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[Kristen Riley]

Hi,

I am  looking for information on a lease solution that would integrate best with GP.  We are a retail business with stores in Canada and the US.

So far the only one I have heard about it Binary Stream’s Property management solution, I was wondering if anyone is using it, and if any retailers are using it.  also if anyone is aware if they are ready for the lease accounting reporting changes.  

Also does anyone now of another solutions out there.  We had looked at some others but they were not directly integrated to GP.

Thank you,

Kristen

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Kristen Riley
Sr Mgr Finance
Groupe Dynamite
MONTREAL QC
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[Mariano Gomez Bent]

The only solution I know of is the Binary Stream Property Management solution and it is my understanding from the latest GP Optimizer magazine – a magazine produced by Microsoft Dynamics GP ISVs – that they are diligently working on incorporating all the ASC 842 (or ASU 2016-02) requirements. More information on this here http://binarystream.com/blog/gp-optimizer-2018-winter-edition/

It is best if you contact Lak and his team over at Binary Stream for more information. Their solution is the ONLY ONE I know that is a fully integrated Dexterity third party application specifically for the PrM industry.

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Mariano Gomez, MVP, Dynamics Credentialed Professional
Manager of Product Development
Mekorma
Alpharetta GA
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[Neil MacDonald]

Mariano, thanks for the nod!

As Mario indicated, when I wrote the GP Optimizer article we were preparing for ASC 842; just last week our development team did an internal demo for us of where they are so far. It looks amazing and should be ready for launch very soon. They have told me I can get my hands on it by the end of this week, so I can prep my demo environment and begin to share it with all of you.

Quick summary of what it will do:  As a lease is created, in particular from a lessee standpoint, it will do the NPV calculations (based on your pre-determined rate) and use that to create both the Right of Use (RoU) asset and the corresponding lease liability. As lease payments are made, it will manage the AP and expense of course, but it will also adjust the RoU asset and liability and take into account any interest calculations required. It will also assist in managing lease vs non-lease components, since they are treated differently under ASC 842.

In the diagram below, when PrM ASC 842 functionality is activated, a decision process is followed to determine if the lease is to be treated under ASC 840 (today’s standards) or ASC 842 (the new standard) and the corresponding workflows are followed.

The RoU Asset and lease liability will then be handled as follows:

The exciting part of this is that we have designed it to manage your current leases as well, as you transition from today’s standards to ASC 842…you don’t have to start from scratch, nor do you have to rebuild leases under ASC 842.

From our Functional Design document:

ROU Asset Amount will be calculated in the following cases:
1. ASC 840 is being used and the user starts reporting under ASC 842 for existing leases (lease A above).
2. ASC 840 with 842 reporting is being used and the user added a new lease into the system (lease B above).
3. ASC 842 is being used and the user adds a new lease into the system (lease C above).
4. ASC 840 is being used and the user switches to the new ASC 842 standard for existing leases.
The journal entries to record the ROU Asset amount will be created in the 3 and 4 cases listed above.

To take a closer look, or to discuss it in greater detail, feel free to reach out to your Dynamics GP VAR who can contact us for you, or contact your PAM at Binary Stream (if you know who that is) or send an email to sales@binarystream.com, or to me directly, neil@binarystream.com

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Neil MacDonald
Solutions Consultant
Binary Stream
Halifax NS
@NeilTheDemoGuy
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[Martin Peter]

Kristen

We have been using Binary Stream’s PrM Solution for several years.  If you’d like more details about the pros and cons, I’d be happy to discuss them with you. Please contact me and we can arrange a time to do this.

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Kriss Hays
Director Technology & Systems
Albrecht, Incorporated
Akron, Ohio
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