The JD Edwards EnterpriseOne Lease Management solution provides programs and processes that enable lessees and lessors of property and non-property assets to accurately and efficiently account for those leases on their financial statements.
The EnterpriseOne Lease Management solution leverages existing and enhanced capabilities across the ERP footprint. This includes using G/L, A/P, and A/R features available in Financial Management systems, defining lease terms and conditions in the Real Estate Management system, and asset tracking in the Fixed Assets system - together providing a single solution for managing your leases under the new ASC 842 and IFRS 16 accounting standards.
Accurately report revenue from rental properties in accordance with FASB 842 and IFRS 16, which states that the revenue from rent (recurring billings) must be recognized evenly (as a straight line) over the life of the lease. The difference between the straight-line rent that the system calculates for the accounting standard and the actual rent that you bill the tenant must be reflected in the general ledger.
Accurately recognize revenue. Business processes and financial standards outline when you can recognize revenue for the amounts you bill to customers. The JD Edwards EnterpriseOne system has been updated to enable users to include lease-related invoices that are generated in the Real Estate Management system in the revenue recognition process in the Accounts Receivable system, ensuring that your system recognizes revenue at the appropriate time.
Several lease-related processes have been automated to assist you with uploading, entering, and maintaining your leases over the course of the entire lease term. Additional pre-configured notifications, UX One roles, and personalized form layouts have been provided to help your users easily manage leased property and non-property assets.