Maybe not this time
Use Cases and Deployment Scope
It was used to address the new lease accounting standard ASC 842 and also used to keep track of our real estate leases and also copier leases. It was mainly used by our accounting and real estate teams. Our real estate team wanted to have a system that generates abstract reports, and Visual Lease has this feature.
Pros
- Generates abstract reports
- Allows us to include lessor's leases
- Fairly user friendly
Cons
- Journal entries look confusing and generate XXX as codes
- Customer service should show concerns. When asked about XXX as codes in journal entries, customer support brushed off our concern as it was a default.
- No API interface with Intacct
Likelihood to Recommend
Visual Lease can be used for organizations that have intercompany leases as it allows for both lessors and lessees. It is not appropriate if you want to have a system that can integrate easily with your accounting system. I found that the company did not appear concerned to try to address issues with the system until we decided to discontinue using the system by not renewing the contract.
