Releases

Enhancements

GL Subtypes Added for Lease Classification Changes
When a lease is remeasured, the lease type could change between Operating and Finance in certain circumstances. This creates a discrepancy between the account balances for ROU Asset Finance and ROU Asset Operating in your ERP. Because Visual Lease used only one GL subtype for both lease classifications prior to this update, the ability to transfer the asset and liability balances to new lease classifications was not available. With this update, this can be accomplished with the following GL subtypes that have been added to VL:
- ROU (SB) - Operating
- ROU (SB) - Finance
- Short Term Liability (SB) - Operating
- Long Term Liability (SB) - Operating
- Short Term Liability (SB) - Finance
- Long Term Liability (SB) - Finance
- Accumulated Amortization – Finance
See our knowledge article for more information:
Manage Lease Classification Changes

Issues Resolved

Corrected Roll Forward Conversion Rates
It was discovered that in the Details and Ending Balance tabs of the Roll Forward report, when a calculation was Remeasured after being Corrected, the remeasurement incorrectly used the Historical spot rate based on the date of the correction. The correct behavior is to use the rate based on the original calculation start date from before the correction. This issue is resolved so that the appropriate conversion rate is used for calculations that were Corrected and then Remeasured.

Issues Resolved

Corrected Total P&L for Short Term Disclosure
It was discovered that for Short-term leases, the Expenses & Cash Flows tab of the Disclosure Report was calculated as Operating or Finance leases, rather than as a Short-term lease. For Total P&L, the report added the Amortization and Interest Expense column before converting, even for short term logic on expenses. The appropriate behavior for Short-term leases is to convert Total P&L based on the Remeasurement Avg rate. The report logic has been corrected to use the appropriate behavior as expected.
Corrected Amortization and Interest Payments for Short Term Disclosure
It was discovered that when an existing calculation was changed to a short term calculation, the Disclosure report incorrectly pulled old data for the amortization and interest payments columns in the Expense & Cash Flows tab. Short Term calculations should not have amortization or interest expense. To correct this issue, the columns are set to zero for Short Term calculations.
Short Term Liability Omitted After Modification and Impairment in the Same Month
An issue was discovered when a modification and an impairment were both performed in the same month, the Short-Term Liability journal entry was being omitted, causing unbalanced journals. This issue has been corrected so that Short-Term Liability is not omitted.

Issues Resolved

System maintenance completed to improve performance and user experience.

Issues Resolved

Corrected Exchange Rate Inconsistencies from Importing Non-USD Rates
It was discovered that in rare instances, currency conversion in the Roll-Forward and Lease Accounting reports produced inconsistent rates. This error occurred only when rates were imported with the Import template and non-USD currencies were exchanged for another non-USD currency. With this update, the issue will no longer appear. Existing exchange rate errors due to this issue will also be corrected.

Enhancements

Implicit Borrowing Rate Available with RVG
Previously, when a Residual Value Guarantee is entered for a calculation, the Implicit Rate field was hidden. The platform assumed that when an RVG was input, only an explicit rate should be used. This has been changed. With this update, regardless of whether importing or manually entering a Residual Value Guarantee, both explicit and implicit borrowing rate is available for use.
If a rate table is available, the implicit borrowing rate will be pulled from the table.
Select All Added to Report Options
With this update, new options to include all financial categories or all organizations, or both have been added to the following reports:

Report	Option(s)
Financial Analysis	Include All Organizations Include All Financial Categories
Lessor Ageing Receivables	Include All Organizations

Issues Resolved

Resolved GL Feed Failing to Lock Period
Because running the feed should lock the period in the platform, no actions on calculations should be permitted unless the feed is deleted or archived. It was discovered that clients were still able to perform terminations after they had run a GL feed that should have locked the period. This has been corrected.

Issues Resolved

Corrected PDF Disclosure Report ROU Adjustment Entry Label
It was discovered that in the PDF version of the Disclosure report for a period containing a negative short term adjustment, the ROU Asset for the adjustment calculation was incorrectly labeled “ROU assets obtained in the exchange for lease liabilities”. When making a negative short term adjustment, the asset is not recalculated and should not be added as a new asset to the schedule. The Excel file was omitting the Adjustment calculation correctly. This issue is resolved so that both PDF and Excel match and report accurate new additions for ROU Asset.

Issues Resolved

System maintenance completed to improve performance and user experience.

Issues Resolved

Corrected Calculation Omitted from Disclosure after Canceled Remeasurement - 24.1.1
When a Remeasurement calculation is generated, the original calculation is automatically archived. An issue was discovered when a user tried to create a Remeasurement calculation, but then canceled and did not complete the operation. Disclosure reports including the original calculation incorrectly assumed that it was archived and did not include it in the Maturity Analysis tab. This issue is resolved and canceling a Remeasurement will not prevent the calculation from appearing in Disclosure reports.

Enhancements

Conversion Rates for Ruble Added
With this update, Currency Exchange rates for the Russian Ruble (₽) can be imported from OpenExchange. Note: Historical spot rates for this currency are not available before this update for your environment. Rubles will not appear as an option if a date prior to the following is selected:
- App - January 11, 2024
- Core/Web - January 14, 2024

Rentable Area Displays Two Decimals
In Ad Hoc reporting, the Rentable Area column now displays two decimal points instead of one.
Rentable Area fields in the user interface have also been updated to allow input for and display values with two decimal points:

Lease General Sidebar:
- Rentable Area
Lease General Area Accordion:
- Rentable Area
- Rentable Area History

Issues Resolved

Resolved Variable Payment Option Deselecting
It was discovered that when the user added a new Payee after a variable record had been created, and then changed the Payee of the variable payment, variable payment check boxes would become deselected. This was corrected so that if a variable record is edited with a new Payee at any time, the record will remain variable unless edited by the user.
Resolved Missing Financial Entry Custom Field Updates
It was discovered that when a custom field of a financial entry is updated after its initial creation, the changes did not appear in View Details page for that entry. Changes also did not appear in those fields of the Transactions tab of the Financials report. This issue is resolved and updates to custom fields will be captured in the View Details page and Financials report.
Resolved Modifications Changing Lease Type to Short Term
When the original calculation End Date is more than 365 days after the Start Date, the lease type should be finance or operating. When a modification occurs that changes the end date, the system should still look to the original calculation start date to determine whether the calculation is Finance, Operating, or Short Term. It was discovered that modifications made within 365 days of the end date caused the calculation to be reclassified as a Short Term lease. This issue is resolved and modifications that do not change the End Date will not change the lease classification type to Short Term.

Disclosure Report Tabs Intermittently Empty When Sorting in Descending Order

After the 23.12 release, it was discovered that running a Disclosure Report with descending date ranges, for example, FY 2023, 2022, and 2021, caused one or more tabs to display empty in some cases. This issue is resolved and all tabs correctly populate when any consecutive date range is specified.

Calculation Enhancements

Enhanced ST Liability Treatment
Prior to this update, the platform required a negative short-term adjustment when performing a midperiod remeasurement, even if the negative balance only appeared in the last 12 periods. When a calculation has a negative short-term liability within the last 12 months of the lease term, normal ST liability logic should not be applied.
With this update, any negative short-term balance within the last 12 months will be appropriately ignored.
Improved Correction - Adjustment Calculations Reporting
In Disclosure reports, Correction - Adjustment calculations may not have displayed correctly when the specified report date occurs during the same period the calculation was created and adjusted. This has been corrected and the report now shows the initial asset and the historical asset value being corrected.
Preventing Negative ROU Value for Initial Calculations
ROU should never be a negative value. To prevent this during a remeasurement, the ROU is set to 0 if the asset calculates to a zero balance. However, it was discovered that under certain circumstances, entered values were creating negative ROU balances in initial calculations. This has been corrected: if the initial calculation produces a negative ROU, then the system will default to 0.

Disclosure Report Enhancement

Variable Gain & Loss for Periods without Schedule
In the Variable Gain & Loss tab of the Disclosure report, currency exchange rates are normally based on the effective average rate, calculated for a given period of that calculation's schedule. When a reporting period did not have a period created by a calculation, the report did not perform a conversion on the payment entries. With this update, the report will use the transaction date(s) to calculate the effective average rate.

Roll Forward Report Issues Resolved

Corrected Last Day Purchases in Roll Forward Report
When an asset was purchased on the last day of the month, the Ending Balance tab of a Roll Forward report for the end of that month incorrectly showed an ending balance for the asset right before purchase. Because the asset was purchased on the last day, the asset balance should be zero. This was fixed so that the Ending Balance tab will no longer show the asset balance if the asset is purchased within the reporting period.
Corrected Payments Formula in GASB Roll Forward Report
On the Summary tab of the GASB Roll Forward report, the rows labeled Payments should be deducted from the formulas under the Short Term Liability and Long Term Liability sections. This is accomplished by multiplying the total lease payments from the Amortization, Interest, Payments tab by -1. Due to an error, the report did not properly add subtotals from the Payments row before multiplying.
The formula has been corrected so that the rows are properly subtotaled, and the cells are presented as a negative value.

Financial Entries Issue Resolved

Financial Entries Respect Date Filter
It was discovered that one-time payments and payments with an end date within a given record did not properly display within that record according to the date range filter. The issue is resolved, and financial entries will properly obey the date filter.

Issues Resolved

System maintenance completed to improve performance and user experience.

Increased GET Record Limit to 100,000 - 23.11 Patch 3
In a previous update, pagination was implemented to data retrieved with GET calls in the integrations Public API, limiting the data to 200 records. Based on user feedback, we are increasing the limit to 100,000 records as we continue to explore ways to balance performance and user experience.

Issues Resolved

Removed Reclass Journal Entry with Negative ST Adjustment
An error was discovered when a user made a negative short term adjustment in a period without a negative short term balance. This resulted in an incorrect reclass journal entry that appeared in the platform and was included in the GL Feed. This was corrected so that the reclass journal is not being created.
False Changelog Data Issue Fully Resolved
In a previous update, users experienced an error where false data was entered into the changelog. This issue was temporarily resolved by offsetting the date; however, the change daylight savings time caused some accounts to experience the original issue. With this update, the issue is fully resolved and the date offset is removed.
Corrected Roll Forward After Update Capital Lease Test
It was found that when a user performed the Update Capital Lease Test and ran the Roll Forward report dated during the beginning of the calculation, the ST LT New, Trans tab of the report incorrectly pulled beginning balances from the journal calculations of both the operating and finance calculations. This was corrected so that the Roll Forward will only pull the correct beginning balance from active calculations.

ESG Steward Enhancements™

Added ESG Import Templates
Importing Lease Information is a faster and easier way to upload information into your account instead of manually entering one at a time. With this enhancement, ESG Entries and ESG Record Information import templates are now available to import the following:

ESG Entries	ESG entries with Scope 1 and Scope 2 Emissions, Water Usage, and Waste Management data for multiple assets.
ESG Record Information	Biodiversity information for multiple assets.

NOTE: When the energy grid for a record is updated using the ESG Record Information import template, all Scope 2 electricity ESG entries are updated with the converted values for that lease ID.

To import ESG information:

Click the Wrench icon in the menu.
Click Import Lease Information.
Go to the Import Primary Templates section to download, complete, and upload the applicable ESG template.

