Visual Lease 17.1 - SL Rent, FASB and General Tab Enhancements

 

GENERAL ENHANCEMENTS

We have added more custom fields and made enhancements that will make your ability to clearly track and report upon critical data even easier.  These enhancements include:

  • Our enhanced Associated Records section in the Lease Sidebar now shows more about how the current record relates to others in the system, making it easier for you to understand your lease's ecosystem.
  • General>Key Information has a new customizable tree field 
  • General>Dates has five new customizable date fields and one new text field  
  • General>Area has six new customizable text fields 
  • We have updated our Alert Type field to have clearer names, making it easier to determine the type of critical dates for which an alert is being set up.

 

FASB/IASB (GAAP/IFRS) ACCOUNTING ENHANCEMENTS

In our continuous response to the new accounting regulations, we have added the following new features:

  • Improved layout and workflow of the FASB/IASB screen based upon customer feedback.
  • Made the classification of Lease Payments, Initial Direct Costs, Tenant Improvements and End of Lease Obligations for use in the amortization schedules more explicit.
  • Eliminated the requirement to specify a Payee when setting up a FASB/IASB schedule.
  • Added new Admin default settings for reporting frequency (monthly or annual) and NPV calculation (beginning or end of period).
  • FASB calculations can now be included when you duplicate a lease record.
  • FASB/IASB Accounting data can now be viewed on the lease Financial Calendar and through financial reporting.

 

STRAIGHT-LINE RENT ENHANCEMENTS

To further simplify our user experience when dealing with the current accounting regulations, we have added the following new features: 

  • A new feature that allows you to automate the process of ending a SLR calculation as of a specified date.
  • You can now include a starting Deferred Rent balance when creating a calculation.
  • The Deferred Rent Running Balance is now part of the Details view, and includes any starting balances included in a calculation.
  • Calculations can now automatically terminate one or more existing calculations and transfer the deferred rent balance to the new calculation.
  • We have added a new button, ’Replace Calculation,’ for when you want to replace a previous calculation rather than add a new SLR calculation from scratch.  

 

OTHER ENHANCEMENTS

Other important enhancements in this release include: 

  • We added a new Financial Analysis report that features the grouping of financial data by Organization, Region, Financial Category and other fields.
  • We added the ability to include descriptive names when setting up GL Accounts in the Admin module, not just the GL number.
  • You can now search by Property fields when creating Saved Lease Filters.
  • We changed the selection of a Lease Filter from being a pop-up to being a drop-down to make it even faster to change Lease List views.
  • Updating bulk data is even easier because the General template can now include your current data when you download it.
  • We have added the PropertyID field to the bulk import template.