LeaseCrunch Verify vs LeaseCrunch

What is LeaseCrunch Verify?

LeaseCrunch Verify is an audit tool used to test a sample size of leases for clients that have selected a different lease accounting solution.

What will you get with LeaseCrunch Verify?

It has all the same functionality as the full LeaseCrunch product however will only generate an amortization schedule for the sample size of leases.

How will you use LeaseCrunch Verify to assist in your audit?

Simply enter a sample size of your client’s lease accounting and export the Amortization Schedule to audit:

• Lease asset at the beginning of year and end of year
• Short term and long term lease liability at beginning of year and end of year
• Amortization Expense & Interest Expense, for Finance Leases, Operating Lease Expense for Operating Leases.
• Variable expenses
• Modification or re-measurement calculations for revised leases

Using our automated Amortization Schedules, quickly assess whether incorrect client inputs will require an adjusting entry. Inputs that frequently require analysis include:

• Client entered a generic discount rate
• Client didn't include an option (e.g., renewal, termination, purchase)
• For lease assets that will be purchased at the end of the lease, client used the Lease Asset life equal to the term
• Client forgot to combine lease and non-lease components for a given lease
• Client forgot to include a payment/receipt as required by the applicable standard

Can we upgrade a client from LeaseCrunch Verify to the full LeaseCrunch product?

Yes! You can do so by editing the client account and selecting LeaseCrunch instead of LeaseCrunch Verify. Pricing changes may apply.