Lease Accounting Release Notes 2022-2023

Payment Calculator: Users can calculate the next payment by adding a percentage or amount to the previous payment.
Auto Populating Payment Streams: When users add a payment stream, the values and next payment dates are auto-populated based on the previous payment stream.
Outstanding Leases/SBITAs/PPPs: Transition leases will no longer display a Capital Outlay and Other Financing Source journal entry in the Governmental Funds (Modified Accrual) section of the Amortization Schedule. While there is no specific GASB guidance, users were not booking this entry and requested its removal.
Disable Reporting: System Admin function can disable reporting.

Changes to GASB Lessee Journal Entry Report: A new column for Journal Entry # was added so users can better organize their journal entries. The number in the column header coincides with a specific part of the journal entry, as indicated below:
- 0: Reinstatement
- 1: Additions
- 2: Modifications/Remeasurement
- 3: Amortization Expense
- 4: Interest Expense
- 5: Payments
- 6: Reclassification
- 7: Subtractions (end of term)
Admin Permissions to Disable GL Accounts: This applies to the Administration > GL Accounts menu. Disabled GL accounts will still be attached to existing leases and disabling will not affect financial reporting capabilities of leases. Notes:
- At lease one GL account in each Account Type must remain active.
- Disabled GL accounts will no longer be available when adding/editing leases.

Enhanced functionality for GASB clients:
- Changes are being made to the following pages, allowing for greater categorization of GASB leases and SBITAs.
  - Administration Reporting Entities Tab
    - Added drop-down to support adding various reporting entities for each GASB standard.
  - Administration GL Accounts Tab
    - Added drop-down to support customizing GL Accounts for various reporting entities for each GASB standard.
  - Lease Entry
    - Added drop-down within the lease entry workflow for Accounting Standard selection. The drop-down options will reflect the data created in the Administration tab of the Lease Accounting software.
  - Bulk Upload
    - Radio button options are presented to ensure the captured leases, PPPs, or SBITAS are added to the correct Reporting Entity.
  - My Leases Page
    - A toggle is shown at the top of the page to sort leases and SBITAs. The selections are:
      - GASB 87
      - GASB 94
      - GASB 96
- All existing GASB leases entered in the Lease Accounting software have defaulted to GASB 87 unless otherwise specified or identified.
  - Users have been informed of changes to their accounts and have the opportunity to provide feedback to the Lease Accounting software team to ensure their data is correct.

Revision Rules: Users can enter revisions to a lease before or one day after the original lease End Date. This creates continuity with entered leases and their revisions. For example:
- If the lease end date is 6/15/23, a revision can be entered before 6/15/23 or on 6/16/23.
- If the lease End Date is 6/15/23 and a user tries to create a revision for 6/17/23 or later, an error message will be displayed notifying the user of the rule.

Client: Accounting Administrator Role: This role has all permissions except Users and Groups
Auto Select Reporting Entity: On Add Lease, when account has only one Reporting Entity, it will be selected by default.
Default ROU Asset Life to term: When Lease end date is not the end of month, the asset life will default to term less 1 month.
GASB Clients: Added default asset types for "SBITA - GASB 96" and "PPP - GASB 94"
Client Disabled Reason: For Firms only
Disable Reporting Entity: Users can disable entities no longer in use.
Custom View Enhancements: Users can save custom column selections, save the number of entries displayed on the My Leases grid and update previously saved Custom Views.
Sorting My Leases Page: Users can now sort columns in the My Leases grid.
Email Alerts: Teams can receive notifications about important lease events.
In-App Help: Additional in-app help launched for all users,

FASB - Update Amortization Schedule: Data by Lease to report from GL Start to GL End Date.
GASB - Add Amortization Schedule: Data by Lease to report from GL Start to GL End Date.
Browser Support: Mozilla Firefox is no longer supported.
Account Transfer: Client Accounts can be transferred different Firm Accounts

Report Center: Users can check the status of current export requests and access data for 45 days
Report Naming Conventions: File names now include client account name, report type, GL Start and End Date.

Non-SSO Support: Support access control for non-SSO customers.
Firm Read Only Role: New business role required by our largest firm customers.
View Lease Details: Users can click on the link to view details for each lease.
Performance: Increased speed of filters and search on My Leases page.

This article contains a list of enhancements released in 2022/2023.