November 2021 Release Summary
Audit trail report
A new Audit Trail report lets you download a list of all changes to a lease. The report tells you what changed with a lease, who changed it, and when it was changed.
The Audit Trail can be accessed from a new Instant Reports tab on the EZLease homepage. Instant Reports provides a fast and convenient way to run reports. As of right now, Instant Reports only includes the Audit Trail report, but additional reports will be added in future updates.
Role-based access
You can now better control access to EZLease by assigning users View, Edit, or Admin roles. Roles can be updated by going to “Manage my Lease” and selecting “File > User Access Permissions.”
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Action |
View |
Edit |
Admin |
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View leases |
X |
X |
X |
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View system options |
X |
X |
X |
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Run reports |
X |
X |
X |
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Add/delete/modify leases |
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X |
X |
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Purge old leases |
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|
X |
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Update system options |
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|
X |
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Update other users’ role |
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X |
Additional improvements
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When running a report, the default start date used to be today’s date and the default end date was the end of the month. The default start and end dates are now aligned with the fiscal periods selected in System Options
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The System Options and Reports windows now resize better for use on small screens, such as those found on ultra-portable laptops.
Accounting updates
In rare cases, reporting outputs may vary between the previous and new versions of EZLease. See the table below for a complete list of scenarios in which report outputs could vary.
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Scenario: If an ASC 842 operating lease is uploaded and has lease incentives, deferred rent rollover, or asset adjustment, the ROU asset displayed on the lease record in the application was inaccurate; it was the same as the initial liability without the adjustments. The ROU asset was correct on reports. Impact: ROU asset on lease record displayed in EZLease now correctly matches reports. |
x |
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x |
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Scenario: Implicit rate for lessee leases wasn't calculated for revisions unless unguaranteed residual was non-zero. Impact: Implicit rate is now calculated if lessor's initial direct costs are not "Unknown" and revision fair value is less than remaining rent at revision booking date. |
x |
x |
x |
x |
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Scenario: If an impairment is dated before a transfer addition, it was not processed. Impact: If a lease is transfer added, the allowance for impairment now properly reflects impairments before the transfer date. |
x |
x |
x |
x |
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Scenario: If a FAS 13/IAS 17 capital lease expires before ASC 842/IFRS 16 transition, and its asset is revalued using the acquisition upload, the new asset was entered incorrectly. Impact: The revised asset from an acquisition upload is now properly set. |
x |
x |
x |
x |
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Scenario: If a lease is revised and is given a specified ROU asset value or a new/changed asset adjustment, the specified value was ignored. Impact: Specified ROU asset for revised lease is now recognized as gross ROU asset (accumulated depreciation does not change at revision). |
x |
x |
x |
x |
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Scenario: The classification report showed an incorrect present value calculation if an operating lease starts under FAS 13 and the transition incremental borrowing rate is different from the original incremental borrowing rate. Impact: The present value is now calculated correctly. |
x |
x |
x |
x |
x |
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Scenario: If a finance lessee lease has a specified gross asset and is revised with a change to the discount rate, the error "Value was either too large or too small for a Decimal" could be reported. Impact: Lease revision is now properly saved. |
x |
x |
x |
x |
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Scenario: In certain situations, if a FAS 13 operating lease with leveled rent is extended month to month, EZLease reported level rent during the MTM extension. Impact: Rent, including rent leveling, is never shown for a MTM extension. (Any rent during an MTM extension is recognized as variable payments.) |
x |
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x |
x |
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Scenario: If retrospective asset calculation is chosen for an IAS 17 operating lease transitioning to IFRS 16, the asset was set up with gross ROU asset and accumulated depreciation as if the asset was set up at inception. Impact: Now the ROU asset is set up as the net asset at transition, with no accumulated depreciation. |
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x |
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x |
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Scenario: If retrospective asset calculation is chosen for an IAS 17 operating lease transitioning to IFRS 16, the asset was not properly adjusted if there were initial direct costs, lease incentives, or deferred rent rollover. Impact: Adjustments are now properly applied to ROU asset at transition. |
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x |
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x |
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Scenario: Operating lessor lease with lease incentives did not set up incentives properly. Impact: Incentives are now set up as a deferred rent receivable at inception and amortized over the life of the lease. |
x |
x |
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|
x |
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Scenario: If a GASB lessor lease is extended month to month, the beginning receivable was removed from the accounts at the expiration of the lease, but then reappeared at the start of the MTM period and remained until the MTM period ends. Impact: No beginning receivable is shown during the MTM period. |
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x |
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x |
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Scenario: If an ARO layer is added with a begin date same month and day as end date, one year earlier, the reported change in current liability was incorrect. Overall liability number was correct. Impact: Breakout of long term and current liability is now properly reported. |
x |
x |
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|
x |
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Scenario: If an ARO is revised just over 12 months before the new end date, accretion is inconsistently applied to current and long term liability. If a report period includes both the revision date and the date that is exactly 12 months before the new end date, all accretion for the report period was applied to current liability. (A report that ends before the 12-month anniversary showed accretion applied to long term liability.) Impact: The portion before the 12-month anniversary is now always applied to long term. |
x |
x |
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x |