposits with reduced or no interest
Initial indirect cost, costs of removal and restoring, lease incentives and residual value guarantee data all captured by the system
Input the risk-free rate and the credit rating of the counterparty to compute the imputed interest income from lease deposits with reduced or no interest
Why RVSBELL Analytics stands out in computations
A lease accounting software is a tool that helps companies manage their leases and comply with accounting standards related to leases. Lease accounting software can be used to track and record the details of a company’s leases, calculate the costs associated with those leases, and generate reports and other documentation for use in financial reporting. The software can be used by companies of all sizes. The lease accounting software includes the ability to track and manage multiple leases, calculates lease payments and expenses, generates reports and documents for financial reporting, and integrates with other financial systems.