LeaseQuery
15 Reviews 4.5/5 ★ ★ ★ ★ ★A lease management software that streamlines accounting and reporting for ASC 842 compliance.
Product Overview
LeaseQuery is a lease management software that simplifies accounting for various financial reporting standards like FASB ASC 842, IFRS 16, and GASB 87. It helps companies track leases, get alerts for renewal deadlines, and provide journal entries and financial disclosures. LeaseQuery also calculates straight-line amortization and prevents overpayment of rent. Overall, the platform offers features like reconciliation support and ROU asset and lease liability calculation.Pros
- FASB ASC 842, IFRS 16, and GASB 87 reporting
- Integrates with any ERP
- Role-based access
Cons
- Lease lookup can be challenging without specific details
- Changing lease details after approval can be cumbersome
Target Market
Medium-sized to large organizations with anywhere from 50 to over 1,000 employees. Caters to government entities and finance teams in public and private companies. Beneficial for organizations that need to comply with FASB ASC 842, IFRS 16, and GASB 87 reporting standards.About LeaseQuery
LeaseQuery is a specialized lease accounting software designed to comply with FASB ASC 842, IFRS 16, and GASB 87 standards. It’s equipped with features to ensure error-free amortization schedules, journal entries, and adherence to critical dates. LeaseQuery serves both public and private entities, and government organizations in meeting stringent auditor and regulatory standards.
- Automated Lease Management: Streamlines tasks like payment schedules and journal entries, with features for critical date alerts and reconciliation.
- Interactive Support: Offers chat support for prompt assistance and prides itself on excellent customer service.
- Continual Enhancement: Regularly updates based on user input.
LeaseQuery Key Features
Access controls based on user roles Secure journal entries Alerts for key dates Comprehensive reporting options Compatibility with various ERP systems
Data Integrity
- Rigorous data validation
- Documentation of lease modifications
- Duplication prevention
- General ledger compatibility
Accounting Intelligence
- Calculation of ROU assets and lease liabilities
- Analysis of lease and non-lease elements
- Management of contingent rent
- Application of practical expedients
- Access to borrowing rate information
- Customizable calendars
International Adaptability
- Multi-currency support
- Currency conversion and remeasurement capabilities
Reporting Capabilities
- Comprehensive disclosure support for:
- Various ASC and GASB standards
Target Market
LeaseQuery is useful for:
- Finance and accounting professionals
- Accounting agencies
- Governmental bodies
Pricing Structure
Pricing for LeaseQuery is based on the number of leases, offering unlimited user access. The software does not provide a free trial or a free version.
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User Reviews of LeaseQuery
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We ended up going with LeaseQuery for our lease accounting. Another company near us are using the same program so now we can check and see if we are doing it right.
LeaseQuery was pretty comparable to the few other systems we checked out. Their pricing was a bit higher than some of the other systems but we had some familiarity and liked the ease of use of LeaseQuery.
The name familiarity of Leasequery drew us to it. Turned out price was all good too. Support was good, they did a good job with the implementation.
You would have had to do a bunch of manual adds for some other programs. Those were more of a manual database. Leasequery was a little bit more of a polished, finished product.
Support and pricing
None
After looking at a handful of solutions for ASC 842 complinace, we moved forward with Lease Query. The primary reason is they were most established across the market and a trusted vendor in the field. As a user on the software for the last several months, we have been happy with the system.
We ended up going with LeaseQuery, their support team has been great and have been listening to our feedback on how to improve the system. They have made several changes that made the program more user friendly.
Their program out of the ones we reviewed were albe to meet all of our needs from a lease accounting system.
Great support that listened to our feedback.
Made changes based on our feedback
No cons at this time.
We ended up going with LeaseQuery after reviewing a few recommendations. They were able to meet all of our needs and even had more features than we needed. We ended up choosing them as they seemed the simplest to use. Support has been great and we have monlty meetings with LeaseQuery
Met all of our lease accounting needs Great support team
Nothing negative in our month of using it.
We demoed LeaseQuery and thought it was fine. It was able to meet all of our needs but we ended up going with another product. The pricing for the other product just made sense for our simple needs.
Able to meet all of our software needs
Other options were more affordable.
Lease Query is a lease tracking software that simplifies the lease accounting experience.
I like how simple the software is to use and how responsive the reps are!
Sometimes the reports I am looking for are not readily available but the reports can be made by yourself or with the help of the rep.
LeaseQuery has been a critical part of our implementation of 842. It would be helpful if I were able to make changes to leases that are in the “submitted” phase and if there was a function that checked the effect of receiving TI reimbursements at different dates than originally imputted.
The journal entry exports
Having to submit a lease in order to see TI to see the “new rules” implemented in the amortization table
LeaseQuery is a user friendly software that allows our 5 subsidiary companies to easily manage their combined 150 leases.
To me, the best part about LeaseQuery is the how user friendly the software is.
Occasionally, there have been times where the website seems to drag.
Lease Query is a software used to calculate lease asset, liabilities, amortization schedules, create journal entries and reports.
The software is easy to use, it has helped us organize and keep the leases in one place, and it allows us to create journal entries.
We have encountered several issues with the termination journal entries and we have had to calculate them manually. I wish when an issue is reported by one user, they would make other users aware of the problem. Sometimes they do, but sometimes they don’t.
LeaseQuery is exactly the accounting software our company needs to comply with ASC 842 for leasing.
The website is very easy to use, understand, and navigate. But more importantly is to get the reports and journal entry needed.
Sometime the website can be slow.
LeaseQuery is a good product to handle a smaller lease population. We have somewhere around 100-125 leases at any given time and it is perfect for managing that population.
The software is intuitive and easy to use.
The lack of a catch-up journal entry has been a pain-point for our team thus far, LQ does promise this will be fixed sometime around Q1-Q2 2020.
It’s easy to use and easy to learn.
The quick response of the Support team
The help section does not give enough examples.
This is a breath of fresh air for an occupation that’s usually treated with bored stares, long sighs and slow blinks. As I signed off for the day, I found myself wondering what new funny would be waiting for me the next time I logged into LeaseQuery. And then I realized I was actually liking lease accounting for the first time in eight years.
The things that we liked about LeaseQuery were the data validation, audit trail, and email notifications.
When we have questions, we send a note, and someone sends a response within an hour or two.
