Book Accounting

The Lease Accounting and Management System provides book accounting entries for Direct Finance leases, Operating/True leases and Conditional Sales Contracts from lease inception through lease termination. Your initial accounting entries and subsequent daily and/or monthly accrual entries are recorded and reported according to Generally Accepted Accounting Principles (GAAP) for lease accounting. Accounting entries are made simple by the numerous options that are available to tailor receipts and disbursements to your individual requirements. Entry of your basic contract information is all that is needed to generate accurate accounting entries that will ensure accurate income and expense figures throughout the life of a lease.

The internal general ledger makes transaction processing a breeze. Accounting entries generated by each transaction processed are transparent to the user, which minimizes the chance of accounting errors. Any transaction can be easily reversed including a complete reversal of all transactions associated with the lease at any point during the term of the lease.  A full and detailed audit trail is automatically generated on all transactions.

Comprehensive reporting is available for overall current portfolio balances via the Trial Balance Report. You will also find a variety of income and cash projection reports within the Lease Accounting System to assist you in planning for the future.

Tax Accounting

The Corporate Tax Report provides the information needed to assist in filing your state and federal tax returns. Standard tax depreciation methods, as well as AMT and the elective 30/50% bonus depreciations are included. This powerful report will provide you with inception to date and current year income, depreciation, and tax gain/loss figures for your entire portfolio in minutes. In addition, it allows you to model your portfolio using a variety of methods of depreciation. A ten-year summary of asset acquisitions is also provided within the framework of the report.

Sales tax reporting is streamlined with the use of our detailed Sales Tax Report and Sales Tax Remittance Report. Taxable and non-taxable transactions are captured for reporting to the appropriate taxing authority. Sales tax can be reported as it is collected (cash basis) or on an accrual basis. The Sales Tax Remittance Report will assist in the preparation of your sales tax returns. This report can be generated for any time period specified, i.e., monthly, quarterly, etc.