Automated ASC 842 Journal Entry Integrations

1 min read
August 20, 2022
CoStar Real Estate Manager Blog

Automated ASC 842 Journal Entry Integrations

Automated ASC 842 journal entry integrations are easy and guaranteed with CoStar.

One of the most important features in lease accounting software is the ability to integrate journal entries with an organization’s ERP system. But many lease accounting software solutions lack the ability to do that easily, and some can’t integrate at all.

Lease Accounting Automatic Journal Entry Integration Problems

Either systems can’t integrate with ERPs, aren’t supported, or some buyers discover that delivered integrations simply don’t work.

The lack of integrations with an ERP system forces accountants to download data from their leasing software and spend hours in spreadsheets manipulating columns into the prescribed format, removing unnecessary data, adding the right cost centers and GL strings, and then uploading the journal entries into the ERP.

When lease accounting software doesn’t offer automatic journal entry integration with an ERP, accountants must spend hours doing manual work to meet ASC 842 compliance.

Lease Accounting Journal Entry Integration Solutions

Lease accounting software from CoStar offers journal entry integration with a standard journal entry file format that includes essential features, so accountants never have to work in spreadsheets. CoStar integrates with all major ERPs and financial systems, including those for accounts payable and accounts receivable, reconciliation and fleet vendors. These integrations create automatic workflows, save countless hours of manual workarounds and unnecessary processes and reduce the risk of errors. Integrations are also easily tracked and auditable.

Lease Accounting Software with CoStar

If your existing lease accounting software is missing these essential, time-saving functions – or if you’re looking to implement the company’s first solution – get the system that can do all this and more. CoStar.

CoStar is trusted and recommended by more leading accounting firms and service providers to manage and report on real estate and equipment for compliance with ASC 842 and IFRS 16 guidance. If your lease data is already in a database, upgrading is easier than you’d expect. Schedule a demonstration for your team today.