What's new

• Post through a General Journal instead of straight to the G/L. A new Journal Posting Type setting in Lease Setup controls where lease entries go: All straight to G/L (previous behaviour), All entries to Journal, or Ask every time. When entries are routed to the Soft4 journal batch, you can review, correct (changes done to Amounts in Journal will not be reflected in schedules) and post them yourself - nothing reaches the General Ledger until you post the batch. Covers activation, monthly postings, remeasurement, termination and expiration. Schedules are flagged as posted and the lease status moves on only once the batch is actually posted. Read more about this functionality here.
• Function Reverse Termination/Expiration. A new action on the Lease Agreement card and list reverses only the termination or expiration entries and returns the lease to status Active, without resorting to standard Business Central reversal functions. It can be run on several leases at once from the list. Read more about this functionality here.
• Flat Rate interest calculation. A new Interest Calculation Type in Lease Setup lets each company choose how the periodic rate is derived: Flat Rate (APR divided over the accounting periods) or Power Formula (Power(1 + APR / 100, 1 / periods) - 1). New companies default to Flat Rate. Read about calculations used here.
• Partial (mid-month) lease termination. Termination is no longer limited to whole periods. Tick Partial Month posting on the Terminate action and the system pro-rates payment, interest and depreciation from the last posted period through to the termination date, then posts the termination entries. A Refunded Payment amount field handles leases paid in advance on a less-than-monthly frequency. Find out more about full and partial lease terminations here.
• Business Central approval workflows. Lease modifications can now go through the standard approval process. Two new statuses - Pending Approval and Pending Signing - and a Request for Approval action let a user change a lease while only an approver can confirm it. Approving applies the change; rejecting returns the lease to status Re-opened or In deliberation. Uses the standard Approval Entries, Approval Comments and Requests to Approve pages. Sample workflows ship with the app and are enabled per company; approvers are taken from User Setup; there is no amount threshold at this moment. Read more about approval workflows here.

Improvements

• The Excel lease template download works again from the Import tab of Lease Data Batches (moved to a new hosting location).
• Posting reports now list Lease No. as the first filter field, which prevents a lease number being typed into the wrong filter.
• Initial Measurement (LCY/ACY) is now converted at the initial measurement date instead of the period end date, and LCY/ACY amounts on the first period are refreshed when a remeasurement is validated on an active lease.
• Optional pro-rata for the first interest period (Use Pro-rata for Interest), bringing interest in line with how initial measurement is already calculated. Available in both the ASC 842 and IFRS 16 versions of Soft4Lessee.