Is lease accounting with the new standards causing headaches? Netgain has some options with NetLease Go and NetLease Go Free. The biggest benefit that you will receive with NetLease Go is your time: Time to work on other projects that impact your bottom line. This article highlights the benefits of NetLease Go and NetLease Go Free and how you can save time while becoming lease compliant. NetLease Go has everything that NetLease Go Free has, and more.
NetLease Go Free
When you create a lease in NetLease Go, all it takes is a click of a button to run the amortization schedules. Within 5 seconds you will have set up the lease liability, ROU asset, lease payment, and lease expense. This system will calculate everything if you enter the monthly payment, term, IBR rate, and commencement date.
One thing to highlight is that our system will be calculating everything and you can throw away your excel sheets! (Please note that you can have a max of 3 leases in the free version). If there are variable payments during the life of the lease, our system will calculate it correctly. Along with the lease and agreements, you can store your notes associated with the lease, as well as any other documents.
NetLease Go creates an all-in-one lease tracking system that is all done with a click of button. We support all different kinds of leases fromASC 842, IFRS 16 and GASB 87 which includes operating, financing, short-term & operating subleases.
Included in the free version is access to the NetLease Go Knowledge Base that will help you install the bundle and get you set up and running without any integration needs. You can do this any time of day or night and you don’t have to use your IT team.
NetLease Go
In the paid version of NetLease Go , you will be able to do standard modifications, ROU impairments, capture and report on all key contract provisions, renewals, terminations, and other key clauses.
The system will also run journal entries and you can run a report that will tell you what journal entries to enter each month.
You will also have access to the lease proposals & automated classification determination. You will be able to customize additional lease types.
Reports is another key component, as these reports will come out of the system with a click of a button. With the paid version you will get a subledger with amortized schedules along with subledger reports for expense, interest, payment waterfall reports, and reports for modifications. You will also be able to run reports for added leases and leases that will expire in 90 days, along with contract provisions of key dates coming due.
You will also get access to the NetLease Go Knowledge Base and two hours of training with our ex-big 4 lease specialists.
Bottom Line
All accountants are looking for a quick and easy solution for the nagging problem of ASC 842, IFRS 16 and GASB 87 compliance. We stand by our products and know from the feedback from our customers that all versions of NetLease are helping accountants automate, save time, and have accurate records of their leases. Check out our reviews on Capterra and G2 to see how we rank.
