Accounting

Each type of financial transaction carried out by the system can be associated with an unlimited number of templates that specify which GL accounts should be credited and which debited. GL account numbers are imported into LeaseWave and then used against GL templates. The lease accounting software defaults the appropriate template for each transaction, allowing the user to override the selection. The ultimate GL-impact of each transaction is dictated by the template used, enabling the system to automatically make journal entries. LeaseWave does not require any accounting knowledge from data entry staff – all accounting is carried out by the lease accounting management system.

Within each GL-template described above, dynamic sub-ledger segments can be specified. These segments are assigned user-defined segment-numbers, based on the value of certain fields. This way, a “cost center” value of “East” or a business vertical of “agriculture” for example, can be automatically translated into a specific sub-ledger numbers.

GL books (if dealing with multiple entities)

  • Group customers and leases into portfolios
  • Direct the GL entries of each portfolio into one set of GL books
  • Define the account segment structure for each set of GL books
  • Define open periods to control all posting within system
  • Designate dynamic segments (ex: cost centers) automatically defined by field values

Financial transaction management

  • Define where the debits and credits need to be directed within each template
  • Drive GL entries based on selection of template
    • Set up default template selections based on configured rules
    • Allow users to select or override template-choice
  • Templates are designed to ensure full compliance with relevant FASB pronouncements

GL reporting

  • View GL entries through various filters within the lease accounting management system
    • By transaction, customer account, lease, user-defined queries, etc.
  • Run by various date-driven filters

External GL integration

  • Set up automatic updates of journal entries from lease accounting software to the GL
  • Tag each batch with a batch number to exactly identify entries with it
  • Update entries to GL in detail or in summary
    • Detail: batch every entry made by each transaction
    • Summary: batch only cumulative impact of all entries made to each GL account