For many accounting teams, journal entries are necessary but time-consuming. And when year-end rolls around the process becomes even more tedious, with auditors requesting detailed notes and accounting teams scrambling to ensure accuracy.
The problem isn’t just the time spent, it’s the risk involved. When journal entries are manually created, the potential for errors increases. A simple miscalculation or data entry mistake can lead to financial misstatements, which in turn can trigger the need for a restatement. Not only is this a major headache for accounting teams, but it can also impact an organization’s credibility and compliance standing.
But what if you didn’t have to spend hours (or even days) manually compiling journal entries?
DebtBook’s automated journal entry exports eliminate the grunt work, reduce the risk of errors, and help ensure financial accuracy. With just a few clicks, you can generate detailed, audit-ready journal entries so you can spend less time on data entry and more time on higher value, more impactful work.
“Once you have all the new leases in DebtBook, you just click a couple of buttons and your reports are done. It's sort of magical. It's almost like, ‘Oh, wow! One click of the button and I have my audit notes. And then, another click of the button and I have my journal entries.’ From an accounting standpoint it made my life a lot easier. It's just so much simpler than having to do it manually.”
Jian Ou-Yang, Assistant Auditor-Controller, San Joaquin County
What are Journal Entries for Lease and Subscription Accounting?
Journal entries are necessary for tracking financial transactions and ensuring accurate reporting. For leases and subscriptions, these entries record liabilities, receivables, payments, receipts, interest, amortization, and other adjustments over time.
Under GASB 87, ASC 842, and GASB 96, organizations must properly classify, allocate, and recognize this activity. This requires tracking payments, applying general ledger (GL) codes, and making complex calculations, all tasks that become tedious and error-prone when done manually.
The Challenge: Manual Journal Entries Create Inefficiencies and Risk
For many accounting teams, journal entry creation is still a highly manual and time-consuming process. Each qualifying payment, receipt, or new lease agreement requires precise calculations and documentation.
Key challenges include:
- Manually generating journal entries for payments takes significant time and effort.
- Year-end audit note tie-outs require extensive documentation and reconciliation, adding pressure to finance teams.
- Tracking lease and subscription activity across multiple systems or spreadsheets increases the risk of discrepancies.
The Consequences of Manual Journal Entries
Beyond inefficiency, manual lease and subscriptions accounting journal entries introduce serious risks:
- Increased potential for errors: A single mistake in a journal entry can lead to financial misstatements.
- Risk of restatements: Errors discovered later may require restating financial statements, impacting credibility.
- Automated journal entry creation: No more manual data entry or tedious calculations. DebtBook compiles the necessary details for you, reducing errors and saving time.
- Quick and easy exports: Generate detailed journal entry exports with just a few clicks, ensuring all necessary financial data is captured and ready for review.
- Built-in general ledger coding: Automatically include GL codes, split allocations, and calculations, eliminating the need for manual adjustments.
- A single source of truth: Track all data and payments in one centralized system, ensuring journal entries are always accurate, up-to-date, and easy to reconcile.Slower audits: Without centralized, accurate journal entries, audit preparation takes longer delaying financial reporting and increasing auditor scrutiny.
Accounting teams should be focused on analyzing financial data and ensuring compliance.
Instead, they’re often stuck spending hours on manual journal entry processes.
The Solution: Comprehensive Journal Entry Exports
Imagine if your journal entries for lease and subscription accounting didn’t require hours of manual data entry, endless spreadsheets, or the stress of double-checking every number. With DebtBook’s journal entry export features, this can be a reality.
Instead of spending valuable time creating journal entries line by line, DebtBook automates the entire process to give you complete entries in just a few clicks. Whether you're tracking simple or complex agreements, DebtBook generates all of the required entries that are formatted properly and ready for reporting.
Here’s how DebtBook simplifies journal entry management:
- Automated journal entry creation: No more manual data entry or tedious calculations. DebtBook compiles the necessary details for you, reducing errors and saving time.
- Quick and easy exports: Generate detailed journal entry exports with just a few clicks, ensuring all necessary financial data is captured and ready for review.
- Built-in general ledger coding: Automatically include GL codes, split allocations, and calculations, eliminating the need for manual adjustments.
- A single source of truth: Track all data and payments in one centralized system, ensuring journal entries are always accurate, up-to-date, and easy to reconcile.
With DebtBook, you can focus on reviewing and analyzing financial data, rather than spending hours compiling it.
Eliminating manual journal entry work allows accounting teams to gain more time for strategic tasks, greater accuracy in reporting, and a smoother audit process.
How a Journal Entry Export Feature Helps Accounting Teams Save Time & Reduce Errors
For accounting teams, journal entries shouldn’t be a roadblock to efficiency. Yet, manual processes often slow down reporting, introduce errors, and create unnecessary stress during audit.
With a journal entries export feature you can:
1. Generate Journal Entry Exports in Seconds
Instead of spending hours compiling journal entries, DebtBook lets you generate a complete, structured report in just a few clicks.
- Select key parameters like start and end dates, fiscal year, and payment frequency to tailor your export.
- Download a comprehensive journal entry report that includes all necessary details, including all full accrual and modified accrual journal entries.
- Ensure consistency across all financial reporting without manual data manipulation.
2. Simplify GASB 87, ASC 842, & GASB 96 Compliance
With evolving accounting standards, manually compiling journal entries for lease and subscription accounting is no longer sustainable. DebtBook automates compliance-related journal entries, so you don’t have to.
- Leases (GASB 87, ASC 842) and Subscriptions (GASB 96):
- Auto-generate accounting entries for the full fiscal year without manual intervention.
- Eliminate the need to manually create journal entries for each lease and subscription, reducing errors and saving time.
- Ensure audit-ready reports with all necessary data, simplifying compliance and financial reporting.
3. Streamline Audit and Strengthen Internal Controls
A clean, well-organized journal entry process can make audit faster and smoother. With DebtBook’s structured approach, accounting teams can confidently present accurate data to auditors without last-minute scrambling.
- Auditors get a clear, centralized view of journal entries and supporting evidence, reducing back-and-forth requests for additional documentation.
- Built-in accuracy prevents financial misstatements, minimizing the risk of restatements.
Stop Wasting Time on Manual Lease & Subscription Accounting Journal Entries
When accounting teams are bogged down with spreadsheets and manual calculations, there’s less time for strategic analysis, and the chances of errors increase. One misstatement can lead to compliance issues, financial restatements, and audit headaches.
DebtBook changes that.
Ready to see how it works? Watch our quick Feature Flash video to see how easy it is to generate journal entry exports with DebtBook.
Related Lease & Subscription Management Reading
- Challenges in ASC 842 Compliance & How Technology Can Help
- Understanding ASC 842 Compliance for Nonprofits, Higher Education & Healthcare
- The Case for Co-sourcing with Modern Software: GASB 87 & GASB 96
Disclaimer: DebtBook does not provide professional services or advice. DebtBook has prepared these materials for general informational and educational purposes, which means we have not tailored the information to your specific circumstances. Please consult your professional advisors before taking action based on any information in these materials. Any use of this information is solely at your own risk.
