”"With Quadrent’s core leasing knowledge and the LOIS team's specialist accounting backgrounds we are able to leverage the functionality of the LOIS lease accounting platform in order to quickly deliver a full service solution for the IFRS 16 changes throughout the transition and in the future"NRMA – Senior Accountant
Why use LOIS from Quadrent?
- With LOIS, you control the lease data process from contract to system output of compliance reports. You have the ability to load your own data and conduct scenario analysis inhouse using the Excel upload template configured to your master data requirements.
- Simple, intuitive and easy to use.
- Functionality is built to be used with other systems and allows speed of implementation from both ease of upload and download with Excel/API.
- All modifications and journals have fully automated calcs and processing – Month end integrates with your ERP.
- All core accounting functionality is active and live (including modifications). No waiting on development/consultants for core functions.
- LOIS has a large number of clients that have been live for some time so we have dealt with real-world scenarios and have real leasing experience.
- Project control is passed to client. Highly configurable, but very standardised templated approach which results in an extremely fast implementation pathway with minimal resource.
- LOIS onboarding is run by leasing accountants. This is not a software implementation but an accounting/lease compliance project. In addition, you gain a Lease portfolio and asset management tool that can replace or sit alongside existing systems.
LOIS – Features & Benefits
IFRS 16 Done
Complete IFRS 16 functionality including forecasting, modification & journals.
All your leases in one place
Consolidated portfolio view of all leases via a simple intuitive interface, with drill down functionality.
LOIS records leased asset data in as much detail as you need. Use custom fields to save information such as millage limits for vehicles, square metres for buildings, serial numbers for IT equipment or usage hours for forklifts.
Forecast different scenarios
Run multiple lease accounting reports for numerous accounting standards (IAS 17, IFRS 16 and FASB ASC 842). Instantly see how your critical performance metrics change under each standard.
Operate as stand-alone system or integrated into a number of ERP’s through a library of API’s and Excel connections, allowing you to import and export with ease.
Full data integrity
Amortisation and depreciation schedules are generated at both the commencement of the lease and with subsequent modifications. Full audit trails of all journals which are fully automated.
Account for change
All modifications are catered for including: Full extensions; part terminations; consideration changes; Indexation price changes; and rental corrections and impairments.
Create multiple user accounts with customised access and security levels so you can work with the real- time data you need. LOIS is designed for everyone in your organisation who is involved with leasing.