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Features

by | Dec 14, 2021

LeaseQuery Features

LeaseQuery simplifies complex accounting for any leased asset and brings all your lease information into a single, cloud-based subledger that can integrate with any ERP.

CPA-Approved Accounting

LeaseQuery was built by accountants to provide a long-term lease accounting solution with:

  • Compliance for ASC 842, IFRS 16, GASB 87, GASB 96 and SFFAS 54. 
  • SOC 1 Type 2 reports issued bi-annually assessing LeaseQuery’s internal controls over financial reporting
  • More than 40 accountants on staff

Superior Service

Every LeaseQuery client has access to our dedicated customer success professionals as well as:

  • Daily office hours staffed by certified lease accounting analysts 
  • 24/7 access to a frequently updated knowledge base 
  • Customer center providing one-stop access to all resources
  • On-demand training webinars 
  • Free CPE webinars on lease accounting topics

Compliance Out of the Box

  • Journal entries
  • Amortization schedules
  • All required quantitative disclosures
  • Practical expedient application
  • Accurate calculations for lease changes

Accounting Intelligence for Complex Scenarios

  • Custom calendar
  • Embedded lease and lease classification tests
  • Multi-currency functionality, including translation and remeasurement
  • Dual-standard reporting
  • Impairments
  • Variable payments
  • Catch-up adjustments and reconciliations for missed leases and missed lease changes

Controls for Data Integrity

  • Role-based access
  • Audit trail and lease change history
  • Data entry validation and duplicate entry prevention
  • Locking journal entries

Operational Efficiency

  • Critical date reminders
  • Central document repository for easy document retrieval
  • Read-only auditor access
  • Third party integrations with any ERP or GL system
  • AI-assisted lease data entry

Robust Reporting

  • Over 100 standard reports
  • Complex reporting including roll forwards and historical reporting
  • Budgeting, forecasting, and AP reports for expense management
  • Flexible reporting studio for simple report customization and template creation
  • Report scheduling and sharing functionality

Lease Administration

  • Automated lease abstracts
  • Custom contacts and contact tracking
  • Payment, date, and task tracking as well as critical alerts
  • Ability to attach documentation to leases

Data Security

  • SSL Encryption
  • Firewall and application security
  • Managed hosting and backup through AWS

One Stop Governmental Solution

  • Lessor and Lessee accounting for GASB 87 and SFFAS 54
  • GASB 96 compliance module
  • Fund accounting