Soft4Lessee - All-In-One Lease Accounting Solution

Soft4Lessee is an all-in-one lease accounting solution that complies with AASB 16 lease accounting standard. AASB 16 is the lease accounting standard published by Australian Accounting Standards Board (AASB) in February 2016, which changes the way company account for leases in their financial disclosures.
 
soft4lessee lease accounting solution
 
Businesses with a large portfolio of operating leases (properties, vehicles, equipment and machinery) will be impacted by the change in accounting standards, as the new standards require lessees to recognise assets and liabilities arising from operating leases on the balance sheet.
 
Soft4Lesse helps businesses to plan the transition to AASB 16 by calculating the impact and choose transition options. The software also helps businesses to stay compliant with the new standard by uploading new leases every month and let the system calculate values and download GL transactions. 
 

Features of Soft4Lessee

  • Data Import / Export - Import and export to and from other systems using webservice, Excel files or XML files.

  • Lease Agreement Data Management - The database of your lease agreements by categorising it as New agreements under consideration, Active leases and Archived leases (expired or terminated early).
  • Re-measurement - Automatically calculate adjustments to lease liability and right-of-use asset value and product General Ledger posting.
  • Reports For AASB Presentation and Disclosures - Ready-reports for your financial reporting and prepare additional information for your AASB 16 disclosures.
  • Accounting for Lease Liability - Calculate lease liability as the present value of lease payments and present value of amounts due at the end of the lease term.
  • Accounting for the Right of Use Asset - Calculate RoU Asset value by taking into account lease liability, cost before lease commencement and expected cost of asset return. If the lease liability is re-assessed, the RoU asset value changes accordingly.
  • Handing of Non-Lease Component - If you have a composite contract that includes leases and services, the non-lease component is separated and posts to the operating expense account.
  • Managing Lease Modifications - Lease modifications is allowed after commencement data and will calculate the impact on lease liability and right-of-use asset.
  • Lease Status Management - Track leases by numerous statues.
  • Variable Assets - If you have leases with variable lease payments dependent on an idex (like Consumer Price Index), the system is able to calculate re-pricing and reflect it in accounting.
  • General Ledger Integration - Have all the required General Ledger transactions at each due date and at the end of the accounting period.
  • Assessment of the Lease Term - Determine lease term with a number of circumstances.
 

3 reasons why you cannot ignore the AASB 16 standard

  • Manual calculation using spreadsheets are prone to errors
  • Non compliance can put your business in danger
  • Streamlined accounting processes and workflows
 

Benefits of Soft4Lessee

  • Fast Kickstart - Start within 8 hours
  • Trusted and secure Microsoft platform
  • Easily integrates with any accounting software
  • Wide usage internationally with projects in Europe, North America, Middle East, Asia and Oceania


 



For more information on Soft4Lessee, drop an enquiry below or call 1300 440 444
 

We understand your organisation is unique. Your technology should match your business processes - your unique way of doing things. We help your organisation perform better by designing and developing the solutions that work for you - all delivered on time, within budget and with faster time to benefit. With offices in Sydney, Melbourne, Brisbane, Perth and with over 50 Awards received from Microsoft, SAP, Sage and Accellos, MicroChannel has outstanding credentials as one of the most respected solution providers in Australia.

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