How to Efficiently Reconcile New Balance Sheet Accounts for Leases

Lease accounting under ASC842 is just one of the many activities placing stress on finance and accounting resources.

Most organizations begin by focusing on accurately and completely collecting lease data, calculating the balance sheet impact related to the same, and updating their financial statements to contain the necessary disclosure details.

For optimized lease processes, many organizations have integrated their new lease processes into BlackLine, their existing platform for modern accounting. BlackLine customers can integrate CoStar, their lease accounting subledger, into their BlackLine Account Reconciliation solution. This usually involves determining the appropriate accounts in CoStar, as well as the necessary grouping on their accounting segment for aggregation. Data is then delivered to BlackLine via an automated process, or in some cases, available as a report output that matches the BlackLine upload template format.

Integrating the subledger lease data balances into the account recs process during the month-end close has allowed clients to identify inconsistencies between the subledger and the GL, and become more efficient at reconciling these errors.

CoStar subledger data is automatically brought into the BlackLine ecosystem via BlackLine API. This centralizes and streamlines the subledger data to be optimally used throughout the financial close.

It will also open the door to further integration with other BlackLine solutions such as Matching or Journals. With the sweeping changes underway for lease accounting, BlackLine and CoStar go beyond standard business processes and implement solutions that streamline ongoing automation for accounting and reporting.

No matter where your organization is in the compliance process, CoStar offers organizational leaders practical, real-world insight on how to create a lease accounting compliance plan.

For more information on how to efficiently reconcile lease accounts and harness the power of your subledger data, check out this webinar or the BlackLine for Lease Accounting datasheet.