Nakisa Lease Administration: What’s New in 5.1
Senior Product Specialist
Looking back over the years, we’ve made many improvements to Nakisa Lease Administration. With our previous versions our primary goal was to meet IFRS 16 and ASC 842 compliance requirements, and help organizations including the Fortune 1000 level streamline their lease accounting processes and meet their go-live deadlines.
This year, our goal has been to provide value that goes beyond compliance to support sustainability. With this in mind, we have reached out to our customer base and gathered their feedback on what they want to see brought into the solution based on business processes and industry best practices. Using this feedback, we launched NLA 5.0 in July (our biggest release to date!) for a complete overhaul of our technology and introduced a whole new reporting module with sustainability in mind. This overhaul includes our new Oracle Cloud Connector, and a suite of API’s that enable solution extensibility.
The latest 5.1 release strengthens the developments we’ve made in 5.0, introduces several improvements to our reporting and analytics module, includes the addition of CPI indexation and some enhancements to the administrator console of the solution, to name a few.
Into the Detail:
Reporting and Analytics
5.1 introduces new enhancements to our existing disclosure reports, making it easier to access necessary information to prepare for required disclosures according to each accounting standard. We have added a record count to the disclosure reports for audit purposes as well as a new report, Non-Lease Charges Expense Report, which outlines all charges added to contracts within a selected time frame. The latest release supports non-calendar based fiscal years such as April to March. Meaning users may generate the out of the box disclosure reports for date range overlapping 2 calendar years.
Periodic Posting Status Report
We’ve added a new report to our Reporting and Analytic module, the Periodic Posting Status Report. This new report provides all entries scheduled in a given time frame and their respective posting status. During a fiscal close, this report can be generated for the closed period to confirm whether all entries scheduled for this time frame have been successfully posted and easily reconcile any variance.
This feature gives you the ability to schedule the generation of any of the OOB reports in advance. For instance, if a user is to generate the disclosure reports on a monthly basis as part of month end closing steps, with this new function the user may set a schedule for when to generate a given report, selecting the frequency, filters and date so that logging into the application every month to generate the reports is no longer required. The user will only login to download the reports once available.
In this release, users may now select multiple contracts with various payment dates to apply a CPI event in a single batch and specify the CPI indexation type and index value. This can also be switched from CPI local to CPI global in order to maintain the CPI changes at mass. Additionally, this release features an ability to retroactively introduce CPI to an active contract that did not previously have it.
Administrator Console Improvements
The Administrator Console has also seen some updates with improvements to roles and authorization and user management capabilities. 5.1 introduces a new role, Power Admin User, and users can now assign this role to external consultants, giving view-only access to the frontend. This feature came at a time when the importance of Information Technology General Control (ITGC) has been stressed. Many organizations are required to establish internal controls, making sure that no information is purposely or accidentally altered. With this new role, 5.1 can help achieve the controlled IT environment.
For user management, we have added a new feature built using state of the art Keycloak. This allows administrators to manage the set up of new users in Nakisa Lease Administration, validate the permission/authorization access and reset passwords.
5.1 also includes a number of minor enhancements in the management dashboard, mass modification, asset impairment and Activity Analysis Reports.
It’s safe to say 2019 was the year of innovation for us. We have accomplished the milestone to provide values beyond compliance thanks to the partnerships we’ve made with our customers and the feedback they’ve shared with us. We are already gearing up for 2020 with even greater innovations in store for our users, such as Lease budget and Approval, Real Estate Management and AP Invoicing. If you are an existing Nakisa Lease Administration customer, reach out to your Account Manager for a peek at our new and updated product roadmap.
If you are interested in learning more about the latest release, click here to watch our Nakisa Lease Administration 5.1 release video.