Oceaneering implemented PeopleSoft Lease Administration

Summary

Oceaneering, in conjunction with their partner MIPRO Consulting, implemented PeopleSoft’s Lease Administration solution for the new ASC 842 Accounting rules, improving automation and visibility into impacted accounting entries, right of use asset and operating lease account balances, and enabling compliance with reporting and disclosure requirements

Customer comments

Implemented PeopleSoft Lease Administration solution for the new ASC 842 Accounting rules

Like most organizations under the old 840 accounting rules, Oceaneering was primarily focused on managing their lease payment process and much less focused on any additional accounting aspects. With the implementation of PeopleSoft Lease Administration, Oceaneering now has much better automated visibility into the 842 accounting rules. The 842 accounting entries are now fully automated including the accompanying straight-line journal entries. The new system has greatly improved their visibility into their ROU Asset and Operating Lease account balances. In addition, PeopleSoft Lease Administration data tables fully support the new reporting and disclosure requirements.