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Lease Accounting Software – The Key Features


LOIS dashboard

ALL YOUR LEASES IN ONE PLACE – THE DASHBOARD

The LOIS user dashboard provides you with a consolidated overview of all leases within your business structure whether it be one entity or a global corporate.

Use this information to:

  • Show a full overview at various levels
  • See how all leases are distribution globally
  • Get notifications of leases at end of term
  • View and analyse data dependent on the selected search criteria set by the user
LOIS Add Lease

SIMPLE TO ADD LEASES

Upload all lease and asset data with ease. Ensure all your key lease information is centralised in one repository.

  • Add leases to the system using an automated interface, an Excel integrated upload tool or manual input
  • Regular and Irregular profiles (multiple rentals with different periodicities)
  • Reporting using IRR or IBR
  • Multi-asset addition
  • Full Document storage
  • Different lease status to aid workflow and review
LOIS Asset Lease

ASSET MANAGEMENT - A DETAILED VIEW OF EACH AND EVERY LEASED ASSET.

Use LOIS as a comprehensive Asset Management tool to support strategic, tactical and operational plans, decisions on asset replacement cycles and comprehensive lease cost allocation and reporting. The LOIS Lease View - Assets includes comprehensive data for each asset and the ability to easily manage this data on an asset-by-asset basis.

  • Capture and report on user-specific asset data such as Cost Centre, Department, Location and User Name
  • Use export functions to undertake asset analysis and support decision-making and reporting requirements
  • Edit asset data fields either directly using LOIS (for one-off changes) or through export and API functions (for bulk updates or large data changes)
  • LOIS maintains an audit trail of all changes to asset-level data, for full traceability through the asset lifecycle
LOIS In Life changes

MANAGE ALL STAGES OF THE LEASE LIFECYCLE

All potential lease changes and modifications are avaliable, adhering to the IFRS 16 and FASB ASC 842 standards covering:

  • Full extensions
  • Part terminations
  • Full early terminations
  • Consideration changes
  • Indexation price changes (IFRS)
  • Rental corrections and impairments
LOIS Accounting Reports

COMPREHENSIVE ACCOUNTING REPORTS

Run reports for numerous accounting standards (IAS 17, IFRS 16 and FASB ASC 842). See the impact on your balance sheet now and in the future.

  • IFRS 16 accounting report showing asset, liability, future rentals and disclosure summaries
  • IFRS 16 journals
  • IAS17 vs IFRS16 showing the difference in reporting outputs based on the reporting rates of the leases held in the system
  • FASB ASC 842 accounting report showing asset, liability, future rentals and disclosure summaries
  • FASB ASC 842 journals
LOIS

Full Lease Accounting Summary

The summary report provides a detailed overview of all the changes to financial statements and extracts the right of use (R-O-U) asset and liability movements under IFRS 16 with the associated income statement and cash flow movements. All note requirements are also included.

The FASB version of the accounting summary contains the same information as the IFRS 16 report above but splits the outputs into Finance and Operating leases.

LOIS-Amortisation-and-Depreciation

EASY TO USE AMORTISATION AND DEPRECIATION SCHEDULES

At the start of a lease, LOIS generates an asset and amortisation schedule based on the financial information input into the system.

With each modification to the lease, a new amortisation and asset schedule is created and stored to allow retrospective reporting based on the schedules in play at that time. These schedules drive the accounting outputs.

Lois Journal Entries

AUTOMATED JOURNAL ENTRIES

Journals are created in the system for both IFRS 16 and FASB ASC 842 accounting entries. LOIS has it’s own General ledger and can be mapped to multiple client general ledgers in a simple process. Periods can be opened and closed and there is a full audit log of entries as well. All outputs can be automated to other systems or simply to Excel.

LOIS Standard Reports

A RANGE OF REPORTS

LOIS’s full suite of standard reports provides you with all the tools required to help ensure a successful transition to either IFRS 16 or FASB ASC 842. Track your progress from beginning to end.

  • Forecasting reports i.e. future portfolio run off reports:
    • Rentals obligations report
    • Capital outstanding report
    • Interest outstanding report
    • Outstanding liabilities not capitalised
  • Movements between defined date parameters:
    • Capital paid
    • Interest paid
  • Supplementary accounting disclosure reports:
    • R-O-U asset by asset category
    • Disclosures by asset category

The Solution


LOIS The Solution

LOIS is the most cost-effective way for companies to manage their lease portfolios and transition to the new accounting standards.

The solution is an online accounting software that delivers all the transition tools and functionality needed to extract, validate and report on all the critical lease data required for full compliance with both IFRS 16 and ASC 842. By loading your lease information onto LOIS, you’re easily able to evaluate your entire portfolio and identify what leases are impacted by the new standards.

Companies that use LOIS to manage and enhance their lease portfolio are able to produce all the accounting information required to accurately complete the financial statements obligatory for compliance; including income statement, cash flow and balance sheet. LOIS will also generate the complex calculations for you with ease.