iSeries Lease Accounting

Overview

iSeries Lease Accounting

A strategic approach towards leasing can reduce expenses and save your business money while assuring you always have the most up-to-date equipment you need.

Global's iSeries™ Lease Accounting application tracks both capital and operating leases for any type of property – real property, machinery and equipment, automobile fleets, etc.

Lease Accounting also tracks real estate leases, breaking out and distributing the correct proportion to new land and building leases. It helps you make the best decisions when determining whether to leaseor buy, simplifying what used to be a potentially confusing and costly exercise.

BENEFITS INCLUDE:

  • Utilization of eight user-defined levels to define your organizational structure — consolidated group, company, division, locations, cost centers, plants, stores, departments or others
  • Security-by-user profile
  • Complete audit trails
  • Graphical User Interface (GUI) available
  • Wide-range of standard reports provides the necessary information for internal and external accounting, reporting and planning — in a format that's readable and easy to interpret
  • Most reports can be downloaded to Excel for maximum flexibility
  • A report writer is also available to design specialized reports

Audit Trail

With Lease Accounting, you have the option maintaining an audit trail for all changes to the lease agreement file. With the audit trail, before and after images are retained by the user profile and workstation identification number.

Security

Both database and menu option security can be established for each user profile. Through database security, you can also control the access to lease records based on specific parameters, such as company and division.

General Ledger Interface

A General Ledger interface is available for Lease Accounting. This interface is most useful when booking the appropriate entries for asset cost, current and non-current obligation, interest expense and executory cost expense. Operating lease payments can also be accommodated through this interface. Another benefit of the GL interface is step payment straight-lining (smoothing) of payments with creation of posting entries for the accrual account.

Fixed Assets Interface

When a lease is determined to be capital, the lease number, capitalized amount, in-service date and useful life are written to a temporary allocation file to be transferred to the Lease Accounting application. Numerous fields are also automatically transferred to the Fixed Assets application (company, division, control levels, description, etc.). One lease may represent a single asset or multiple assets, depending on the structure of the original lease.

Inquiry

Inquiry into the Lease Agreement Master file is available using the following ten unique selection criteria: Lease Number, Lessor, Review Date, Description, Inception Date, and all five user-defined control levels.

Report Highlights

  • Detail Lease Listing
  • Detail Amortization Schedule
  • Lease Obligations Reporting
  • Lease Payment Report
  • Lease Disclosure Report
  • Report Writer

Data File Transfer

The Lease Accounting Data Transfer module adds to the already extensive offering of reports found in the Lease Accounting application. Easily select Lease data based on user defined criteria and then either display the results, or download to a PC file.

Features

  • iSeries Lease Accounting Featured Image screen-shot Click to Enlarge

    Global's iSeries™ Lease Accounting application tracks both capital and operating leases for any type of property — real property, machinery and equipment, automobile fleets, real estate leases, etc.

iSeries Lease Accounting Technical Requirements

Hardware Requirement
Utilizing iSeries that is running on an IBM supported release of the operating system