Visual Lease, a lease accounting and management software provider, released its latest product, 20.2, providing expanded lease accounting and reporting capabilities for global and national companies required to comply with GASB 87 and FASB 842. The new product release focuses on expanding Visual Lease’s lease accounting, reporting and currency conversion functionality.

“Visual Lease remains committed to continually developing new features that simplify the lease accounting process,” Clark Convery, COO of Visual Lease, said. “Our latest product release provides our clients with more reporting options and builds upon our decades of experience in the lease management and accounting industry. This release reflects our continued passion about developing solutions that offer industry-leading functionality while being easy to use.”

Lease Accounting Functionality

For governmental entities that need to comply with GASB 87, calculations can now be added to disclosure, journal entry summary and lease accounting reports directly through the platform. Additionally, users may run modification calculations when creating lessee calculations in the system.

Further, companies who must comply with FASB 842 are now able to view open accrued rent receivables for lessor calculations.

Reporting Functionality

The platform’s current Roll-Forward Report was enhanced to support currency conversion and functional currency logic. Available as a standard report in the Visual Lease platform, users can access their data any time and apply the currency requirements directly within the platform.

Learn more about Visual Lease’s lease accounting capabilities here.