The Paypers

This collaboration will provide users of Prologue Financials accounting software from Fiserv with access to purpose-built lease accounting software from LeaseQuery. Historically, operating leases have been considered off-balance sheet transactions, often tracked manually in spreadsheets. This changed when the Financial Accounting Standards Board (FASB) issued a new standard for lease accounting that requires financial institutions to recognize operating leases for retail branches and office space upon commencement of the lease. As a result, financial institutions could see a 60-70% average increase in lease liabilities on their balance sheet, according to LeaseQuery.

The agreement with LeaseQuery gives Prologue Financials users access to cloud-based lease accounting capabilities, including automated lease assets, journal entries, and disclosure reports. Prologue Financials features automation and a well-designed user interface, enabling users to increase the efficiency of financial accounting processes. Prologue Financials includes a general ledger software solution for medium-to-large financial services institutions that automates and streamlines accounting processes.

Fiserv, LeaseQuery partner to enable FIs to improve lease accounting