Added ESG Entries Report
With this release, we have added the ESG Entries report. This report displays ESG entries of the types selected, for the records selected. If ESG Steward is enabled for your account, the ESG Entries report can be found in Standard Lease Reports.

This report shows each entry organized by the record ID, along with the amounts entered for that record, relevant conversions or calculated amounts, and the unit of measure.
User Permissions Added to ESG Steward
With this update, user permissions are added to ESG Steward. The user roles are:
- Read: User is able to read all ESG data.
- Edit/Delete: user is able to Read Edit and Delete ESG data.
International Energy Consumption Added to ESG Steward
With this update, support for entries of international electricity consumption has been added to ESG Steward.

Other Enhancements

Improved API Experience by Implementing Pagination
In part of an ongoing effort to increase performance and usability of our Public API’s offered in the Integrations Package, we are implementing pagination. As part of this enhancement we will be limiting the record counts of responses to retrieve data in the GET calls to 200 records per page.
ERP Export API Updated to Include Accounts Receivable Feed
The Accounts Receivable feed in the Integrations Hub has been updated to be available for generation in the ERP Export API, as well as the ability to be retrieved via the ERP Export API.
Enhanced Export Function with New Download Report Option
Prior to this update, when clicking the Export button from the Payments tab with the Not Grouped option selected, the generated report had a single column labeled Category/Payee, incorrectly merging the data. With this update, we have introduced a new Download Report button with enhanced functionality. When exporting data from the Payments tab with the Not Grouped option, the report will now correctly generate two separate columns: one for Category and one for Payee.
Added Maturity Analysis Tab to GASB Disclosure Report
With this update, an additional tab labeled Maturity Analysis is added to the GASB Disclosure report to display the future payments and receivable portion of the maturity analysis. There will now be two tabs of information that may be viewed: the Maturity Analysis Inflows tab will continue to show the revenue and deferred inflows. The Maturity Analysis tab will contain the future payments related to the receivable as of the end date of the reporting period. Both tabs are summarized on the Revised Summary Disclosure tab which will separate and label to distinguish between the future inflows and receivable portions of maturity.

Issues Resolved

Remeasured Calculations in Roll Forward Report Recorded Correctly
It was discovered that in the Roll Forward report, Remeasured calculations were incorrectly recorded as being Terminated. This error occurred when the remeasurement date was the same as the original end date and End Calc was initially selected before being canceled to perform the remeasurement. The issue is resolved, and Remeasured calculations are properly recorded in the Roll Forward report.
Removed Financial Entry Time Zones
It was discovered that some users were unable to view one-time financial entries due to a problem with how the platform handles time zones. As time zone elements are not relevant to the values shown on this tab, they have been removed. This change resolved the issue and one-time financial entries can be selected and viewed regardless of time zone.
Fixed Inability to Paste Values into Fields
It was discovered that users were unable to use the Paste function in the Amount field when creating a financial entry or Increase Amount in the Financial Entry section. This is resolved and values can be copied and pasted into these fields as expected.
Enhanced Functional Currency in Lease Accounting Report
An issue was identified in the Lease Accounting Standard report when Functional Currency was enabled and the calculation converted between Functional Currency and Lease Currency several times. This caused the report to incorrectly use a blended rate. The issue is resolved and the report will correctly use the actual rate closest to the calculation start date.
NPV Calculation Forced to Beginning of Period
You have the option to have Net Present Value calculated with Beginning of Period methodology or End of Period methodology. This should be set up during implementation, but it can be changed in Administrator. It was discovered that in rare circumstances NPV calculation was being unexpectedly forced to Beginning of Period methodology. This issue is resolved and NPV calculation will respect the selection in Administrator.
Corrected Journal Entries for Purchase Actions on Operating Leases
It was discovered that when performing a Purchase Action on an operating lease, the final journal entry incorrectly credited the Gross Asset and debited the Accumulated ROU. Because Visual Lease uses direct asset reduction for operating lease calculations, the ROU Asset should be recorded using the carrying amount at the time of purchase. Note: carrying amount is Starting Asset balance less Accumulated Amortization (Inception). This journal was corrected so that the fixed asset amount is now the carrying value at the time of purchase.
Currency Adjustments Added to Long Term Interest and Payment in Roll Forward Report
In a previous update, changes were made in the Roll Forward report to the Amortization, Interest Payments tab in order to correct treatment of negative short term liability. It was discovered that values resulting from these changes were not properly rolling forward. To resolve this issue, currency adjustments have been added to the Long Term Interest and Payment sections of the Roll Forward Summary tab. With this update, these values are properly rolling forward.

Issues Resolved

System maintenance completed to improve performance and user experience.

ESG Steward™ Enhancements

Added Option to Hide Unused ESG Steward Types. With this update, ESG types and subtypes can be displayed or hidden in the ESG Steward™ tabs. This enhancement was made to improve readability on the page by displaying only the entry types needed for your records. Non-standard types will be hidden by default. This option is available in Administrator by clicking ESG Data Types. Select the type or subtype in the drop-down menu for the desired scope or tab. Then, select Display Section or Hide Section as necessary.

Other Enhancements

Tool Added to Identify Calculations with Negative Short Term Liability. With this update, a link called Identify Leases with Negative Short-Term Liability has been added to Administrator to show which calculations have negative short term balances. This link exports an Excel file containing a listing of all calculations with negative short term liability balances. This file will display the Record ID, Calculation Name, Calculation Status, Calculation Start Date, End Date, Accounting Standard, Lease Type, Negative Short Term period Start Date, End Date, and the Negative Short Term balance.

Method of Correction Added to JE Summary Report. The JE Summary report was updated to distinguish between calculations that have been corrected using Correction Adjustment method or Correction Full Reversal. A new column named Method of Correction has been added to the report to will identify the calculation and which correction method was used.
Tool Added to Adjust for Negative Short Term Liability. In order to correct a negative short-term liability balance, users will be able to select Negative Short Term Adjustment from the Action Menu for a given calculation. A pop up will appear asking which period you would like to adjust. Only month/year should be input. The adjustment may not be made for a mid-period date. The system will then generate an adjusting journal entry that will debit long-term liability and credit the short-term liability account.

Issues Resolved

Updated Schedule Help Straight Line Formula. It was discovered that documentation in our Schedule Help for the Straight Line formula did not show the formula being used by the platform. The Schedule Help has been updated with the correct formula. Note: The formula used by the platform to calculate straight line rent is accurate. This issue only affected documentation of the formula used. The documentation has been updated to reflect the correct formula used.
Removed Cumulative Transition Adjustment Column from Lease Accounting Report. In the Lease Accounting report a column labeled Cumulative Translation Adjustment (CTA) appeared when a reporting currency other than Use Lease Currency is designated. Due to the system not supporting and maintaining the converted ending balances as it would with lock/closing the periods (e.g. a true subledger), the lease accounting report will not reconcile the CTA value to the Roll Forward report. As a result, this column is no longer providing information that adds value to a user; instead, the relevant currency adjustment information can now be found in the Roll Forward report. Since this column is not providing value, it has been removed.
Improved Integrations Hub Scheduled Reports with Lease Filter. When a Payments report configured with a Lease Filter is scheduled to be delivered and then that lease filter is updated, the scheduled job does not also update to include the matching lease information. This has been corrected and scheduled reports will reflect the lease filter at the time of scheduled job being executed.
Resolved Remeasurement Calculation Approvals. It was discovered that when approval was required for a Remeasurement calculation, despite the request being approved, the remeasured calculation was being deleted and the old calculation was becoming active again. This has been fixed so that approvals are working properly.
Corrected GASB Disclosure Report With Expired Calculations. It was discovered that naturally expired calculations were not being properly accounted for in a GASB Disclosure report with a date range that includes the expiration. The report incorrectly shows zero deductions in the Leased Asset tab Deductions to Leased Asset due to Full Termination or Expiration, Deductions to Accumulated Amortization due to Full Termination, or Expiration columns. This issue is resolved and naturally expired leases will correctly appear in GASB Disclosure reports.
Corrected Negative ROU Asset in Roll Forward Report. It was discovered that when the lease accounting calculation had a negative Right of Use Asset, it was not being properly displayed on the Roll Forward report. The issue is fixed so that if the ROU is negative, it will appear on the ROU Assets tab; and, the values will be properly accounted for in the Summary tab.
Corrected Abandonment and Impairment Proration Calculation. When performing an abandonment or impairment with payment entries that do not occur monthly, the new calculation should reference the frequency of payments from prior calculations in order to calculate proration for the abandonment or impairment. However, it was discovered that it incorrectly always treated them as monthly. The issue is resolved so that the proration will depend on the correct payment frequency; and, if a payment is modified mid-quarter or mid-payment stream, the correct proration will be taken into account.

Issues Resolved

System maintenance completed to improve performance and user experience.

ESG Steward™ Enhancements

Added ESG Options to Administrator. For accounts with VL ESG Steward™ enabled, an ESG section has been added to Administrator. This new section will enable administrators to effortlessly manage ESG Data Types through a tree structure. The tree layout allows users to get a comprehensive view of all ESG types and subtypes, providing additional control with Hide Section and Display Section buttons. NOTE: To ensure that changes appear properly in the platform, a VL application cache refresh is required. To refresh the cache, click the Tools icon at the upper right corner and select Refresh Cache.
Added Help Section in ESG Manage Energy Grid. In the Visual Lease ESG Steward™, Scope 2 GRI 302 energy consumption entries can be tracked across various data points. To accurately calculate your environmental impact, the appropriate energy grid must be selected. To assist you in your selection, we have added a new help section in the Manage Energy Grid with a link to the EPA's Power Profiler tool. This tool helps you identify the grid your asset belongs to.
Added Fuel Types and Subtypes. We have added Coke & Coal, Other Fuels - Solid, and Other Fuels - Gaseous as ESG Steward entry types. The following subtypes were added for Other Fuels - Gaseous:
- Blast Furnace Gas
- Coke Oven Gas
- Fuel Gas
- Propane Gas
Added KGAL Units and Petroleum Product Subtypes. With this update, we are adding KGAL units (1000 gallons), as well as the following Petroleum Product subtypes to ESG Steward:

Aslphalt and Road Oil	Isobutylene	Petrochemical Feedstocks
Aviation Gasoline	Kerosene	Petroleum Coke
Butane	Kerosene-Type Jet Fuel	Propane
Butylene	Liquified Petroleum Gases (LPG)	Propylene
Crude Oil	Lubricants	Residual Fuel Oil No. 5
Ethane	Motor Gasoline	Residual Fuel Oil No. 6
Ethylene	Naphtha (<401°F)	Special Naphtha
Heavy Gas Oils	Other Oil (>401°F)	Unfinished Oils
Isobutane	Pentanes Plus	Used Oils

Added MMBTU. We have added MMBTU (Million Metric British Thermal Unit) as an option for Natural Gas consumption entries in the ESG Steward
Empty ESG Fields Will Show a Dash. To improve clarity, when creating entries in the ESG Steward, if the Monetary Value field is left empty, a dash (-) will be displayed rather than "0".

