Is anyone using Prophix for the new lease accounting standards (ASC 842)?
We’ve set up new accounts in Prophix but haven’t implementing the SW in accounting yet… so, yes and no lol
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In Australia the lease accounting standards have been in place for a couple of years. We still use spreadsheets for our modelling but will be transferring this very large model to a Prophix DPM cube hopefully before June 30 next year.
I am interested to know also if anyone else has set this up.
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Sorry. Not familiar with that but will be good to know
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Would be interested to see how clients are using Prophix for this.
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Curious to see how others are implementing these standards.
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It’s on our radar but we haven’t decided how to handle it yet. Definitely interested in hearing what others are doing.
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We are exploring how to handle this as well. Looking forward to hearing what others are doing.
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We have a small enough lease volume that Excel is where we’re setting it up. Would be interesting to see an example of what Prophix could do with ASC 842. We may use the Excel Analyzer/Contributor to tie out balances for entry accuracy, but probably not much more.
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Create some lease volume within Excel and prophix can import that with some logic you build for ASC 842. you can use the Excel Analyzer/Contributor to tie out balances
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We follow IFRS standards and have been using a DPM setup to track all our leases and calculate, Asset NPV, Depreciation, payments etc for the last 3 years.
We use a series of Prophix Analyzer queries in Excel to create upload files for our detailed monthly journals that we can directly upload to our ERP.
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We are required to adopt ASC 842 in 2022 and would be very interested to see if Prophix can help track this information.
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