Lease accounting can quickly become complicated when a business manages real estate, vehicles, equipment or other leased assets. Accounting teams must track payment schedules, renewal dates, modifications and financial reporting requirements across every agreement. When this information is maintained in spreadsheets, errors and missed updates become more likely.
LeaseQuery, now part of FinQuery, gives finance teams a centralized system for managing lease data and automating complex accounting calculations. The platform helps organizations maintain accurate records, generate journal entries and support compliance with applicable lease accounting standards.
Keep Lease Information in One Place
LeaseQuery provides a central repository for information related to operating and finance leases. Instead of searching through spreadsheets, contracts and accounting files, authorized users can access important lease details through one system.
Businesses can use LeaseQuery to manage:
- Real estate, vehicle and equipment leases
- Lease terms and payment schedules
- Renewal and termination options
- Right-of-use assets and lease liabilities
- Amendments and modifications
- Supporting agreements and documents
- Important dates and notifications
- Entity, department and location information
Centralizing these records helps accounting and finance teams maintain more consistent information throughout the lease lifecycle.
Automate Calculations and Journal Entries
LeaseQuery generates amortization schedules and accounting calculations based on the details of each lease. The platform can also produce recurring journal entries, reducing the need for employees to calculate and prepare entries manually.
LeaseQuery supports reporting requirements under standards including ASC 842, IFRS 16 and GASB 87. Its ERP integration capabilities allow approved journal entries to move into the company’s accounting system, creating a more connected close process.
Improve Reporting and Audit Preparation
LeaseQuery provides reports that help teams review balances, activity and future obligations. Users can access roll-forward reports, disclosure information and supporting schedules without rebuilding the calculations in spreadsheets.
A centralized audit trail also makes it easier to explain changes and provide documentation during financial reviews. Accounting teams gain greater control over lease information while reducing repetitive administrative work.
Watch the video above to see LeaseQuery in action, then talk with 3Value about creating a more accurate and efficient lease accounting process.