PeopleSoft Lease Admin
Albuquerque, also known locally as Duke City and abbreviated as ABQ, is the most populous city in New Mexico and the 32nd-most populous city in the United States, with an estimated population of 558,545. As the principal city of the Albuquerque metropolitan area, ABQ is home to 915,927 residents and is the 60th-largest metropolitan area in the United States. The Albuquerque MSA population includes the cities of Rio Rancho, Bernalillo, Placitas, Corrales, Los Lunas, Belen, and Bosque Farms, and forms part of the larger Albuquerque–Santa Fe–Las Vegas combined statistical area, with a total population of 1,171,991.
Elire was initially engaged by the City of ABQ to bid for the implementation of the PeopleSoft Lease Administration module, which was then awarded to Elire. Elire was tasked with inventorying, categorizing, and converting the City of ABQ’s current leases into the PeopleSoft Lease Administration module. Within this scope of work, Elire configured the module and connected it to other existing PeopleSoft modules such as Accounts Payable (AP) and the General Ledger (GL). Elire worked with the City of ABQ to automate and modernize management of leases as well as comply with the recently updated GASB87 (Governmental Accounting Standards Board) lease accounting and reporting requirements.
Challenges to this project included the evidence of varying lease reporting requirements by department. Semi-autonomous divisions within the City of ABQ’s processes had specific and unique reporting requirements, which added a level of complexity to ensure that the PeopleSoft Lease Administration module would suit all varying lease accounting and reporting needs for differing departments.
Transitioning to new accounting standards created a need for the City of ABQ to find and classify all leases including those embedded in contracts, which required additional time and energy to ensure project completion.
Elire worked closely with the City of ABQ to determine how the PeopleSoft Lease Administration module would address all unique reporting and accounting requirements and provided solutions for any discrepancies within the module, which led to the successful delivery of the PeopleSoft Lease Administration module on February 7th, 2022.
After implementation of the module, Elire provided support to the City of ABQ to ensure module stabilization. Elire’s delivery of the module and continued support gives the City of ABQ the capability to load existing leases into the system and successfully generate accounting, payment schedules, and reports amidst changes to GASB87 lease accounting and reporting requirements.
Interested in learning more about how Elire can assist your PeopleSoft team? Visit our PeopleSoft Services Page or contact our team at [email protected].
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