UGAAP

UGAAP is a lease accounting software solution designed to simplify and streamline the lease accounting process. According to the vendor, UGAAP caters to a wide range of businesses, from small to large companies, and is used by various professions and industries such as CPAs and accounting professionals, corporate accounting executives, real estate companies, equipment leasing companies, and automotive leasing companies.

Key Features

Journal Entry Generation: According to the vendor, UGAAP generates journal entries for the entire life cycle of leases, including lease commencement, interim, modification, and termination. It also includes the calculation of the interest rate implicit in the lease and generates amortization tables.

Lease Classification Tests: The software conducts lease classification tests at both lease commencement and modification/reassessment, aiming to ensure accurate and compliant lease accounting. According to the vendor, it also allows for in-application configuration of the chart of accounts.

Consolidated Reporting: UGAAP consolidates all journal entries for a month into a concise report, aiming to facilitate the review and analysis of lease accounting data. The vendor states that it also provides the option to export journal entries to Excel in a single-column format.

Multi-Currency Support: According to the vendor, UGAAP generates journal entries in both local currencies and functional currencies, taking into account exchange gain/loss calculations. This feature aims to ensure accurate lease accounting for companies operating in multiple currencies.

Financial Reporting/Disclosure: UGAAP produces "footnote-ready" summary reports and "audit-ready" detail reports, aiming to facilitate efficient financial reporting and disclosure. The vendor also claims that it provides a maturity analysis report and supports segment reporting.

Data Validation and Search: The software includes integrated data validation to ensure accuracy and reliability, according to the vendor. It also enables quick search by keyword, allowing users to easily locate specific lease accounting information.

Internal Control and Audit Trail: UGAAP maintains an audit trail of individuals making changes, aiming to enhance internal control and accountability. The vendor states that it supports segregation of duties and allows exclusion of leases from journal entries and reporting until they are approved. It also enables the lockdown of lease records once they are approved.

Team Collaboration: UGAAP works in shared network drive and cloud environments, allowing multiple team members to collaborate on the same lease accounting project, according to the vendor. It also facilitates collaboration across computers in an unconnected environment by sharing files via email.

Lease Administration: The software enables the attachment of lease agreements, pictures, emails, and other relevant documents, aiming to provide comprehensive lease administration. The vendor claims that it supports multi-layer organization with segments and branches, providing a structured approach to lease management.