Welcome to Mabstac, LLC | Anything Accounting
- Call us: (703) 828-2336
- Mail US : info@mabstac.com
- ADD US : Mabstac, LLC
- Call us: (703) 828-2336
- Mail US : info@mabstac.com
- ADD US : Mabstac, LLC
| Customer | : | Marshall Blair |
| Live demo | : | ww.mabstac.com |
| Category | : | |
| Date | : | July 31, 2022 |
| Tags | : |
Project Establishment and Planning
In consultation with management, we establish oversight for the project and identified a cross-functional team of end-users, IT professionals and subject matter experts. We assess the lead time to implementation; identify project limitations and requirements; and developed a GASB 87 implementation plan.
Launch ProjectProject Awareness Training and Analysis
We gained an understanding of the current state and compared it with the GASB 87 requirements. Consequently, we prepared a gap analysis and use it to assist with the implementation in areas to include developing a customized training program for clients’ employees; preparing new accounting policies and disclosures; and evaluating various lease management tools and software (both inhouse and external).
Lease Inventory
We prepared a list of known leases from rental expense and income accounts and reviewed other GL accounts to identify transactions/contracts which may be subject to GASB 87, Leases. We developed a process for identifying and reviewing current and future contracts, including working with contracting and other user departments to identify contracts to be reviewed. We also developed a tool used to determine (assess) whether a contract is lease.
Design of a New System
We completed the (inhouse and off-the-shelf) evaluation and deployment of new lease management software and developed on-going processes and controls to maintain the lease inventory.
Perform Time Management:
Perform Quality Management:
Project Implementation
A new accounting policies and procedures document for lease accounting was developed. We conducted quality assurance and testing of the new system We reconciled the calculations and journals from the new system to legacy operating and capital lease data. We tested the interfaces between 3rd party systems and the general ledger; and ensured the chart of accounts were updated with new GL codes, where necessary. We determined the comparative year adjustments including adjustments to net position and conducted final training of GASB 87, Leases.
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