Other Enhancements

Permission Changes Take Immediate Affect With Logging In. When changes are made to a User Group permissions, it may take up to 3 minutes to take effect. We have added the ability for users to log out and log back in to make the changes effective immediately.

Issues Resolved

Corrected 13-Period Calendar Maturity Analysis. It was discovered that for accounts using a 13-period calendar, the maturity analysis in the FASB Disclosure report was incorrectly recording the 12th period as the end of the year, rather than the 13th period as expected. This issue is corrected.
Enhanced Lease Status Selection for Journal Entry Summary Report. It was discovered that the Journal Entry Summary report was incorrectly including leases with Historical (Correction - Full Reversal) status despite the option being deselected. The inclusion of these calculations causes discrepancies in the balances. This issue is corrected and only selected lease statuses will be included in the Journal Entry Summary report.
Corrected Treatment for Short Term Prepaid Lease Payments. When Lease Payments Consistently Prepaid One Month Prior is selected for short term calculations, because there was no payment in the last month of the schedule, the system was incorrectly generating a deferred rent balance and journal entry. The issue is resolved and the final journal will be offset to prepaid and there will be no deferred rent balance.
Roll Forward Report With Finance and Operating Selected. When a user was creating a filter with only operating calculations, but running a roll forward report with both finance and operating calculations selected, the report will fail to generate and the user is given an error message. The issue is corrected so that regardless of the types of calculations in the filter, the report will run.

Issues Resolved

System maintenance completed to improve performance and user experience.

Issues Resolved

Resolved Time Zone Calculation Errors for Portugal Users. It was discovered that when users in Portugal were trying to perform correction adjustments, they were given an error stating, “Corrections may not be made in the middle of the period.” This error was caused by the time zone adjustment, which led the platform to record the date as the day before the month and year entered by the user. The issue is resolved and time zones will be calculated properly.
Corrected Roll Forward Tab Cell References. It was discovered that in the Roll Forward tab of the Roll Forward report, the values for Total Liabilities, Short Term Liability, and Long Term Liability referenced incorrect cells in the Amortization, Interest, Payments tab. This error occurred when the System Setting to Track Short Term and Long Term Lease Liabilities was enabled and then disabled. This issue is resolved.
Resolved Improper Historical Spot Rate for FASB/IASB Disclosure Report. It was discovered that terminated leases in the ROU Assets tab of the FASB/IASB Disclosure report was incorrectly using the historical spot rate from the calculation start date, rather than the spot rate at the time of termination. This issue is corrected and the FASB/IASB Disclosure report will correctly use the spot rate at the time of termination for terminated leases.
Changed Allocations Division Logic. It was discovered that if the allocation percentages could not divide evenly into the total rentable area, an error is generated when attempting to run the Accounting Feed. The issue is resolved: the remainder after division is added to the largest allocation and the accounting feed will successfully generate.

Enhanced Remeasurements of Calculations With Prior Negative Short Term Liability

When you select one or more calculations in the Lease Accounting module, the Short Term Lease Liability column in the Lease Schedule may display positive or negative values, or both. To correct negative short term liability, we added the Negative Short Term Adjustment calculation option for operating lease type calculations when positive values are generated in the short-term liability of the schedule. Using this option lets you enter the month and year that you want to adjust so that going forward, values will display as 0.00 until a negative value is generated. While the adjustment can be made during a period that does not have a negative short term liability, the adjustment date must occur before the remeasurement date.

It was discovered that when a full period remeasurement was performed on a calculation that previously had a negative short term liability balance but no longer does, the platform first required a Negative Short Term Adjustment. This issue is corrected and a negative short term adjustment is no longer required.

NOTE: For mid-period remeasurements, a negative short term adjustment must still be made in order to remeasure.

Improved Make Correction Calculation
The Make Correction calculation lets you adjust or fully reverse an existing calculation. When using this calculation after the date of any financial entries that have been entered, the calculation includes all financial entries as of the start date of the existing calculation. It was discovered that the start date of the Make Correction calculation was being used instead of the start date of the original calculation, which may cause incorrect values in the ROU Asset Column of the Lease Schedule.

This issue is corrected and the start date of the original calculation is used when using the Make Correction calculation.

Roll Forward Report Issues Resolved

Enhanced Roll Forward Report Using Reporting Currency. When Reporting Currency is selected within generating reports, all tabs should match the values on the Summary Criteria tab. And, the Ending Balance on the Summary tab should reconcile with the Ending Balance on the Ending Balance tab. An issue was identified where these balances did not reconcile when generating the Roll Forward report with a reporting currency other than Lease Currency. This issue has been resolved.
Enhanced Correction Adjustments in Roll Forward Report. It was discovered that for correction adjustment calculations in the ROU Assets tab of the Roll Forward report, the incorrect historical book value was being subtracted to calculate the balance sheet. The report should adjust the correction calculation with the original calculation’s current asset value. This has been corrected to display the appropriate change in asset.
Enhanced Negative Interest in Roll Forward Report. At the end of a lease, interest may have a negative value in a period if there is remaining small liability amounts that haven't yet been zeroed out. That liability amount is pushed to interest expense. The Disclosure report displays the negative interest amount; however, it was discovered that the Roll Forward report would incorrectly capture it as a positive value. The issue is resolved, so that if the lease accounting schedule shows a negative interest expense for the period, the Roll Forward report will represent the interest as negative as well.
Enhanced Roll Forward Report with Multiple Starting Balance Entries. It was discovered that when there are multiple Starting Balance journal entries with the same Description and Debit/Credit Type , the ST LT New, ST Mod, Term, and LT Mod, Term tabs of the Roll forward report incorrectly referenced only the largest value among the starting balance entries. The issue is resolved and the Roll Forward report tabs will reference the entire journal to use all values as appropriate.

Additional Issues Resolved
Enhanced GASB 87 Disclosure Report Leased Assets Tab. It was discovered that the Leased Assets tab of the GASB 87 Disclosure report was incorrectly deriving values listed in Right of Use Historical Book Value instead of the Accumulated Amortization (Inception) provided from the lease schedule. The issue is resolved, and the Leased Assets tab correctly pulls values from Accumulated Amortization (Inception).
Enhanced Help Pop-up Icons. Throughout the platform, you can find help icons, which open up pop-up windows containing information and guidance. It was discovered that the pop-up for Lease Payments Consistently Prepaid was anchored incorrectly so that clicking the icon for Correction Method in the Make Correction wizard would cycle between showing the Correction Method pop-up and the Lease Payments Consistently Prepaid pop-up. The issue is corrected and the help icons will open only the associated help pop-up.
Enhanced Full Termination Calculation Options. For most calculations, you can upload a schedule generated outside of the platform using the Upload Schedule Template. However, this option is not supported for Full Termination calculations at this time, and attempting to do so will generate an error. To improve our users' experience, the checkbox to select schedule upload was removed when creating a Full Termination.
Enhanced Lease Accounting Import Template. It was discovered that when the Lease Accounting Standard was omitted from the Lease Accounting Import template, the row will not process and an error message is generated. The template has been updated to indicate that Accounting Standard is required.
Enhanced Lease Accounting Schedule Report for Multiple Calculation Types. When running a Lease Accounting Schedule report for multiple calculations that included operating and short term calculations, the schedule properly includes the Short Term Liabilities column and Long Term Liabilities column. These columns are relevant to the operating and finance calculations and should be present in the report. However, it was discovered that these columns improperly included amounts for the short term calculations when there should be none. This issue is corrected: when running the Lease Accounting Schedule report for multiple types of calculations, the short term calculations do not have values in the Short Term Liability column.
Enhanced Ac Hoc Report User Interface. With the Ad Hoc Report tool you have the ability to organize information contained within the account into a custom report by configuring the options presented in the sidebar. It was discovered that when a user selected the Leases tab of the report, followed by selecting Repeat Lease Data within the Edit Excel Data options, the user interface would freeze and the user would be unable to scroll to view data. The issue is resolved and this sequence will not cause the UI to freeze.
Allowed Decimals in Initial Operating to Finance ROU Field. It was discovered that users were unable to enter decimal places in the Initial Operating to Finance ROU field in step six of the calculation wizard for an Operating to Finance transition calculation. This issue is resolved and the field will allow decimal places.
Enhanced Calculation Approvals. It was discovered that approving End, Full Termination, and Purchase calculations did not properly activate these calculations. The issue is resolved and all calculations are made active with approvals, as appropriate.
Enhanced Approval Request Emails. It was discovered that an email was only being sent on the first occurrence of an approval request. If subsequent requests for approval were submitted, the email was not being sent. This issue has been resolved and each request for approval will generate an email as appropriate.
Enhanced Financial Transaction Dates Prior to Start Date. In our old interface, you were able to add financial transaction dates before the schedule calculation date. It was discovered that after the update to our modern interface, users were blocked from editing or adding a financial date prior to the calculation start date, prompting an error message. This has been corrected so that dates prior to the calculation schedule date are allowed.
Resolved Pending Entries Appearing in Financials Standard Report. It was discovered that financial entries marked as Pending were incorrectly showing in the Financials Standard Report that should only contain Active entries. This issue is corrected and Pending financial entries will not incorrectly appear in the Financials Standard Report.

Enhanced Lease Accounting Standard Report with Currency Conversion. An issue was identified in the Lease Accounting Standard report when currency conversion was enabled. When a rate is effective on the last day of a given period, the report failed to correctly identify and use it in the conversion process. The issue is corrected and the report will now correctly identify effective spot rates on or before the last day of a given period.

Enhanced Identification of Negative Short Term Liability. When you select one or more calculations in the Lease Accounting module, the Short Term Lease Liability column in the Lease Schedule may display positive or negative values, or both. One scenario that generates positive values, which represents a negative short-term liability, is when the lease payments are less than the interest expense over a certain amount of time. This is because short-term liability is calculated based on the next 12 months or 365 days of liability reduction.

With this enhancement, we are introducing a new tool in the Administrator page named Identify Leases with Negative Short-Term Liability to generate an Excel worksheet containing a list of leases with negative short-term liability.

This tool only displays as an option when all the following conditions exist:

The lease type is Operating and the calculation type is FASB 842
The Gregorian calendar is used
Negative short-term liability exists

For steps on how to correct negative short values, see How to Perform a Negative Short Term Adjustment.

Issues Resolved

Enhanced Financial Entries Import Template. It was discovered that when there are multiple monthly financial entries in the same financial category within a Financial Entries Import Template, an error is generated if each has a unique end date in Column AC. The issue is corrected and you can create financial entries with planned increases, each with unique end dates in the same category without triggering an error.

Issues Resolved

System maintenance completed to improve performance and user experience.

Introducing GASB Roll Forward Report

With this update, the Roll Forward standard report will be available for GASB 87 and GASB 96 records. If GASB is enabled for your account, you will see GASB Roll Forward Report in your report options.

The Roll Forward Report, which summarizes the changes of lease accounting balance sheet items within a period of time, is an important part of your financial reporting requirements under the GASB 87 and GASB 96 requirements. Use it to assist with preparing internal and external statements of cash flows. You can also use it to reconcile the balance sheet activity as generated in Visual Lease with the balances in your ERP.

Note: If GASB accounting is enabled for your account but the GASB Roll Forward report option does not appear, you may need to enable the report in your User Settings.

