LeaseQuery, a provider of lease accounting software, acquired Crowe Lease Accounting Optimizer, a provider of lease accounting for NetSuite users. Crowe, a public accounting, consulting and technology firm, developed the technology solution to help companies manage their lease accounting processes while promoting compliance with lease accounting standards. The solution will be rebranded as LeaseQuery for NetSuite, effective immediately.

“LeaseQuery for NetSuite will provide the NetSuite community with a CPA-approved lease accounting solution built entirely in the SuiteCloud platform,” George Azih, founder and CEO of LeaseQuery, said. “At the scale and complexity of lease accounting today, LeaseQuery for NetSuite is the cornerstone of simplified accounting and compliance facilitation for NetSuite users.”

This acquisition by LeaseQuery is part of the company’s overall investment in building a platform for lease accounting. LeaseQuery for NetSuite will allow its users to do the following within the SuiteApp:

• Transition lease portfolios to the ASC 842 or IFRS 16 lease accounting standards
• Calculate ROU assets
• Produce amortization schedules
• Generate journal entries
• Classify leases as finance or operating
• Centrally store lease management information
• Integrate with a company’s chart of accounts, currencies, vendors, departments, classes and locations
• Issue payments directly to a lessor from NetSuite