Redesigned User-interface
We've made some changes to the look and feel of the User interface, to help things flow more smoothly. All required fields are now on the Main data tab, including Interest rates and Fair Value fields. Now, there is no need to move to the second or third tabs, unless you need to enter special accounting data such as lease incentives or renewal options.
You will also find that Inception tab is now named “Additional data”. If you prefer entering leases manually instead of using the bulk import template, this re-arrangement of fields should save you some time.
Report "Parameters" tab
A complete list of report options and system options has been added to all spreadsheet reports. It includes key information such as the fiscal calendar, periods selected, report filters used, special selections, etc. Once the report has been downloaded to your computer, you will be able to find this important information within the report, without the need to open up EZLease and check system options settings. This new report tab will assist customers, auditors, and EZL support in troubleshooting report variances.
Simplified Modification workflow
We've made a few updates to the process up updating or revising a lease. Now, when you go to make a change to a lease by clicking "Edit lease," a new pop-up will appear with helpful information on when to revise verse when to replace (See: Revise vs. Replace). It may be dismissed by clicking continue. If the user clicks on learn more, a second information window will open which has some examples of revisions and lease replacement.
This helps the user with the decision of electing revise vs replace when saving the changes. It also alerts that any financial changes may result in lease modifications, amendments, term events, etc., which could change the accounting of the lease.
The revision numeric stepper, previously at the top right corner of a lease record, has been moved underneath the lease number and description. This change makes it easier to identify if you're viewing the original lease information entered (revision 0), or a modification of the lease (1 or higher).
Note: When you are looking at a revision that is not the original (i.e. revision 0), the values represent the current revision of the lease. In previous versions of EZLease, these values were enclosed in “Values at date of revision” box at the second tab on the bottom of the screen.
Additional changes
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A more modern look and feel, including new colors for background, font and buttons.
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New "Manually classify lease" checkbox on the classification header, making it more clear that a lease is being manually classified.
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Updated the "Discount rate" label on classification header to now read “Discount rate used”.
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When implicit rate cannot be calculated, EZLease will display “not determinable” instead of “0.000%” on the main data tab.
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A new warning message on upload window when the upload lease count exceeds the available lease records.
- EZLease logo has been added to the application.
- Now, when launching EZLease, you'll be prompted to select which workspace you want to open - Lessee/ARO/SBITA or Lessor.
Accounting updates
In rare cases, reporting outputs may vary between previous and new versions of EZLease as we make accounting improvements. See the table below for a complete list of accounting updates included in the newest release.
If you believe your leases are affected by one of the scenarios listed below, you can click HERE to open the previous EZLease version and re-run your reporting outputs for direct comparison to the new version. We encourage customers to leverage the Account Reconciliation Template to make this process easier.
Note: You should only use previous versions of EZLease to test reporting outputs. You should not add/edit leases or modify system options while using a previous version of EZLease.
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Scenario and impact of update |
ASC 842 |
IFRS 16 |
GASB 87 |
GASB 96 |
Lessee |
Lessor |
ARO |
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Scenario: A full impairment was applied to a lease at inception or in its first month. The JE report showed "Allowance for Impairment" twice, resulting in an imbalance error.
|
x |
x |
x |
x |
x |
|
|
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Scenario: A GASB 62 capital lease has executory costs, and a different amount of non-lease components. EZLease was continuing to report the executory costs after transition to GASB 87.
|
|
|
x |
|
x |
x |
|
|
Scenario: If an ASC 842 operating lease has executory costs (carried over from ASC 840) or non-lease components equal to the rent in the final rent step, the current liability is miscalculated for the 12 months before that step starts (when the long term liability should be zero).
|
x |
|
|
|
x |
|
|
|
Scenario: If an ASC 842 operating lease has a lease incentive and is revised, EZLease was reporting a termination gain equal to the unamortized incentive.
|
x |
|
|
|
x |
|
|
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Scenario: If a short term lease was extended for a year or less, but the combined life from the original begin date was more than a year, EZLease was incorrectly classifying the lease as no longer short term (finance or operating).
|
x |
x |
x |
x |
x |
|
|
|
Scenario: If a lease is revised so that no more rent is due after the revision date, EZLease was still showing outstanding liability and reporting an error.