See Roll Forward Report for GASB 87 and 96 to learn more about how to use this report.

Enhanced Reporting of Negative Short Term Liability

When you select one or more calculations in the Lease Accounting module, the Short Term Lease Liability column in the Lease Schedule may display positive and/or negative values. One scenario that generates positive values, which represents a negative short-term liability, is when the lease payments are less than the interest expense over a certain amount of time. This is because short-term liability is calculated based on the next 12 months or 365 days of liability reduction.

With this enhancement, Negative Short Term Adjustment displays as an option for operating lease type calculations when positive values are generated in the short-term liability of the schedule. Using this option lets you specify the month and year of the last negative short-term value so that going forward, values will display as 0.00 until a negative value is generated. This option will be available for applicable finance lease type calculations at a future date.

For steps on how to correct negative short values, see How to Perform a Negative Short Term Adjustment.

Added Dynamic Date Ranges for Disclosure and Roll Forward Reporting

With this update, dynamic date range options have been added for the Disclosure report (Excel and PDF formats) and Roll Forward report (Excel format). These options are available in the Date Range selection drop-down menu in the Report Options.

Note: Dynamic date ranges are currently only available for Gregorian and Fiscal calendar accounts. They are not currently available for GASB reports.

Additionally, these date range options will make scheduling exports in the Integrations Hub easier. Previously, reports for a given period would need to be scheduled individually. For example, to generate a report for each month of a given year, you would need to schedule a separate export for each month. Using the dynamic date range options, you can schedule one export using Prior Month and set it to export on the first of each month.

Issues Resolved

Enhanced Fair Market Value Field. It was discovered that users were unable to update the Fair Market Value field when performing an Update Capital Lease function. This issue has been resolved.
Enhanced Roll Forward Summary with Historical and Active Calculations. The Roll Forward report summary shows the changes of lease accounting balance sheet items within a period of time. It was discovered that when a Finance lease has both an Active and an ended Historical calculation, the Roll Forward report Summary included the historical ROU Asset starting balance as well as the active balance. However, the Ending Balance tab of the Roll Forward report did not account for both calculations. This resulted in an improper difference in the ROU Asset in the report.

Typically, the proper method is to create a remeasurement of the original calculation rather than ending it and creating a new calculation. Nonetheless, the Roll Forward report should properly account for ended calculations. The issue is resolved and the Roll Forward summary report will properly account for Finance leases with ended Historical calculations and Active calculations.
Enhanced Functional Currency in Lease Accounting Report. An issue was identified in the Lease Accounting Standard report when Functional Currency was enabled and the calculation converted between Functional Currency and Lease Currency several times. This caused the report to incorrectly use a blended rate. The issue is resolved and the report will correctly use the actual rate closest to the calculation start date.

Enhanced Lease List Date Search. On the lease list page you can search for a particular date to find all records with that commencement date. This ability was not carried over from our legacy interface into our modern interface. The issue is resolved and you can search for a specific date on the lease list page in the modern UI.

Enhanced ReadAllEditNone User Role Permissions. It was discovered that some users with the user role ReadAllEditNone and granular security rights were unable to create an accounting calculation despite having permission to do so. The issue is corrected and the user role ReadAllEditNone with granular security rights will correctly be allowed to create calculations.
Enhanced Expiration Date Editing. An issue was identified that when an expiration date is edited, the date jumps by 1 year. This may happen as soon as you click edit, or after you enter a year and leave the field. This has been corrected and no longer will automatically jump forward by 1 year and will remain the date entered by the user.
Restored Saved Filters. It was discovered that previously saved filters were missing from the saved filters age. The issue is resolved, and missing saved filters are restored.

Issues Resolved

System maintenance completed to improve performance and user experience.

ESG Steward
The 23.6 release will debut ESG Steward™, a new carbon accounting, sustainability management, and reporting solution for the assets you manage in Visual Lease.

ESG Steward is built in accordance with the GRI and CSRD frameworks and the Greenhouse Gas Protocol and designed to deliver auditable quantitative reports for regulatory compliance and surface insights to help you make better decisions for your portfolio and your sustainability strategy
With ESG Steward, you can:

Log entries for energy, waste, water, emissions and biodiversity impact for the real estate and equipment assets you manage in Visual Lease.
Create an auditable greenhouse gas inventory for Scope 1 and Scope 2 emissions based on managed emissions factors from the Greenhouse Gas Protocol and the EPA
Upload supporting documents like electric, gas, or water bills to verify inputs.
Implement controls to ensure accuracy and completeness for sustainability reporting including an audit trail to track changes and new entries across your portfolio.
Run reports on emissions and activity data to support sustainability reporting for rating agencies and regulatory compliance.

Integrations Hub Enhancements

Added Currency API. The Imports feature enables you to import several types of lease information in bulk to the VL platform. In this release, we are introducing a RESTful JSON API that synchronizes currency FX rates by importing exchange rates from your ERP, or a 3rd party vendor, into Visual Lease on an automated basis. Automating this process increases data integrity and provides an audit trail for all currency data exchanges. To view documentation for this API in the Integrations Hub, click VL API in the left sidebar and then click Go To Documentation in the Currency API card.
Export Ad-Hoc Reports as CSV. In response to requests, in the Integrations Hub you can now export Ad-Hoc reports in the CSV file format to simplify automated integrations with data warehouses and business intelligence tools. When scheduling an export, if an Ad-Hoc report is selected you will be given the option to select the output type. There, you can select CSV as the output type. Your selection here will become the default output type regardless of how the export was originally configured. NOTE: the CSV export will only capture the first tab of the report. CSV output is not currently supported for other reports.

Report Enhancements

Enhanced Correction - Adjustments in Disclosure Reports. When a Correction - Adjustment calculation was included in a disclosure report, the adjustments created for the calculation did not appear on the Expense and Cash Flows tab. The issue is resolved and the adjustments are properly recorded in the report. The period that contains the adjustment on the disclosure report will combine the normal journal entries with the adjusting journal entries.

Issues Resolved

Enhanced Projects Module Error Messaging. An issue was reported when a user logs into the Projects module, they were presented with an error message stating “google.visualization.DataTable is not a constructor”. This error message did not prevent users from logging in or using the module. The issue has been resolved and users can now use the Projects module without this error.
Close (X) Button Updated. A style change was made to the close (X) button on certain pop-ups to consistently match our modern interface style.
Enhanced Roll Forward Report Ending Balance Spot Rate. An issue was identified on the Ending Balances tab of the Roll Forward report where the report was pulling in the incorrect Historical Spot Rate only on this tab. This has been resolved and now correctly pulls the Historical Spot Rate as of the calculation start date.
Enhanced Early Terminations in Roll Forward Report. The Roll Forward report summarizes the changes of lease accounting balance sheet items within a period of time. It was discovered that the Roll Forward report was improperly including terminated calculations in the Ending Balance tab, giving inaccurate values. This occurred when the calculation was terminated on the same day that the reporting period ends. The issue is corrected and terminations will not be included in the Ending Balance tab as expected.
Enhanced Bargain Purchase Lease in Roll Forward Report. An issue was identified where when a Bargain Purchase is performed on a lease, the calculation was being incorrectly displayed on the Summary tab of the Roll Forward report. The issue is corrected and bargain purchases will now correctly appear as a deduction on the ROU tab under the Terminations section.
Enhanced Roll Forward Report for Transfers of Ownership. In the Roll Forward report, when an asset transfers ownership causing the ROU Asset to be reclassified as a Fixed Asset, it should be recorded as such under Terminations. It was discovered that the Roll Forward report was not identifying the asset as terminated. This issue is corrected and the Roll Forward report correctly records ownership transfers with ROU asset reclassifications under Terminations.
Improved Lease Accounting Page Loading Time. Improvements were made to the Lease Accounting tab to reduce loading time.
Enhanced Tab Key Navigation in Transition Calculation. When entering information in pop-up windows, you can use the tab key to navigate between input boxes to quickly and easily progress through the task. It was discovered that when performing a transition calculation, the tab key did not advance from Capital Lease Asset Value at Transition (Gross) to the next box for Capital Lease Asset Accumulated Depreciation. The issue is resolved and the tab key moves to the next box as expected.
Enhanced Planned Increase Editing with Undefined Rentable Area Units. When creating recurring financial entries, you can schedule planned increases. It was discovered that when the unit of measure for the Rentable Area (Square Feet, Square Meters, or Square Yards) was not defined, users are able to see that planned increases were scheduled, but were unable to edit the increases. To resolve the issue, units of measure can be defined as N/A (not applicable), and planned increases can be edited as expected.
Enhanced Variable Payment Automatic Options. When creating a new financial entry in a category configured as Variable as default, the checkboxes for "Variable Payment for Disclosure Reporting" should be marked automatically. It was discovered that this behavior was not preserved with the transition to our modern interface. With this update, the behavior is restored.
Enhanced Change Log Entries for Deletions. When a lease record is deleted the action should be recorded in the change log, along with the user associated with the action. It was discovered that the change log incorrectly recorded the user who last modified the record, rather than the user who deleted it. The issue is corrected and the change log now correctly records the user who deletes the record.
Multiple Document Upload Added. When adding a new lease, you can upload supporting documents to the lease record. With this update, you can upload multiple documents and assign their document types simultaneously.

Added Likely to Be Exercised Column in Clause Options. With this update, we are adding a column to the lease clause edit window to display information for options that are Likely to Be Exercised. Previously, this information was only available when editing each option individually.

Enhanced Reporting of Accumulated Amortization. When amortization is reported on your balance sheet, the account is called Accumulated Amortization. This contra-asset account is shown in the Asset section of the balance sheet and shows a credit balance versus the natural debit balance of an asset. With this release, we have added a new column named Accumulated Amortization (Inception) in the Lease Schedule to help you account for all amortization before and after remeasurements. Click here for more information. To help you navigate through the changes, we created an on-demand demo video for your review:

Issues Resolved

Enhanced Rentable Area Delete Action. The Lease General tab displays a range of information for that lease record, including the rentable area associated with real estate leases. Rentable Area can be updated manually or with scheduled changes. If an entry is deleted, the Lease General information should show the previous effective entry. It was discovered that when an entry for Rentable Area was deleted the Lease General tab was not being properly updated with the change. The entry history also failed to update. This issue is resolved and deleted Rentable Area entries are removed from Lease General and the entry history.
Enhanced Dashboard Critical Dates Section. The Dashboard displays a variety of information for all of your leases, including leases with upcoming critical dates. You can select the date range for which leases are shown: the next 30, 60, 90, or 180 days. It was discovered that changing the date range selection did not affect the list of leases being displayed. The issue is corrected and the Critical Dates section correctly displays the selected range.

Issue Resolved

Enhanced Partial Terminations in the Roll Forward Ending Balance Tab. It was discovered that when lease was partially terminated, the remaining balance was not included in the Ending Balance tab of the Roll Forward report. The issue is resolved, and the Roll Forward report will include all ending balances as of the reporting date.

