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The Accounting Calculation Exceptions Report

The Accounting Calculation Exceptions Report

The new lease accounting standard is complicated. It consumes time and resources as companies that have adopted or are adopting the standard are faced with numerous challenges. In addition to having to capture a high volume of data on leases and create associated amortization schedules, companies must maintain them to ensure that the appropriate entries are recorded to the system of record and that the payment process is correct so payments to the landlord and vendors are timely and accurate.

Wouldn’t it be nice to know if something looks off about an active lease, to be warned to double check it and correct it if needed? If so, please review the Accounting Calculation Exceptions Report.

 This report should be run weekly and at minimum once a month – perhaps during month-end close – to help capture and resolve issues before they become critical and harder to tackle, especially during crunch time while you’re trying to close the books. Some of the errors/warnings shown in the report could be a result of a system issue, an incorrect initial entry of a lease, or an incorrect lease modification.

If you would like to learn more about CoStar REM’s exceptions report, please see our Accounting Calculation Exceptions Report webinar at this link: https://vimeo.com/456682009. Also look for the Accounting Calculation Exceptions Report in the Support Center.