|
x |
x |
x |
x |
x |
x |
|
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Scenario: If an ASC 840 operating lease has an asset adjustment, and the ASC 842 transition date is in the middle of a rent payment period, running a JE report for the transition date results in an out of balance error.
|
x |
|
|
|
x |
|
|
|
Scenario: If a GASB 62 capital lease transitions to GASB 87, then is revised before the start of a report, the beginning balances of the ROU asset and accumulated amortization were incorrect.
|
|
|
x |
|
x |
|
|
|
Scenario: If the System Option "Report lease incentives separately from rent (FAS 13)" was checked and an operating lease had incentives, EZLease reported an imbalance error when running post-transition.
|
x |
x |
x |
|
|
|
|
|
Scenario: If user classified a lease as Short Term and then revised it to extend its life more than a year, EZLease allowed Short Term classification for the revised lease.
|
x |
x |
x |
x |
x |
x |
|
|
Scenario: If a lessor lease is revised with a shortened end date and the classification changes from finance to operating or vice versa, so that a new lease needs to be created, the economic life is reduced by the change in lease term, which can cause the classification to be switched incorrectly back to what it was.
|
x |
x |
|
|
x |
x |
|
|
Scenario: If an ASC 842 operating lease has executory costs (carried over from ASC 840) or non-lease components equal to the rent in the final rent step, the current liability is miscalculated for the 12 months before that step starts (when the long term liability should be zero). EZLease reports an out of balance error for current liability, and the long term liability beginning balance doesn’t match the prior period’s ending balance if multiple periods are included.
|
x |
|
|
|
x |
|
|
|
Scenario: If a short-term lease was revised, and the remaining term was less than 12 months but the total term was more than 12 months, EZLease incorrectly treated the lease as not short term.
|
x |
x |
x |
x |
x |
x |
|
|
Scenario: If an ASC 842 operating lease with a lease incentive is revised, a termination gain was reported equal to the unamortized incentive and the ROU asset was increased by the same amount.
|
x |
|
|
|
x |
|
|
|
Scenario: If a GASB lessor lease has a transfer addition but its original begin date is before transition to GASB 87, the deferred flow of resources added doesn't match the equivalent transfer termination and a fund balance adjustment is incorrectly reported.
|
|
|
x |
|
|
x |
|
|
Scenario: If a GASB customer sets the GASB 87 application date earlier than the implementation date (for restatement of comparable years), EZLease test for a short term lease counted 12 months from the application date rather than from the lease begin date.
|
|
|
x |
|
x |
x |
|
|
Scenario: If an ASC 842 operating lease has lease incentives, initial direct costs, or deferred rent rollover, and was revised such that the lease converted to finance, the new finance lease was set up with the full adjustment recognized again (double-counting).
|
x |
|
|
|
x |
|
|
|
Scenario: If an ASC 842 lease was in the last 25% of its economic life at time of revision, EZLease was not considering the economic life test as operating.
|
x |
|
|
|
x |
x |
|
|
Scenario: If an ASC 842 operating lease has a partial impairment, the Operating Leases Verification report incorrectly calculated the accumulated amortization for the last month of the lease and reported a mismatch error.
|
x |
|
|
|
x |
|
|
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Scenario: If a GASB lessor lease starts before transition, is revised before transition, and the transition happens before the start of the report, the transition is not properly processed.
|
|
|
x |
|
|
x |
|
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Scenario: GASB lessor lease with guaranteed residual shows spurious termination gain in month of expiration, which results in out of balance error on journal entries report.
|
|
|
x |
|
|
x |
|
|
Scenario: If a GASB lessor lease is revised with a reduction in term and an increase in rent, the journal entries report is unbalanced (the deferred inflow reduction due to the reduction in term is not recognized).
|
|
|
x |
|
|
x |
|
|
Scenario: If a GASB 87 lessor lease has a reasonably certain purchase option (RCPO), the purchase price (shown in the Guaranteed Residual field) should not be included in the receivable. It wasn't excluded.
|
|
|
x |
|
|
x |
|
|
Scenario: If a GASB user chooses (in System Options) to display more than 5 years separately in the minimum rent report, values shown after 5 years are incorrect.
|
|
|
x |
|
x |
x |
|
|
Scenario: If a report is run that ends exactly one year before the end of a lease with a guaranteed residual or payments in arrears, the residual is considered long-term rather than current liability.
|
x |
x |
x |
|
x |
x |
|