Issues Resolved

Enhanced Error Messaging for Upload Filenames. When using import templates to upload lease information, it's important to avoid using special characters in the name of the file. If these characters are present in the filename the upload cannot be completed. The following characters are known to cause an error: [! # + = ; &]. With this update, we are adding an error message alerting users when this error occurs.
Enhanced Associated Contact Custom Field Labels. The VL platform is highly configurable to support your business needs. It was discovered that when adding an Associated Contact to a lease record, the Party type dropdown was not respecting the custom field Labels. The issue is corrected to display the custom field labels.

Issue Resolved

System maintenance completed to improve performance and user experience.

Issue Resolved

Enhanced partial accounting feeds to include Fund Accounting Journal entries.
Enhanced FASB Disclosure Maturity Analysis to include payments.
Enhanced Roll Forward Report with Correction - Adjustments or Full Terminations performed.

The work on our modernized user interface (UI) will continue with the 23.4 release! Though most of these updates are cosmetic in nature, the goal is to create a cleaner look, organize information more efficiently, and to streamline your work in the platform. To help you navigate through the changes, we created an on-demand demo video for your review:

With this release, here are a few things we walk through in the video:

Tabs & Aesthetics: In previous updates to other parts of the platform, we introduced a new header, including changes to the lease tabs and subtabs. We also made slight changes to button locations, color and font updates, and spacing updates. The Lease Accounting tab now matches the style of those updates.
Lease Calculation Pivot: Reviewing lease calculations is made easier with a pivot function that switches between table and list modes.
Actions: The “Perform an Action” button has been removed and the “Create Calculation” and "Transition Calculation" buttons have replaced it. In table view, additional action options for calculations are accessed inside kebab menus. In list view, they are accessed with the Actions menu.

GASB Enhancements

Added support for GASB 96 Subscription Based IT Agreements.
Added GASB 96 GL Sub-Types to JE Summary report.

Integrations Hub Enhancements

Added Edit/Delete Options to Integrations Hub SFTP Designations.

Platform Enhancements

Enhanced Date Fields.
Improved Lease Accounting table style.

Issues Resolved

Improved generation of Ad-Hoc reports.
Enhanced reporting of Delete Action in Change Log report.
Enhanced GASB payments import.
Enhanced Reporting of Transition Leases in Roll Forward Report with Custom Calendar.
Improved Transactional Date Calculations in FASB/IASB Disclosure report.
Enhanced Roll Forward Report Using Functional Currency.
Enhanced calculation of F/X Translation Currency Fluctuation on Lease Payment in Roll Forward Report.
Attached clause documents indicator updated.

Issue Resolved

Enhanced browser tabs to show Lease ID.

Issue Resolved

Enhanced Accounting Feed Option in Financial Entries

Watch the 23.3 Feature Spotlight: Related Tab Spotlight

Platform Enhancements 

Enhanced Related Tab in lease menu
Added thousands separator commas to certain fields in the General tab.
Added user setting to specify default behavior of certain optional fields.
Enhanced Quick Search results.
Updated financial entry dialogue box.
Enhanced edit/delete menu items.
Enhanced Lease General Edit Organization box.

Lease Accounting Enhancement

Improved Capital to Finance transitions.

Reporting Enhancement

Improved the calculation of lease liability in FASB/IASB Disclosure Report.

Issues Resolved 

Enhanced Lease Accounting Import classification of lease type.
Enhanced lease accounting standard report interest rounding.
Enhanced Financial Entries page loading.
Enhanced Lease Accounting Import for IFRS 16 users.
Roll Forward Reporting:
- Enhanced Roll Forward Report Lease Type Change.
Enhanced lease activation approvals.
Enhanced F/X Translation Currency Fluctuation on Lease Payment Subtotal.
Enhanced layout in Clauses tab.
Enhanced Calendar date range selection.

Enhancements

Updated the Edit Clause dialogue box.
Enhanced lease filters by removing the Apply button.

Issue Resolved

Enhanced values given for NPV including RVG in imported leases.
Improved the process for creating a correction adjustment.
Enhanced the lease options section of the lease record sidebar.
Corrected the letter case in the Contacts tab header.
Enhanced sidebar information when creating lease filters.

Issue Resolved

Reports against filters had no data

Issue Resolved

Negative values were not accepted in financial entries

Performance Enhancements 

Improved Main Dashboard Performance.
Improved Payments Tab Performance.

Lease Accounting Enhancements 

Enhanced Journal Entry for GASB 87 Finance Lease Calculations.
Enhanced Calculation Options to Prevent Correction Calculations on Existing Corrections.

Navigation Enhancements 

Enhanced Links and Options to Open Lease Records to Support Tab Browsing and Improve Performance.
Short Lists Will Hide Unnecessary Paginator Controls.
Layout of the Lease Records Page Improved to Increase Visibility and Accessibility.

Issues Resolved 

Enhanced Financial Entries Upload.
Added Download Report Function for Financial Entries.
Enhanced Contact Information to Display Company on Person Contact Card.
Reintroduced Lease Type Icons in Quick Search Predictive Suggestions.
Enhanced FASB Disclosure Report calculation for ROU Assets Obtained in Exchange for Lease Liabilities.

Issue Resolved

Resolved discrepancy between PDF and Excel versions of FASB/IFRS disclosure report

Issue Resolved

Fixed an issue preventing clause history from appearing
Enhanced default lease record items per page

Performance Enhancements 

Enhanced page loading time in Lease General tab and lease sidebar.

Lease Administration Enhancements 

Added two optional fields to default Add/Edit Financial Entry.
Enhanced Clauses collapsing sections.

Issues Resolved 

Removed duplicate payments with remeasurement
Updated straight-line rent calculation
Resolved missing formulas in Roll Forward Report
Enhanced Organization hierarchy button
Enhanced lease record error message
Enhanced Documents and Payments sort by date
Updated ExecuteAPFeed user group permissions

Version 19.2 Release Webinar

Performance Enhancements

Significant improvements on initial load times on the Dashboard, Lease List, and Standard Lease Reports pages.
Significantly faster generation of Disclosure Report when including currency conversion.
Significantly improved loading of pages with a sidebar search by changing the way Organizations are selected and included in a search filter.

Lease Accounting Enhancements

Remeasurements
- Produce appropriate lease schedule and journal entries for full or partial terminations, which then flow to downstream reports and accounting feeds.
- End Calculation action (both in UI and import template) will no longer derecognize assets, as part of interim solution to deal with calculations made in error.
Streamlined Lease Accounting User Interface
- Only calculations that can be remeasured are available during the Create Remeasurement Calculation action.
Miscellaneous Lease Accounting Enhancements
- Appropriate schedule columns for new standards will be adjusted when necessary to address rounding issues and ensure that lease liability burns down to zero.
- Update Capital Lease Test action will set the lease type properly according to the relationship between the Net Present Value of payments and Fair Market Value.
- The Manage Accounting Feed action will always respect the calculations selected, so that only intended entries appear in GL feeds.
- All currency values in lease schedules shown in the interface and reports will be rounded to two decimal places.
- Calculation wizard will only ask for inputs that are relevant for each scenario.
- Active and inactive periods of schedules and journal entries will be formatted consistently for readability.
- Useful Life Months field will be included in ROU Asset amortization method and will be extended to maximum of 9999.
- Initial prepaid rent will no longer be deducted from first lease payment in a short term or low value transition calculation.

Reporting Enhancements

Disclosure Report
- Separate itemizing for cash flows of short term and low value leases
- Supporting Data tabs will include columns containing relevant currency conversion rates as reference.
- Will only include Lease Liability for the latest remeasurement, if more than one exists in the same reporting period.
- Present Value Discount and Lease Liability will have the proper value regardless of the Reporting Currency specified.
Change Log Report will now include tracking of changes within the Administrator module for the following system areas:
- User records
- System settings
- Financial entry categories
- Accounting discount rates
Change Log Report will now allow for the inclusion of archived leases in the report output
Lease Accounting (FASB/IASB) Standard Report
- Converts the Lessor tab to same reporting currency as Lessee tab.
- Lease schedules calculated with the simplified straight-line method will be reported in both Lease Currency and Reporting Currency.
Financial entries of all GL financial entry types will be available in the main Ad Hoc Report table.

Import Enhancements

Added a new import template and the ability to bulk import data to populate the Lease Information section of the Lease Accounting (FASB/IASB) page.
New “Land” column in the General Lease Information Import template for updating the land area of a real estate lease.
Lease Accounting Calculation (FASB/IASB) Import
- Lessor (sublease income) accounting can be imported
- Enhanced logic for amortizing finance ROU Asset will also apply to imported calculations.
- Only calculations explicitly designated for deleting will be deleted.
- Clearer formatting and instructional information.

Version 19.2.1 Release Notes (Late July)

Reporting Enhancement

Multiple Report Date Ranges of different types can once again be applied to Ad Hoc Reports

Version 19.2.2 Release Notes (Late July)

Financial/Accounting Enhancements

Resolved issue in which the Interest Rate Type from an original calculation was not carried over to a termination calculation.
Resolved issue in which certain financial entry deletions were correctly blocked but messages stated they were executed.

Reporting Enhancements

Updated the Lease Accounting Report to only display schedule starting and ending balances for calculations where the custom date range selected is inclusive of all calculation periods.
Disclosure Report Supporting Data:
- Resolved display issue with date ranges and amounts in the Maturity Analysis tab for calendar year date ranges.
- Resolved discrepancies in total values displayed for variable lease expense when currency conversion is applied to leases across multiple lease currencies.

Administrator Module Enhancements

Resolved issues in which active user records could not be copied or assigned two-factor authentication.

Miscellaneous Enhancements

Resolves issue in which the main menu items at the top of the platform did not automatically expand when user moves the cursor over them.

Version 19.2.3 Release Notes (Late Aug)

Lease Accounting Enhancements

Lessor operating calculations can now be ended using the End Calculation (No Derecognition) action, both through the platform interface and import template.
Residual Value Guarantee values entered when creating transition calculations will display wherever initial accounting values are displayed in the platform, reports, and exports.
Improved default naming of remeasurement calculations to begin with the type of remeasurement (modification, impairment, etc.)
First period payments will now be prorated for modification calculations starting mid-month whether or not the Lease Payments Consistently Prepaid One Month Prior flag is selected.
CAM / OpEx payments designated as Variable for disclosure purposes will be flagged as such when sent to the Financials module for accounting processing.

Reporting Enhancements

Resolved display issue in which the Lease Accounting Standard Report did not consistently display opening balances depending upon date range selection.
Journal Entry Summary Report now includes the ability to filter by accounting standard and calculation status.
Resolved issue in which the amounts beyond five years of maturity in the Disclosure Report did not display properly in the supporting data when reporting in a non-lease currency.
Resolved issue in which the Administrator users who made changes to user records were not properly identified in the Change Log Report.
Resolved issue in which the CAM/OpEx additional table could not be added when creating an Ad Hoc Report.

Administrator Enhancement

Added the option to select discount rates for transition calculations based upon remaining lease term or original lease term.
Resolved issue in which VL administrators could not unlock users that were locked out of the platform.

Miscellaneous Enhancements

Resolved issue in which system did not prompt user to update financials when extending the expiration date of the lease.
Resolved issue in which the latest information for a particular currency was not appearing consistently throughout the platform, such as currency name, abbreviation, and spot rate value.

