Bloomberg Tax released its latest ASC 842 compliance system, Advantage Leased Assets. The new enhancements include support for customized, flexible lease payment schedules and integration support for automating workflows between Advantage Leased Assets and general ledgers, ERPs and other accounting systems.

“The ability to add payments at any date and any payment frequency—not just monthly, quarterly, or annually—provides accounting and finance teams with an easier way to customize their lease payment schedules as they comply with the new FASB ASC 842 standard,” said Ken Crutchfield, senior vice president and general manager, Bloomberg Tax Technology. “The new integration features enhance existing capabilities to automate the creation and upload of journal entries into ERP systems, which is particularly useful for enterprise companies managing hundreds or thousands of leases, increasing their efficiency and accuracy by reducing or eliminating manual processes.”

The enhancements to Advantage Leased Assets better support the needs of large companies with significant lease portfolios. Users can now define their payment schedule with as few restrictions as possible so that the schedule can accurately reflect terms set out in a lease agreement. Consequently, accounting teams do not have to stick to a cyclical payment approach.

The new integration feature is vendor-neutral, supporting the push and pull of leased asset data to and from third-party GL/ERP systems or other accounting systems. Users can bulk import their GL codes and run journal entry reports that are mapped to their actual GL accounts. This allows companies to manage large numbers of leases with greater confidence around financial controls and financial reporting. This seamless flow of data utilizes machine-to-machine communication, eliminating manual tax and accounting processes.

Additional features available in this latest release of Advantage Leased Assets include fully automated lease classification, audit history trail, financial statement disclosures, bulk data import and export, and user permissions.