Compliance
LeaseWave equips lessors with necessary tools for regulatory compliance. The system has comprehensive sales and use tax, property tax and UCC capability and other standard compliance features expected from commercial leasing software. By interfacing with industry-standard and industry-leading products, LeaseWave provides an accurate and efficient platform for all requisite assessment, collection, filing and reporting needs. Lessors can also track the various types of insurance against leases and/or their underlying assets, setting up reminders for expiring and incomplete certificates.
Automated interfaces with Vertex™ products, including O-Series™
Automated interfaces with ADP Taxware™ products
Two way interfaces for input and export of tax-related information
Manage complex and unique tax scenarios presented by various jurisdictions
Set up rules for each customer, receivable, asset class to reflect exemptions and exceptions
Scrub locations as they are set up to ensure that they represent valid jurisdictions
Assess and store tax information at the jurisdiction level (state, county, city, FPO, district, etc.)
Automatically determine upfront taxation, whether on the rental or cost
Capitalize upfront tax into lease at unique rate
Deal with relocation scenarios to and from upfront tax jurisdictions
In the absence of integrations, set up jurisdiction and tax rates
Override any imported rates as needed
Define customer-level tax rules to handle specific exemptions and exceptions
Import just tax rate information from third-party tax databases
Use integration for just updating tax rate information each month
Manage all taxation and tax rules within LeaseWave
Run standard reports expected from commercial leasing software
Run reports to determine sales tax assessment and collection by jurisdiction
Filter, sort, group and sub-total information as desired
Comply with exemption reporting imposed by certain jurisdictions
Run income-related reports by jurisdiction
Track property, revenue, income and depreciation
Obtain information for any desired period
Integrate fully with iLien™
Track certificates against each customer with automated reminders
Review filing information as needed
Export asset information to products such as PTMS™ or CBiz™
Automatically import assessments back into LeaseWave
Generate property tax A/R and A/P transactions via automated assessment import or manually
Compare and manage expected and actual property tax assessed
Once actual is known, differences can be further assessed or refunded
Capitalize upfront tax into lease at unique rate
Run dedicated reports to manage property tax compliance