Version 19.2.4 Release Notes (Late Sept)

Lease Accounting Enhancements

Lease Incentives: Ability to create modification calculations that properly handle lease incentives received after commencement that were not included in the initial estimate. System will reduce the Right of Use Asset starting balance by the amount of the lease incentive received and produce the relevant journal entries.
Resolved issue in which the journal entries for a gain or loss on termination did not properly display when using a mid-period termination date.
Resolved issue in which the starting balance journal entries did not properly display for remeasurement calculations using a mid-period date.

Reporting Enhancements

Disclosure Report
- The Disclosure Report will properly report ROU Assets Obtained in Exchange for Lease Liabilities for uploaded termination calculations.
- Resolved issue in which the active periods of Historical calculations were not being included in the Lease Liability value when appropriate.
Resolved issue in which the Change Log Report was not tracking changes to user records.

Miscellaneous Enhancements

Resolved issue in which lease filters created by administrators did not save with the correct permissions.
Resolved issue where period details were not properly displaying in the calendar view for financial entries with a frequency of monthly.

Version 19.3 Release Notes (Early Nov)

Watch the 19.3 Release Webinar Recording

Lease Accounting Enhancements

Calculations and Journal Entries

New action, Make Correction, allows for correction of Active original or standalone transition calculations under ASC 842 or IFRS 16 that were created with incorrect inputs. Two correction methods are available: (1) Adjustment or (2) Full Reversal of journal entries.
Calculations corrected using the Make Correction action can be reported in the standard lease accounting reports, distinct from other historical calculations.
Eligible original calculations that have been transitioned, modified, impaired, partially terminated, or corrected can be restored as part of the Delete Calculations (No Derecognition)

Currency Enhancements:

Currency section of Administrator will separate the maintenance of currencies defined in your account from the conversion rates between currencies.
Conversion rates can be specified for any two defined currencies, instead of just to and from the system currency.
Addition of conversion rate records to the new Currency Rates table derived from existing records.

Itemizing Amortization and Interest Separately

New option to itemize lease expense journal entries for ASC 842 Operating calculations separately as amortization and interest entries instead of a single Lease Expense entry.
New General Ledger sub types added to generate separate amortization and interest entries in general ledger feeds.

New option to download Create New Calculation from Schedule Upload template pre-populated with the schedule as the platform usually generates it.
Deferred Rent and Deferred Rent Running Balance columns will no longer appear in the schedules for ASC 842 or IFRS 16, unless a short term or low value practical expedient was exercised.
Minor improvements to the usability of the Lease Accounting page, including:

Net Present Value Calculation Method now displayed in the interface, as well as in key accounting reports.

Names of journal entries pertaining to transitions from IAS 17 to IFRS 16 (going forward) will have references to FASB standards (that is, "840" and "842") removed.

Reporting Enhancements

Disclosure Report:

Now converts figures in all supporting data tabs to designated reporting currency
Resolved discrepancies between supporting data totals and main report tab.
Maturity Analysis will now properly include calculations that extend beyond lease expiration.
Now properly reports ROU Assets Obtained in Exchange for Lease Liabilities from uploaded termination calculations.

Lease Accounting Report:

Enhancements for easier filtering, identification of the criteria used to run the report, and better identification of the Calculation Inputs tab.

Change Log Report:

The Excel output option for the Abstract Report has been retired. PDF and Word output options remain.
Ability to email for all standard reports and report performance enhancements
New options to export the User Login Report in PDF or formatted Excel, including the timestamp of the export and the name of user who ran it.
Ad Hoc Reports

Other Client Platform Enhancements

New option in the Dashboard Defaults section of the User Settings page to default the measurement units in any lease dashboard to that lease's units instead of a fixed unit.
You can now search Brands in the Quick Search field.
Improved performance with Region and Country & State/Province sidebar fields.

Administrator Enhancements

The Manage Users page now shows a Lease Security Filter column specifying the set of leases each user can access.
The Accounting Discount Rate page now includes columns for auditing changes to the table.

Accounting Feed Enhancements

Page will default to show only feeds run in the last 60 days with the ability to change the threshold. Additional filtering based on the lease filter the feeds were run against.
New journal entry General Ledger sub types 840 Lease Liability and 842 Lease Liability to represent the proper entries when transitioning to FASB 842 or IFRS 16.
General Ledger Sub Types representing gain or loss on Abandonment or Remeasurement will be removed from Administrator and will no longer be supported by the Accounting Feed module.

Issues Resolved

Lease Accounting and Financials
Alerts

Default Alert Setup values will now populate new alert records as intended.

Version 19.3.1 Release Notes (Late Nov)

Enhancements

Reporting
- The Disclosure and Lease Accounting reports have been enhanced to include an option to convert non-monetary assets at the current spot rate rather than the historical spot rate.
- The ROU Assets tab of the Disclosure Report includes a new Spot Rate column to hold the current period’s spot rate.
Two new Multiple Lease Update actions have been introduced to associate a contact to and disassociate a contact from a set of alerts. The existing Associate/Disassociate Contact actions are renamed for clarity.

Issues Resolved

Reporting
- Corrected an issue in which figures in the Weighted Average supporting tab of the Disclosure Report were calculated incorrectly when converting currencies, causing the final weighted averages to be incorrect in the cover page.
- Ad Hoc Reports with certain additional tables can now be generated.
- Corrected an issue in which Ad Hoc reports that were created with additional report fields or tables were generated with only the first 300 leases.
- Saved filters that included a Lease Type restriction are now being properly loaded into Standard Lease Reports.
Currency Rates
- Corrected an issue when importing new currency rates from Open Exchange, where an error message stated that those rates were already imported.
Lease Accounting
- Impaired calculations that were later modified produced negative ROU Asset Such situations are now corrected with a Gain on Modification journal entry posted as a credit in the positive amount of the negative portion of ROU Asset.
- If you correct a calculation so that you indicate that lease payments are made one month prior, and you correct with the Adjustment method, no additional journal entries for ROU (SB) or Prepaid Rent are written after the Adjustment entries.
- Reversal journal entries for full reversal corrections will now appear in blue if the period in which they’re posted is the current month.
Lease Administration
- Corrected an intermittent issue in which you could not save or disassociate a contact record from a lease.
- Corrected an issue where populating the Cost/Rentable Area field in Financials >Entries did not automatically populate the Amount field.
- Corrected an issue where either no dates or many irrelevant dates were shown in the Critical Dates section of the lease sidebar.

Version 19.3.2 Release Notes (Early Dec)

Issues Resolved

Disclosure Report:
- An issue was causing the Maturity Analysis section of the Disclosure Report to incorrectly report lease liability for leases that were terminated before the maturity analysis period started. This issue has been resolved.
- An issue was causing the Disclosure Report to incorrectly include full terminations of transition calculations ending after the reporting date range. This issue has been resolved.
Ad Hoc Report issues:
- The Currency Conversion Rate column could not be added to an Ad Hoc Report. This has been resolved.
- An error was encountered when changing the Reporting Currency when there are additional tables. This has been resolved.
An issue was found in which correction calculations for transitions showed error messages, but were saved. Also, the original calculations did not change status or have reversing journal entries. This has been resolved.
An issue was found in which Lease Expense journal entries were missing for calculations created before the Track Interest and Amortization for Operating Leases feature was introduced. This has been resolved.
Extra arrowheads were appearing to the right of Administrator Settings and Tools menu options, and has now been resolved.

Version 19.3.3 Release Notes (Mid Jan '20)

Enhancements

Reporting
- The Disclosure and Lease Accounting reports have been enhanced to include an option to convert non-monetary assets at the current spot rate rather than the historical spot rate.
- The ROU Assets tab of the Disclosure Report includes a new Spot Rate column to hold the current period’s spot rate.
Two new Multiple Lease Update actions have been introduced to associate a contact to and disassociate a contact from a set of alerts. The existing Associate/Disassociate Contact actions are renamed for clarity.

Issues Resolved

Reporting
- Corrected an issue in which figures in the Weighted Average supporting tab of the Disclosure Report were calculated incorrectly when converting currencies, causing the final weighted averages to be incorrect in the cover page.
- Ad Hoc Reports with certain additional tables can now be generated.
- Corrected an issue in which Ad Hoc reports that were created with additional report fields or tables were generated with only the first 300 leases.
- Saved filters that included a Lease Type restriction are now being properly loaded into Standard Lease Reports.
Currency Rates
- Corrected an issue when importing new currency rates from Open Exchange, where an error message stated that those rates were already imported.
Lease Accounting
- Impaired calculations that were later modified produced negative ROU Asset Such situations are now corrected with a Gain on Modification journal entry posted as a credit in the positive amount of the negative portion of ROU Asset.
- If you correct a calculation so that you indicate that lease payments are made one month prior, and you correct with the Adjustment method, no additional journal entries for ROU (SB) or Prepaid Rent are written after the Adjustment entries.
- Reversal journal entries for full reversal corrections will now appear in blue if the period in which they’re posted is the current month.
Lease Administration
- Corrected an intermittent issue in which you could not save or disassociate a contact record from a lease.
- Corrected an issue where populating the Cost/Rentable Area field in Financials >Entries did not automatically populate the Amount field.
- Corrected an issue where either no dates or many irrelevant dates were shown in the Critical Dates section of the lease sidebar.

Version 19.3.4 Release Notes (Late Jan '20)

Issues Resolved

Corrected issue in which the IFRS 16 accounting standard had become unavailable when creating a calculation.

Version 19.3.5 Release Notes (Early Feb '20)

Issues Resolved

Lease Accounting
- Resolved duplicate journal entries created when modifications are done mid-period.
Reporting
- Resolved issue in which lease liability and weighted averages were overstated in Disclosure Report when both Historical and Active calculations fall in the reporting period.
- Resolved issue in which some leases shorter than 12 months were omitted from the Disclosure Report.
- Resolved issue with the Lease Accounting Report not including leases for specific reporting periods.
- Resolved issue where saved Ad Hoc reports had empty Currency columns.
Other Issues
- Resolved issue in which some imported currency rates did not appear in the Currencies page in Administrator.
- Field name changed in Multiple Lease Update actions.

Version 18.1 Release Notes (Mid March)

Version 18.1 Recorded Webinar

All New FASB/IASB Module

Major enhancements to the Lease Accounting Module:

Ability to run individual, independent calculations for FASB 840, FASB 842, IAS 17 and IFRS 16
Calculations for hypothetical scenarios, retrospective reporting and many others
Remeasure Calculations and automated computation and creation of reverse journal entries for lease term change
Remeasure Calculations, derecognize asset and liability values, and automated computation and creation of reverse journal entries
End Calculations, derecognize asset and liability values, and automated computation and creation of reverse journal entries
Produce qualitative Disclosure Reports right from your Visual Lease accounting data
Better visualization of Short-Term versus Long-Term Lease Liabilities
Better handling for IFRS only portfolios

Don't delay getting started on your migration to the new module today to ensure your compliance. Contact your account manager for a preview and to get a glimpse into these and upcoming features today.

