Assetpro now features an optional, fully integrated Lease Accounting module to manage various types of leases and take care of the relevant accounting and reporting requirements.
The Leasing module produces the information required for financial statement reporting in accordance with current Australian Accounting standards (AASB 1008). In addition, the necessary journal entries are prepared for you enabling correct recording of lease accounting entries for the acquisition and termination of leased assets and the apportionment of lease rentals between capital reduction, interest expense and executory costs.
The lease types supported by Assetpro are -
Finance leases
Cancellable operating leases
Non-cancellable operating leases
Hire purchase contracts
Lease records are directly linked to matching asset details so that duplication of data does not occur. All the standard Assetpro category and reporting level information is available for use within the Leasing module. Leased assets are depreciated as per usual within the asset register whilst the lease accounting is handled by the Leasing module.
The Leasing module produces the information required for financial statement reporting in accordance with current Australian Accounting standards (AASB 1008). In addition, the necessary journal entries are prepared for you enabling correct recording of lease accounting entries for the acquisition and termination of leased assets and the apportionment of lease rentals between capital reduction, interest expense and executory costs.
The lease types supported by Assetpro are -
Finance leases
Cancellable operating leases
Non-cancellable operating leases
Hire purchase contracts
Lease records are directly linked to matching asset details so that duplication of data does not occur. All the standard Assetpro category and reporting level information is available for use within the Leasing module. Leased assets are depreciated as per usual within the asset register whilst the lease accounting is handled by the Leasing module.
Lease Accounting
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The main features of the Lease Module are -
Legal
Multiple lease types
Unlimited lease rental streams
Varying rental periods (Monthly, quarterly, half-yearly, yearly and odd rental dates)
Automatic calculation of implicit interest rates
Early terminations and pay-outs
Chart of accounts maintenance for journal entries
Automatic setting of depreciation rates to amortise leases over the lease term (if required)
A variety of standard reports suitable for financial statement disclosures, journal entries, cash flow
reporting and managing leases generally
Powerful report filters to allow selective reporting of different lease types, finance companies, lease start
and end dates as well as departments, cost centres etc.
Independent report dates enabling reporting at any date independent of the main asset register's
financial periods
Unlimited lease rental streams
Varying rental periods (Monthly, quarterly, half-yearly, yearly and odd rental dates)
Automatic calculation of implicit interest rates
Early terminations and pay-outs
Chart of accounts maintenance for journal entries
Automatic setting of depreciation rates to amortise leases over the lease term (if required)
A variety of standard reports suitable for financial statement disclosures, journal entries, cash flow
reporting and managing leases generally
Powerful report filters to allow selective reporting of different lease types, finance companies, lease start
and end dates as well as departments, cost centres etc.
Independent report dates enabling reporting at any date independent of the main asset register's
financial periods
Treatment of Lease Expirations
Transferring leases at the end of the lease to owned assets is now as simple as the click of a mouse. Assetpro automatically takes care of updating the accounting and tax register with the appropriate payout values where applicable and producing the required journal entries.
Lease Reports
Detailed rental schedule showing the allocation of rentals between executory costs, interest, capital and outstanding liability.
Rental details
1.
Summarised rental schedule showing the allocation of rentals between executory costs,interest, capital and outstanding liability. The report is summarised by financial year for each lease.
Rental summary
2.
Summarised rental schedule showing the allocation of rentals between executory costs, interest and capital.The report is summarised by lease for a specified period.
Rental analysis
3.
This report shows the information required for financial statement disclosures. The information shown includes the split of the lease liability between current and non-current and the analysis of rental commitments for 1 year, 2 years, 5 years and greater than 5 years.
Balance sheet disclosures
4.
A report of rentals payable for each Lease within a specified period by Finance Company.
Payments due
5.
A report of rentals due by month for the first year and then annually thereafter.
Cash requirements report
6.
Lease expirations over a given period.
Expirations
7.
Suggested journal entries for leases acquisitions and terminations and for the allocation of rentals between executory costs, interest and capital reduction.
Journals
8.
Data conversion
Summit are able to arrange data conversions from your existing electronic media, such as spreadsheets, at reasonable cost. Prices are subject to quotation based on your existing format.
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