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3 Benefits of Lease Accounting Automated Balance Sheet Reconciliation Reports

3 Benefits of Lease Accounting Automated Balance Sheet Reconciliation Reports

CoStar provides a lease accounting balance sheet reconciliation report as part of its automatic lease accounting reconciliation. The report helps companies compare the general ledger balance to the sub-ledger using most any third-party reconciliation system, such as Blackline. Through a connection to a reconciliation system or your ERP’s reconciliation module, it provides the amounts and the accounts needed to reconcile the balance sheet for any selected periods. Companies that don’t reconcile balances in any external software can still use the report to aggregate the data needed to reconcile accounts from the sub-ledger in CoStar.

Easily Reconcile Balance

CoStar makes it possible for customers to reconcile all journal entries that have been booked against the current balances. With the balance sheet reconciliation report, there’s no need to run separate reports and manually pivot data.

Save Time

Accountants can easily group and sum the balance sheet account numbers, saving them time during monthly reconciliation. They can vary the lease allocation groupings to generate multiple versions of the report to meet business needs. Since grouping is optional, companies can still use this report even if they don’t track allocations in CoStar.

The content within the summary tab can be imported into reconciliation systems like BlackLine.

Build Ad Hoc Reports

Organizations can use their balance sheet account numbers in CoStar’s lease accounting software to build ad hoc reports for any one period or multiple periods using any data points deemed critical.

The report provides the amounts and accounts needed to reconcile the balance sheet for a period and the opportunity to aggregate the data in a summary view.
Balance sheet reconciliation reports are just one way that CoStar speeds up lease accounting processes. To learn more about CoStar lease accounting software and to understand the many ways it stands far above the competition, read Why Lease Accounting Software Systems Fail.

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