What is Lease Accounting Software?

Lease Accounting Software is used to help with the financial and reporting elements of leased assets.

Lease accounting software helps automate manual tasks involved in budgeting, journal entries, schedule amortization, auditing, and lease portfolio management.

These tools also help maintain compliance with domestic and international accounting standards, such as FASB and IASB. (This also helps differentiate the software from real estate asset management software or lease administration.)

Lease accounting software features

For inclusion into this category, the software should:

  • Create journal entries and calculate lease data
  • Provide notifications of important dates
  • Classify lease types
  • Notify users of important upcoming dates
  • Provide the ability to store, track, and manage data on each journal entry, lease, and asset
  • Ensure leases are consistent with lease accounting standards
  • Support data importing from one source into the software’s database