How to Set Up Lease Accounting Software
For many people, even software professionals, mastering a new package can be tricky. There are many new details to learn, and in the beginning they may feel very time-consuming. It’s easy to get overwhelmed and over-challenged, with nowhere to turn for help. But not with iLeasePro.
We make leasing software for accounting, management, and analysis, and we pride ourselves on designing software that’s easy to setup and use. You’ve probably heard that pitch a lot, though, so you’re likely wondering how it’s going to happen. With that in mind, we’ll walk you through the process, and when you see how easy the setup process is, you’ll be especially happy that you choose iLeasePro to provide your leasing software solutions.
The first steps you need to take when you set up your iLeasePro package is to enter and store your real estate and equipment lease data. This is remarkably easy and simple to do. You can start with commencement and expiration dates along with recurring rent payments and any escalation clauses. After that, you can enter the relevant borrowing rate and the lease classification information.
Keep in mind that this data will automatically be updated and it will be recorded in accordance with the new ASC 842 standard. If you’re not sure about the specific classification of any individual lease you’re entering, iLeasePro provides a special step-by-step help function we call “Wizard” to guide you through the lease particulars and make sure you get the classification right the first time. Once you do this, the software will automatically calculate the amount of rent due and it will also provide an amortization schedule for the right-of-use (ROU) assets and the lease liabilities. When you’ve entered this data, you can easily integrate iLeasePro into your monthly accounting process.
The software will also create ASC 842-compatible journal entries and these can be uploaded or imported into your accounting system’s general ledgers. The setup process covers report generation as well. Once again, the reporting process is automated to be compliant with ASC 842, and the audit trail is automatically provided as part of the report generation process, too. If you haven’t yet implemented ASC 842, the software will provide steps to walk you through the process.
Now, let’s talk about how to set up some of the lease management features. These include critical date tracking, which comes with automatic email notification. You can also create automatic rent payments that will be incorporated into your accounts payable information. The setup process is especially simple when it comes to document management.
You can upload all relevant documents into a single lease management library and you’ll find forms and formats for over 50 standard forms. The iLeasePro dashboard is just as easy to set up. It gives you secured user access and you can manage nearly all of the functions with single click. You’ll be able to generate comprehensive, up-to-date lease abstracts in a similar fashion and it will be simple to set up automatic data sharing as part of the setup process.
When it comes to setting up lease management software, customization can feel especially challenging, especially if you’re used to running and managing your leases in a specific way. Once you have your leases set up, though, customization becomes easy with iLeasePro. Everything flows out of the central database where your essential lease information is stored and you can configure data in any format that fits your system. This kind of standardization also makes it easier for new users to come on board.
Once they see how simple the setup format is, they’ll be able to hit the ground running with a minimal amount of training. As new users personalize their dashboard, they’ll be able to take a deeper dive into many of the essential features. These include user-defined fields, along with customized data reporting and tracking. Once the initial setup process is completed, the editing process gets simpler as well.
Editing standards can be changed on the fly and every user on the system will have access to them so that the get implemented consistently across the board. That kind of ease of use will also apply to mobile applications on smartphones and tablets. You’ll be able to set them up in a similar fashion, with the ability to provide clickable abstracts and dashboards that can be personalized to generate lease abstracts with a single click.
Many organizations find themselves operating in silos due to unique software solutions and information from different documents often gets lost in translation as a result. Not with iLeasePro software. Once you set up your basic leasing information in a centralized database, each department will have equal access to it and they’ll be implementing solutions in a format that can easily be passed from one department to another.
Finally, let’s talk about how to set up data tracking. With some software packages, this is a complex process but not with iLeasePro software. Once again, the key is drawing information from the centralized database. You’ll be able to make and manage lease payments quickly and efficiently wit a single click and that payment information will be automatically updated across your organization.
You can prepare abstracts in a similar fashion and, as you grow more familiar with the software and the simple setup format, you’ll be able to analyze the financial information in your leasing. You’ll also be able to see the timeline of each and every leasing agreement which will allow you to optimize every lease in your portfolio.
The iLeasePro Solution
As you can see from both the specific steps and the overview, getting the benefits of your iLeasePro software package couldn’t be easier. Get in touch with us to book a demo with one of our lease management experts.
If you’d prefer to go the online route, we’ve got plenty of excellent information on our website, where you can live chat with our experts to take a deeper dive. There’s absolutely no reason to be intimidated by the setup procedures for iLeasePro software packages and, the sooner you make the call, the sooner you can begin reaping the benefits.