Loan Vision Adds Lease Management Functionality to Meet FASB Changes
April 1, 2019
Loan Vision, a provider of financial solutions to the mortgage industry, has announced that is has added lease management functionality to their mortgage accounting system. This addition, made possible through a partnership with the Soft4Lessee solution built on Microsoft Dynamics NAV, will help customers manage leases according to the new ASC 842 standards. Under these new standards, leases over 12 months must be accounted for as liabilities and be reflected on the balance sheet. The new functionality will help make the transition to those standards easier and quicker.
“We have always set out to automate processes and save time and money through innovation. This new lease management tool adds the same ingenuity to Loan Vision that is needed to help keep our customers growing,” said Loan Vision President Martin Kerr. “The ability to integrate a globally-used software, such as Soft4Lessee, shows the strength of our Microsoft NAV-based solution because it allows us to incorporate other solutions built on NAV.”
Available to both new and existing customers, the new functionality automates and organizes an otherwise timely processes. Users will be able to calculate lease projections, post lease transactions straight to the General Ledger, and manage right of use etc., among other capabilities, with the tool.
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