You must implement the new lease standard, GASB 87, for fiscal years beginning after June 15, 2021. GASB 96, a standard for subscription-based Information Technology Arrangements, must be implemented for fiscal years beginning after June 15, 2022. Both GASB 87 and GASB 96 require restatement of all prior periods presented.
With LeaseCrunch, you don’t have to know the ins and outs of these new accounting standards. The easy-to-use software comes with unlimited users, unlimited storage and allows you to input leases in as little as 3 minutes and automates the required deliverables. Whether you have one lease or thousands of leases, it is comprehensive and cost effective.
Spreadsheets introduce unnecessary risk to the accuracy of your financial statement inputs. Complex calculations, including modifications or remeasurements of leases, make spreadsheets unscalable and more costly for auditors to validate. Additionally, you must capture and aggregate footnote disclosures, which includes the maturity analysis for future payments under GASB 87 and 96 as well as the rollforward of lease assets by asset type and liabilities required under GCS 2300.117-120. With materiality, even those with a single office lease will require full implementation.
LeaseCrunch handles the calculations and you simply download all reporting into a spreadsheet, including accurate footnote disclosures, amortization schedules and journal entries ready for import into your ERP. Run amortization schedules for any combination of leases with subtotals by fiscal year to easily reconcile the balance sheet and P&L.
We all know how long and complicated audits can be - now there’s an easier way. LeaseCrunch was designed to provide what you need for an efficient and accurate audit.
To easily review and compare key lease data to contracts stored in LeaseCrunch, users can simply export all inputs entered into the software. All entries and changes are captured in audit trails, which can be exported for review. Extensive reporting capabilities provide the quantitative calculations you need directly into spreadsheets for your convenience.