Visual Lease 17.2 - Retail and FASB/IASB Accounting Enhancements

GENERAL ENHANCEMENTS

We continue to make enhancements that make your ability to clearly track and report upon critical data even easier.  These enhancements include:

  • Added a new field to track Asset Class to the Lease General tab.
  • Added a new Option Clause status of Lease Is Silent.

 

RETAIL ACCOUNTING ENHANCEMENTS

As demand for Visual Lease increases from retail companies our features also become more robust, we have added the following new retail specific features:

  • Created an entirely Percentage Rent formula screen with clearer organization and visualization of obligations.
  • New module allows Percent Rent obligations to be accrued prior to making cash payments, allowing accruals to be sent to a GL Feed.
  • Our new automated payments feature allows accruals or payments to be automatically swept from the Percent Rent module to create Financial Entries.
  • Percent Rent formulas can now specify multiple Financial Categories to be used in the computation of a Natural Breakpoint.
  • Percent Rent formulas can now indicate that sublease sales figures should be imported onto their parent leases, allowing aggregation of sales figures.
  • We added a Percent Rent formula import template.

 

FASB/IASB (GAAP/IFRS) ACCOUNTING ENHANCEMENTS

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

  • Added ability to customize label of the FASB/IASB module.
  • Updated our ability to run amortization schedule for income leases.
  • Added a table to Administrator to track FASB Discount Rate with ability to distinguish by date, Organization, Country and Asset Class.
  • Added validation to warn a user when running FASB calculations using a non-standard discount rate.

 

REPORTING ENHANCEMENTS

To further simplify our reporting, we have added the following new features: 

  • Added a new option to ad hoc Excel Settings to allow Financial Entries with Increases to be output on multiple lines for each increase.
  • Enhanced the ad hoc report settings display to better indicate when financials are being output in local currency.
  • Updated Critical Dates standard report to fix error encountered with very long clause text.
  • Added Percent Rent data to ad hoc report - Additional Table Fields (when using the new Percent Rent module).

 

SECURITY ENHANCEMENTS

Security related enhancements in this release include: 

  • Support for Two-Factor Authentication that will provide an additional layer of security for accessing the system by requiring that users verify their identity with a one-time, dynamic passcode sent to them by email or SMS message.
  • IP Whitelisting allowing client Administrators to lock down access to Visual Lease from only pre-approved locations or machines.
  • Added new user level right that allows or disallows modification of the Send to AP Feed flag on financial records.

 

OTHER ENHANCEMENTS

Other important enhancements in this release include: 

  • Relaxed the locking on entries sent to the AP Feed to allow comments to be edited.
  • Added default value for Send to AP Feed as a configurable setting in Administrator.
  • Payee fields can now be made required fields.
  • Modified Allocations groups to Default FASB group is also treated as the allocation group to use for Deferred Rent when being output on a GL Feed.
  • Relaxed restrictions on which Region an Organization can list as its starting region.
  • Added Lease Save As checkboxes to Administrator to allow them to be defaulted at the system level.