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Bloomberg Updates Advantage Leased Assets

Bloomberg Tax Technology has updated its ASC 842 compliance system, Advanced Leased Assets. Among enhancements are customized, flexible lease payment schedules.

The application offers fully automated lease classification, audit history trail, financial statement disclosures, bulk data import and export, and user permissions. The software also features integration support for automating workflows between Advantage Leased Assets and GLs, and ERP and accounting systems. 

"The new integration features enhance existing capabilities to automate the creation and upload of journal entries into ERP systems, which is particularly useful for enterprise companies managing hundreds or thousands of leases, increasing their efficiency and accuracy by reducing or eliminating manual processes," Ken Crutchfield, general manager, of Bloomberg Tax Technology, said in a prepared statement.

The company says better support the needs of large companies with significant lease portfolios. 

The vendor-neutral integration feature supports the push and pull of leased asset data to and from a wide variety of accounting software. Users can bulk import GL codes and run journal entry reports that are mapped to their actual GL accounts. 

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