I use Visual Lease to streamline the lease calculation process, which I couldn't do without its engine. I like the interface because they don't make unnecessary changes, and they take user feedback well to incorporate it into the product. This stability means my end users, who don't use the product often, don't have to relearn the software, which adds value. The software has been really great, and I find the training portal helpful. I rarely need to create support tickets since I can find answers through the support documentation.

When we make a lease modification I occasionally make errors that then are posted to the accounting feed. I wish the system would be more error-proof to prevent making these mistakes.

I would highly recommend Visual Lease. Going through implementation twice, I think you should have Visual Lease do the lease abstract. I know it will cost more inititally, but they will setup the features correctly and it will go quicker.

I use Visual Lease to manage our lease portfolio, ensuring GAAP compliance. It streamlines lease calculations, which I couldn't do without its engine.

Visual Lease has been tremendously helpful in implementing ASC 842 as we prepared to transition from ASC 840. Back in 2019, we were able to import all of our existing leases that we were recognizing on ASC 840 and Visual Lease took care of the rest with some minor configuration tweaks and adjustments. If you haven't yet, the import template is really helpful and makes it easy to upload leases if you have a long list instead of creating them one by one manually. It is not just a tool that calculates numbers for ASC 842 reporting. It is a comprehensive lease management software. It allows you to track existing leases for expiration and notifies you. You can track expenses by setting up payees and rent payment records. You can also set up an allocation model if a lease is split based on %, sq. ft., or a different measure. All this flows into GL Feed so it's easy to prepare journal entries. You can use standard reporting to record entries or use GL Feed to download into an Excel file and use it to make custom journal entries based on the data. We decided to go with the latter due to specific requirements we needed to fulfill but honestly, both will work fine as needed. There have been so many updates for GASB as well. We don't use them but get the update emails nonetheless. Visual Lease is improving constantly and I believe that it is pretty open to feature requests via its customer service team. We also get survey emails from time to time asking for feedback.

Not much downside to it but the app seems to run slow although they switched to AWS sometime in 2020. The speed really isn't a major issue but it can be annoying for some people. There is definitely some room for UI/UX improvements! P.S. I was just resetting my password and it took about a good 30 seconds to get a "successfully updated" message after clicking the submit button.

ASC 842 reporting. This was a huge project for us in 2019 as we prepared for the transition from ASC 840 to ASC 842 and the annual audit. We were tracking everything using Excel before and, without Visual Lease, it would have been really difficult.

The 842 and 840 entries are both able to be active at the same time. This allows us to look at what old accounting standards would be booking and the new accounting standards as well for agreement purposes.

The most difficult thing about Visual Lease is the reporting structure. The reports always seem to be missing one or two key areas that you would want to have for slicing or having to run two reports and then use Vlookups to get the data you want out.

I would say if you have any substantial lease pool Visual is the way to go with ASC 842 requirements. The housing database is also amazing for making sure you have all documents related to a lease safe and secure.

The biggest problems we have solved with Visual Lease are the ASC 842 accounting entries and having a great way to store and calculate hundreds of leases. These calculations are far more accurate than anything an excel could do.

I can easily make modifications to a lease (extension, renewal, payment amount change) and the system will accurately calculate the updated lease schedule and generate the appropriate accounting entries. This is so much better than our previous Excel system which was very manual.

Since most of the lease data is entered by the Lease Administrator, I must work with her on how she classifies certain costs and the status of ended leases to make sure I can get the data needed for accounting entries and disclosures. We have different needs and have to pick one person's over the others in these situations.

Visual Lease is a great, easy to use, simple software to meet ASC 842 Lease Accounting needs.

Easy changes to existing leases, extensive detail to validate the disclosure report, better coordination with the Real Estate department and Accounting.

Visual Lease is easy to navigate and has a lot of behind-the-scenes adaptability than most lease softwares that I have seen.

It is only geared towards ASC842, and it has no long term short term breakout in the calculations or the journal entries so schedules still need to be created for those. There are ways around it but this is a prevalant aspect of lease accounting and so I would have thought it would have been there. Nor is there an ARO functionality. However, I have not seen these things in other softwares either but Visual lease was working on the ARO. They should also work on the tenant improvement allowance.

The ability to accumulate leases in once place and be able to share with other users with them being allowed to change anything.

Automatic creation of ASC 842 amortization schedules and calculations.

Journal entry mapping process is more cumbersome and not as user-friendly as other setup processes within the software.

Prior to implementation, determine and document the lease data that will need to be imported into the software.

Import of important lease data and terms eliminates the need to open and read a lease document for the related information. The software also automates lease accounting calculations.

User-friendly interface and a powerful reporting tool.

When proposing enhancements or an additional feature, completing this enhancement will take a lot of time, and sometimes it won't happen.

VL is a powerful tool to be used for calculation options and reporting.

VL solved mainly two problems:

1- Performing automated IFRS16 calculations and integrating those entries in our ERP.

2- Extracting automated reports for all our leases.

Storing all of the lease documents and being able to do the ASC 842 Disclosure easily.

Accounting report I wish had a ending balance for the active leases not just finished leases.

Storing Lease documents and easy way to run purchase options.

The automatic calculations and detailing out of the amortization schedule of both the ROU Asset and the Lease Liability. Customer service is great.

Would like to see more in-platform explanations of the amounts being calculated.

Visual lease helps you easily be in compliance with both ASC 842 and IFRS 16 - you can help answer questions asked by others.

Visual Lease was in place when I joined the company. Thus far, it has met our lease accounting needs. We use it for generating journal entries at month end, preparing rollforwards, and reconciling our general ledger accounts.

Having not received any formal training of the software, I found the reporting functionalities to be less than intuitive. Further, when needing to enter in a sublease of an existing lease, we encountered difficulties that led to out of period adjustments.

The Visual Lease software is likely to meet your company's lease accounting needs, in particular if you have a relatively small lease portfolio and very rarely have a complex lease transaction (i.e. impairment or sublease).

Visual Lease is helping our company record journal entries for our real estate leases in accordance with ASC 842. Due to the relatively small size of our lease portfolio, many of the functions and features of the software are not applicable to our company.