FASB/IASB Enhancements

New Administrator System Settings fields to indicate whether Lease Test Threshold amounts should be used. If used, values can be changed from the default of 75% of Useful Life and 90% of Fair Market Value
New Override Reason fields for the Capital Lease Test whenever a default answer is overridden
Added Deferred Rent Starting to FASB Calculations
Added Initial Prepaid/Accrued Rent as an input to the FASB calculation. FASB calculation engine adjusted to include this new input which raises the Lease Expense while not inflating Lease Payments
Enhanced FASB Schedule include Deferred Rent and Deferred Rent Running Balance for Operating leases
New Journal Entries section to view FASB schedule data in Journal Entry form, including the details of the entries that will be made
Added Export Schedule feature

Currency Conversion / FX Rates Enhancements

Added Effective Date to the Currency table in the Administrator module to enable the tracking of changing currency rates over time
Added currency rates from OpenExchangeRates.org that refresh daily on a Visual Lease reference table available for Client Administrator use
Added Import Rates button to the Administrator Currency page to allow customer databases to import rates from Visual Lease reference table on demand

New Security Enhancements

New Single Sign On capability to allow user authentication from Federated Security Sources
New functionality to allow Import Lease Financial Entries usage for specific users
New functionality to hide the Projects module from specific users

Lease Enhancements

Updated Lease Alert Recipients display to include full contact information for alert recipients, making it easier to identify the alert targets
New Quick Search field within the Select Organization popu
Renamed the Asset Class field to Record Type to better denote that field's purpose

Cost per Rentable Area Enhancement

New Cost per Rentable Area field which can be entered to drive lease financial amounts or computed based on lease financial amounts
Updated Financial Increases section to include Cost per Rentable Area at each change in lease terms
Expanded the view of Recurring Financial Increases to allow the entry or computation of Cost per Rentable Area for each instance of a recurring change

Financial Enhancements

Added Forecast calculations action on Multiple Lease Update for budgeting/projections purposes
Enhanced Financial Filters on Entries page to include only Financial Types used on each lease
Enhanced Financial Filters on Entries page to include additional options such as Forecasts and GL Entries
Enhanced the Financial Category selection by replacing the existing drop-down list with a type-ahead feature to quickly select known categories. For more detailed searching added the ability to select and view the full hierarchy of financial categories
Added Comments field to Financial Increases section
Updated Administrator Financial Category screen to allow mapping to other Financial Categories for Forecasting and Straight Line Rent automation functions

Reporting Enhancements

Updated Ad Hoc and Abstract Reports to include Cost per Rentable Area values where the Financial Entries are displayed
Added Deferred Rent Starting Balance to Straight Line Rent Standard Report

Version 18.1.1 Release Notes (Late Sept)

FASB/IASB Enhancements

Import
- The Import FASB/IASB Template will include new columns and a new Action to accommodate transition calculations.
- The FASB/IASB tab of the template will include all the same fields and labels as the FASB/IASB calculation wizard.
Lease Accounting Calculation Engine
- Capital Asset Value at Transition (Net) will always be computed when transitioning from a Capital lease.
- If a transition calculation is determined to be Capital to Finance, all initial accounting fields except Capital values at Transition will be ignored.
- The Save button at the end of the calculation wizard will be disabled until the NPV is calculated and appears.
- Financial entries treated as End of Lease Obligations will always be applied to the last payment in a schedule, regardless of whether lease payments are consistently paid one month prior.
- Corrected an issue running calculations for IASB Only accounts.
- Starting Balance of Gross Liability (Cash Basis) in the FASB/IASB Schedule will be the total of all Lease Payments (Cash Basis).

Calculation Wizard
- Residual Value Guarantee field in calculation wizard clearly identified as used for the lease type test.
- Currency values entered in the FASB/IASB wizard will always appear rounded to two decimal places
- Allowed changes to the Transition and Remeasurement Date are only possible at step "0" of each wizard, and these field values populate the Start Date in Step 2.
- Files uploaded via the FASB Schedule Upload wizard will go through basic validation such as checking the periods are sorted and consecutive.
- Update Capital Lease Test changes now reflecting in page immediately
Journal Entries
- Several issues in Day 1 journal entries for transitioning have been addressed
- When the Update Capital Lease Test action on a calculation results in a lease type change, the journal entries will reflect that change.
- When a lease is copied and includes FASB/IASB calculations, all journal entries will also be copied.
Disclosure Report
- Adjustments in the calculation of the Lease Liability entry in the Maturity Analysis section .
- Adjustments in the calculation of the Thereafter entry in the Maturity Analysis section.
The ROU Asset (Balance Sheet) values in the schedule on the FASB/IASB page will match the FASB/IASB Schedule additional table in Ad Hoc reports.
Capital Lease Asset (Balance Sheet) column renamed ROU Asset (Balance Sheet) for all new accounting standards and lease types in the New FASB/IASB Standard and FASB/IASB Abstract reports and the schedule export file.

Miscellaneous Enhancements/Fixes

When searching for a Category in Add/Edit Financial Entry using the type-ahead feature, the account/expense Code will appear next to each matching category, and the Code can be used as a search criterion.
Instructions for Import Currency will include proper Effective Date formatting, and the template will indicates that Abbr and Average Value columns are required.
The Add Payee link in the Payees section is now working properly with Internet Explorer
Save button in System Settings page of Administrator is now fully visible.
Several issues occurring when saving calculations have been addressed.
Missing journal entries issue for ASC 842 Operating calculations has been resolved.
Help text for FASB schedules correctly describes each column.

Version 18.2 Release Notes (Early June)

Version 18.2 Webinar

FASB/IASB Enhancements

Enhancements to the Lease Accounting Module:

Create, end or remeasure FASB/IASB calculations using a mid-period start or end date
Display FASB/IASB reversing entries in the Financial Calendar and throughout the relevant reports
Allow financial entries scheduled after the lease end date to be included in FASB/IASB calculations to better support options that are "likely to be exercised"
Hide Capital Lease Test for IASB calculations and IASB-only client databases
Include data for retrospective calculations when running a FASB/IASB Disclosure Report with one or two year look back
Hide calculations with "historical" status, when presenting the list of existing calculations upon which to base a remeasurement calculation
Option to automate running of capital lease test to determine the lease type for each record when using the FASB/IASB import tool
Help text for the FASB/IASB Lease Schedule which explains how the calculations are derived
Adjustment of various labels in the FASB/IASB calculation wizard inputs for better clarity
New field to allow for entry of "Probable Amount Owed at End of Lease" during FASB/IASB calculation input
Adjust Discount Rate step to allow entry of an Explicit rate and support future calculations of Implicit Borrowing Rate
Set a fixed width for columns in FASB/IASB calculations to easily compare and contrast multiple calculations

Lease Enhancements

Ability to specify that an option is “likely to be exercised,” and the ability to view that status when viewing Options and in Ad Hoc Reports
New Allocations Import Template to allow bulk creation and modifications of Lease Space and Financial Allocations
Improved messaging when a user enters an invalid Location ID for a lease during import

Financial Enhancements

New FASB/IASB columns as available GL Sub Types for Financial Category Administration, allowing FASB data to have Chart of Account values mapped for GL feeds
Inclusion of Receivables for Income leases within Straight-Line Rent calculations
Update to Replace Payee to better handle cases when financial entries needing replacement are included in a Straight-Line Rent calculation
Ability for Cost per Rentable Area (CPRA) calculation to be turned off for a financial entry or increase which allows the user to specify the exact CPRA values
Increase to the number of digits available, both before and after the decimal place, when specifying the sales rate in Percent Rent Formulas
Improved messaging to clarify that a user cannot edit the Lease Expiration Date when the new date would cause modifications to financial transactions that have been included in one or more accounting feeds

Reporting Enhancements

Select which financial categories to include in the Financial Variance Report output
New FASB/IASB Abstract Report that includes the full picture of each lease including Accounting data
Capability to filter Ad Hoc Reports by FASB/IASB Accounting Standard
Refined default report options for the Financial Analysis Report to simplify setup for the most common use cases
Ability to specify a data range to filter the FASB/IASB Report output
Ability to specify a date range to filter the Critical Dates Report output

Security Enhancements

Ability to lock out users that have multiple failed login attempts
Enhanced security for users without rights to view the Notes tab, hiding the tab for those users
Enhanced security for users without rights to view the Financials tab, hiding the tab for those users
Allow Administrators to set a future date upon which user access will be terminated

Administrator Enhancements

Customize Standard Report names
New Field Customizations page to allow account Administrators to modify their account configuration
Visibility on Financial Categories modification screen to show the parent/child relationship for forecast categories

Miscellaneous Enhancements

Mapping functionality enhancements including a new "cluster" view for tightly grouped map points
Align customized field labels across tabs and sidebar
“Account Settings” link renamed to “User Settings” to better reflect the settings that users can manage via this page
Support for special characters in the Quick Search
Improved back-end processing of FASB/IASB and Cost per Rentable Area (CPRA) calculations to ensure optimal performance

Version 18.3 Release Notes (Mid Sept)

Version 18.3 Webinar

FASB/IASB Enhancements

Enhancements to the Lease Accounting Module:

FASB/IASB Day 1 Transition
- Added full support for transition to the new accounting standards, allowing users to create transition calculations from existing ASC 840 or straight-line rent calculations to ASC 842 or from IAS 17 to IFRS 16, using the new “Create Transition Calculation” action.
- System produces comprehensive journal entries when transitioning to the new standards or creating a new lease accounting calculation.
- Addition of input field for transition calculations to capture ASC 420 Exit or Disposal Cost Obligations
Lease Accounting Calculation Engine
- Improved journal entry generation for New and Transition calculations, including journal entries for short term and long term lease liability, better Day 1 journal entry detail, breakout of interest and amortization for finance leases and more!
- Added an entirely new calculation to handle leases that are consistently prepaid one month prior
- Improved the inclusion of options “likely to be exercised” when running FASB/IASB calculations
- Made the calculation wizard even easier to use by ensuring only relevant input fields appear for each calculation type and scenario
- Added the ability for Administrators to optionally track short term and long term lease liability
- Improved Residual Value handling by adding fields to capture Probable Amount Owed per Residual Value Guarantee and Residual Value Guarantee per Lease Agreement
- Enhanced validation to ensure that financial entries designated as “End of Lease Obligations” are set up as one-time payments and have an effective date that aligns with the assumed end date of the FASB/IASB calculation
Empowered users to handle lease accounting scenarios not accounted for by our calculation engine by providing the ability to upload pre-calculated schedules into the FASB/IASB module.
Enhanced the ability to flag variable payments at any point during the lease lifecycle and have them flow through to the Disclosure Report. Financial entries can now be identified as variable separately for GAAP or IFRS.
Added the ability to export the Lease Accounting Schedule for one or more calculations directly from the FASB/IASB page
Significant improvements to the FASB/IASB Import Template to ensure consistency and ease of use when bulk importing FASB/IASB calculations

Financial Enhancements

Ability to configure the Variable Rent module to support other types of variable rent calculations such as royalties, commissions and other non-sales scenarios by allowing rates to be optionally entered as whole numbers instead of percentages
Users in the ReadAllEditFinance user group can now upload invoice documents to the CAM / OpEx module.

