Rocky Mountains Area University Now Has a Lasting Solution To Their Lease Accounting Woes

LeaseQuery Helped This University Create a Process To Track Their Leases

Challenge

Prior to the release of the new lease accounting standards, they expensed their operating leases and mapped their capital leases in Excel. As the deadline for transitioning to GASB 87 crept closer and their lease portfolio expanded to include 170 leases, the accounting team at this public university knew they needed a comprehensive solution to track all of their leases as well as create journal entries and account for leases on both the lessor and lessee side.

Solution

The team reviewed several vendors before selecting LeaseQuery. They concluded the software would help them save time, meet all their needs, and offer an easy-to-use solution to track both their capital and finance leases. Additionally, the accounting team felt that the LeaseQuery team was knowledgeable and explained the software to them in accounting terms, not just sales terms. Now, they are confident about transitioning to the GASB 87 standard.

“Everything has just gone really smooth – at this point I have recommended LeaseQuery to other schools and to the State’s Finance Office.”

– Accounting Team Member