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
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.
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:
Beyond inefficiency, manual lease and subscriptions accounting journal entries introduce serious risks:
Accounting teams should be focused on analyzing financial data and ensuring compliance.
Instead, they’re often stuck spending hours on manual journal entry processes.
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:
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.
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:
Instead of spending hours compiling journal entries, DebtBook lets you generate a complete, structured report in just a few clicks.
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.
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.
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.
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.