Reporting Enhancements

New Change Log Report (for SOX compliance) allows users to track changes to all fields on the Lease General, Financial Entries and FASB/IASB pages
New Journal Entry Summary Report allows users to sort and filter journal entries by a range of criteria
FASB Disclosure Report:
- Option to show report criteria such as lease filters, calculation status, etc. on a separate page when report is generated
- Adjusted calculation for Short-Term Lease Expense to exclude leases with a term of one month or less
Design improvements and addition of filters for accounting standard and calculation status to FASB Abstract Report

Miscellaneous Enhancements

Added the ability to lock the Vendor Number field to ensure that vendor information is sourced from the ERP and that all payees have a Vendor Number
Added the ability for Administrator to assign a default tenant when adding or editing organizations
Enhanced the “Import Currency” template to make loading FX rates easier and more intuitive
Significant performance improvements for the Main Dashboard, Lease List, Lease pages and Ad Hoc Reports

Version 18.3.2 Release Notes (Mid Oct)

FASB/IASB Enhancements

Import
- Asset Value (Net) column will be removed from FASB Import template, because it is calculated by VL from the Gross and Depreciation values.
- Existing straight-line rent calculations can be included in transitions
- Validation error message regarding dates for transition calculations have been clarified.
- A transition calculation will not be created by an import unless it passes validation.
- VL will validate imported data for Capital Lease Asset Value (Gross), Capital Lease Asset Accumulated Depreciation, and Capital Lease Liability when no calculations are indicated for transition.
Lease Accounting Calculation Engine
- Short-term Lease Liability corrected when entry includes abatement period
- The proper discount rate for a calculation will be applied dynamically as the date range changes
- Schedule and journal entries for Capital to Finance transitions will only be affected by Capital Lease Asset Value at Transition (Net) and Capital Lease Liability at Transition.

Journal Entry Generation for Day 1
- Journal entries will properly be generated for Lease Incentives and Initial Direct Costs.
- Starting Balance references “(SB)” added to entries for transition calculations
Currency fields will be properly aligned in the wizard and long calculation names will wrap in the FASB/IASB page header.

Reporting Enhancements

FASB/IASB Disclosure calculations for the Lease Liability row in Maturity Analysis and ROU assets row in Other Information have been corrected.
FASB/IASB Standard Report
- Will include the Present Value column when desired for calculation debugging
- Schedule column shifting issue is resolved and ROU Asset values now match between the report and the FASB/IASB page.
The Change Log Report will be available to all accounts, with certain user restrictions.
Journal Entry Summary Report will either report Lease Liability as one entry or break it out into short-term and long-term entries.
Financial Variance: Show Lease Data check box is aligned with other check boxes.

Miscellaneous Enhancements/Fixes

As part of the effort to add Lease Security support for accounting feeds, users in the ExecuteAPFeed user group can now be assigned Lease Security.
All selected information will be copied when using Save As function to copy a lease.
Clicking Show History for any financial entry will no longer produce an Invalid column name error.
An error when creating lease express records in certain accounts has been fixed.
Administrator menu option for Contact Roles is properly labeled.
Account Dashboard will no longer lead to time out errors.
Lease IDs will have no trailing spaces in Ad Hoc reports

Version 18.3.3 Release Notes (Late Oct)

FASB/IASB Enhancements

Import
- If the Explicit Rate or Incremental Cost of Borrowing are not specified in the template, the system will use the appropriate discount rate established by your Visual Lease Administrator
Lease Accounting Calculation Engine
- Corrected an issue that prevented users from saving IFRS 16 calculations.
Journal Entries
- Addressed issues with starting balance journal entries when transition calculations are run with no existing calculation selected.
- Addressed issue with lease liability being overstated when flag to track short term and long term lease liabilities is enabled.

Version 18.4 Release Notes (Early Dec)

Version 18.4 Webinar

FASB/IASB Enhancements

Lessor Accounting: Ability to designate a Financial Type of “Expense” or “Income” at the lease level. Leases designated as “Income” will have Lessor Accounting logic applied to their FASB/IASB calculations.
IAS 17 Operating Leases: Create new calculations for IAS 17 Operating leases and transition calculations from IAS 17 Operating to IFRS 16 Finance.
Journal Entry Uploader - FASB/IASB Lease Schedule Upload template now allows users to upload pre-calculated journal entries along with lease schedules.
Currency Options for Discount Rates: FASB/IASB discount rates established in Administrator will include Currency as an option to apply different rates for different currencies.
Updated field label for IFRS 16 wizard for inputs related to Estimated Costs for Dismantling, Removing and Restoring assets.
Help text for Lease Schedule grid has been updated with more detailed descriptions and explicit formulas for how each column is calculated.

Financial Enhancements

New GL Subtypes

Sale-Leaseback Transactions: New subtype can be assigned to a financial category for reporting gains or losses on sale-leaseback transactions in the FASB/IASB Disclosure report.
Mapping of Journal Entries: Additional fields have been included on financial categories to allow for more granular mapping of journal entries to GL feeds. New fields include Lease Type, Accounting Standard and Record Type (Asset Class).

Invoice Information: Financial entries and transactions will have the option to include Invoice Number, Invoice Date, and four custom text fields.
Allocation Options: Improved allocations so that charge codes can be assigned as a string of component codes selected from drop down menu. Component lists can be managed by Administrators.

Reporting Enhancements

FASB/IASB Disclosure Report:

Enhanced flexibility for date ranges allows users to run the report by fiscal year, calendar year, quarter ending or a custom date range.

Currency Conversions: FASB/IASB Standard and Disclosure reports will now perform currency conversions from one or more lease currencies to a single reporting currency.
Journal Entry Summary Report: Option to view Lease Liability as one entry or itemized by short-term and long-term in alignment with the setting selected in the Administrator module.

Import Enhancements

FASB/IASB Import

Template can be used to activate pending or hypothetical calculations.
“Calculation Name to End” column renamed “Calculation Name to Action” for improved clarity.
System will use the discount rate based on Administrator settings for any calculations where discount rate is not included in the import template.

Lease General Information: Import template now includes Effective Date for area data.
Import Currency: Template has been adjusted to match field names in the Visual Lease user interface.

Miscellaneous Enhancements

Vendor Number search field: Added a Vendor Number search field in the sidebar of the main Contacts page and Search Contacts dialogue to allow for better identification of contacts loaded from a Vendor Management System.
Restrictions on Editing Vendor Records: Ability to edit vendor (payee) records can be restricted to specific users.

Version 18.4.1 Release Notes (Mid Dec)

FASB/IASB Enhancements

Disclosure Report
- Resolved issue with system validation when selecting a custom date range in Report Options.
- Figures in different currencies will now be converted as per standards.
Lessor Accounting
- Resolved issue with system validation for Receivables
Ad Hoc reports will now successfully run with the FASB/IASB Schedule additional table when selecting the lease currency as the reporting currency.

Auto Importing Enhancements

Corrected issue with uploading Financial Entries.
When a remeasurement calculation is auto-imported, all of its parameters will display in Visual Lease.

Version 18.4.2 Release Notes (Late Dec)

FASB/IASB Enhancements

Implemented update to resolve display issue with Starting Balance rows in the FASB/IASB Standard report for a subset of lease calculations
Implemented update to resolve issue with handling of Opening Deferred Rent Balance for Transition calculations where Lease Type at Transition is classified as Operating
Implemented update to resolve display issue with Financial Calendar for specific leases

Version 18.4.3 Release Notes (Early Jan '19)

Implemented update to resolve issue with loading the Standard Lease Reports page.

Version 18.4.4 Release Notes (Early Jan '19)

FASB/IASB Enhancements

Implemented a new action, “Create Transition Calculation from Schedule Upload”, to allow users to upload pre-calculated schedules and journal entries for unique scenarios when transitioning to ASC 842 or IFRS 16.
If allocations lead to an uneven total journal entry amount, the difference is added to the largest allocation to prevent GL feed loading issues due to imbalances.
If a lease under ASC 842 is determined to be Finance, the system will appropriately amortize the ROU Asset based upon the useful life or the lesser of the useful life and lease term, as dictated by responses to the lease type test questions.
Enhanced calculation logic to handle scenarios where the initial prepaid rent amount entered is equal to the total remaining lease obligation.
Resolved display issue with answers to Lease Type Test questions in the calculations grid of the user interface
Disclosure Report updates:
- The Maturity Analysis section of the Disclosure report has been enhanced to account for partial first years, and full years beginning with the account-designated fiscal year after the first year.
- Weighted average figures in the Other Information section are based on values calculated after currency conversion, when applicable.
- Display issue with date range labels was corrected and format of labels in Maturity Analysis was enhanced to ensure clarity, especially when running the report for quarter ending periods.
- Issue with report filtering logic was addressed to ensure that ROU Asset values for newly commenced leases in the reporting period only are included
- Report logic for short-term lease expenses has been updated to ensure inclusion of leases that are exactly 12 months in length
- Resolved issue with short-term lease expenses being excluded from Maturity Analysis cash flows for some leases
- Report logic was enhanced to ensure that starting balances for calculations created prior to v18.3 are properly displayed
- Report filtering logic was updated to ensure that variable lease expenses display properly when Accounting Standards filter is applied and when leases of mixed financial types are included.

Import Enhancements

FASB/IASB Import
- Improved error message when required information is not provided for Operating to Finance transition calculations.
- Enhanced template formatting and instructional text to improve ease of use.

Security Enhancements

Implemented additional security enhancements to ensure that all pages remain restricted to properly authenticated users.

Version 18.4.5 Release Notes (Late Jan '19)

FASB/IASB Enhancements & Fixes

Financial categories can be set up to post journal entries to GL feeds that are relevant to lessor accounting (i.e. Income leases).
Implemented logic to address additional scenarios where journal entries did not balance due to minor rounding issues
Addressed issue with lease type test input values to ensure they properly display after the calculation has been processed.

General Ledger Feed Enhancement

New version of the standard feed provides Offset Account Number and Offset Account Name columns after GL Account Number and GL Account Name.

Reporting Enhancements and Fixes

Disclosure Report:
- Addressed display issues in the Maturity Analysis section for quarter ending and custom date ranges.
- Addressed display issue for Sublease Income when Reporting Currency is included.
- Addressed display issue to ensure that all weighted-average values display two decimal places.
Resolved issue in which the Abstract Report was displaying the incorrect Cost per Rentable Area.

Import Enhancements and Fixes

Resolved issue with system not properly processing values entered for capital to finance transition calculations.

Visual Lease has a new look!

We are continuing our project to make the platform more intuitive and efficient for you and your teams. Updates to the look & feel of Lease Accounting and reporting are coming this spring! Stay tuned to your email and platform notifications to ensure you are up-to-date on the release and resources for your team.

Important Hosting Update

To provide you with increased platform security, scalability and reliability, Visual Lease will be transitioning its cloud hosting provider to Amazon Web Services (AWS) beginning this June 2020. For additional details, please visit here.

Where Will Visual Lease Be Presenting?

Learn where Visual Lease will be presenting live and online! click this link to learn more.

Release Notes

Releases

Archive

Version 19.2 Release Webinar

Version 18.1 Recorded Webinar

Version 18.2 Webinar

Version 18.3 Webinar

Version 18.4 Webinar

Visual Lease has a new look!

Important Hosting Update

Where Will Visual Lease Be Presenting?

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