LeaseQuery’s goal is twofold: ensuring that businesses do not overpay on their rent, and that businesses account for leases appropriately under GAAP. To this end, it tracks monthly lease payments in a single place, alerts users of renewal notification deadlines, calculates CAM charges and accurately straight-lines the lease as required by GAAP—providing journal entries for BOTH long and short-term deferred rent. Since it is web-based, LeaseQuery can be accessed from any location at any time. Data entry errors from a program like Excel are significantly reduced, if not eliminated. LeaseQuery helps asset managers stay compliant, informed, and prepared.
LeaseQuery is a facilities management system developed for all types of industries with any number of employees, offering Lease Administration capabilities on a standalone basis. It provides a suite of applications, including Accounting, Asset Management, Space Management, and Real Estate Portfolio Management. LeaseQuery is compatible on any platform, including Windows, Mac, and iPad tablets.
Joan from Bellicum Pharmaceuticals, Inc.
Employees number: 51-200 employees
The LeaseQuery software is easy to use and I was able to get up to speed rather quickly. It calculated the impact of the new lease pronouncement so that I could show the CFO and VP of Finance. I have recommended this product to others as I love the cloud-based feature of it as well. It organizes all of your leases in one place.
Organization of leases, prepare journal entries for monthly close, prepares the impact of the new lease pronouncement for the CFO. Our Big 4 CPA firm recommended a product that organized all of our leases in one place and Leasequery does that.
We use a slightly different method for amortization on some of our leases but it is not really a con as our property accounting system actually records the amortization for our leases. LeaseQuery uses the life based on the lease which works for many companies.
The software is cloud based and easy to use and set up.
John from Tupelo Honey Hospitality Corporation
Specialty: Hotels, Resorts & Casinos
The LeaseQuery staff are very responsive to our requests and changes. The software assists in managing our property leases easy and efficient. The monthly reports help with the preparation of our lease liability roll forward; which drives our monthly journal entries.
Updating lease information for CAM adjustments seems cumbersome.
With all software products, check for how responsive the software staff are. Are the standard reports going to give you the information you need to manage your leases.
Trista from PT Solutions
Specialty: Healthcare & Hospitals
The ease of month end journal entries and audit are invaluable. The team is always available and proficient.
It can be challenging to keep CAM costs updated. Updates come at different times from Vendors so this has to be diligently maintained.
Test load some of your more complicated leases to see how everything flows. This will highlight any customization needed.