Elire News

Tag: Lease Administration

Success at RECONNECT 19

July 24th, 2019

Success at RECONNECT 19

Team Elire is excited to share details of our experience at Quest Oracle Community PeopleSoft RECONNECT 19! Elire looks forward to attending this three day, PeopleSoft-focused conference each year. With over 400+ PeopleSoft users attending each year, this deep-dive conference gives us the opportunity to focus on specific aspects and capabilities of PeopleSoft with an informed audience. We loved seeing so many people come through our booth, where we had many great opportunities to connect with attendees and discuss innovation within the industry. Key topics our team discussed with attendees include Chat Bots (such as the new Absence Management Chat Bot featured in PeopleSoft’s HCM Update Image 31), Work Centers, and Elire’s PTF, Lease Administration, and Application Roadmap services. 

In addition to exhibiting at booth #401, Elire is proud to have hosted dinner at Gibson’s steakhouse. Over 45 members of the Elire community were present, and we valued the opportunity to connect with existing clients, prospects, and our Oracle Partners. 

Elire Team members John D. Scott, Director of Sales, and Managing Consultant Valentin Todorow hosted the respective sessions PeopleSoft Treasury SIG Meeting and the PTF: Integration to ALM, Scheduling, Production Validation, and Pivot Grid Reporting which were very well attended presentations with 20+ people in the audience. 

To get in touch with any inquiries or for a copy of Valentin Todorow’s presentation, please contact [email protected] and we’ll connect you with a member of our team. 

You can find more information regarding our PeopleSoft Test Framework, Lease Administration & Asset Management, and Strategic Roadmap services by exploring these links. 

We also invite you to download our new ERP Optimization Whitepaper, Key Considerations for Optimizing Your ERP Investment.

Read Full Story
Elire at HIUG Interact 2019

July 2nd, 2019

Elire at HIUG Interact 2019

Team Elire is excited to have attended Interact 2019, the Healthcare Industry User Group (HIUG) conference in Orlando, Florida! This annual conference hosted over 600 attendees and 175+ educational sessions and clinics. HIUG fosters the collaboration of Oracle application users across the healthcare industry, cultivating connections between Oracle Enterprise users and services.

Elire is grateful to have had the opportunity to continue building our relationships with Oracle users, experts, and HIUG board members at our exhibit booth and our Topgolf event. We always enjoy connecting current and prospective clients for interactive networking events. This year’s event was co-sponsored by our partners, Canon Information and Imaging Systems. 

Elire was recently named the Partner of the Year with Canon Information & Imaging Solutions for 2018. Elire and Canon have partnered to successfully deliver the AP Automation Solution from Canon to Elire’s PeopleSoft and E-Business Suite Customers, as well as develop the future of OCR technology to streamline and automate day-to-day business processes for AP Users.

We had multiple attendees inquire about support for Lease Administration/New Accounting standards. Information regarding our solutions and services surrounding these new standards can be found on the Lease Administration and Asset Management page of our website. While visiting our site, be sure and scroll to the bottom of the page and download our informational Onesheet. In addition to the curiosity surrounding options for support for the new Lease Administration/Accounting standards, our Team saw interest from attendees in Continuous Delivery Methodology support and PeopleSoft Test Framework (PTF). 

Thank you to all of those in attendance and we hope to see you at HIUG Interact 2020! Contact our sales team at [email protected] for further information about our range of consulting services.

Read Full Story
PeopleSoft FSCM PUM 31 GASB Updates

April 12th, 2019

PeopleSoft FSCM PUM 31 GASB Updates

Recently, PeopleSoft PUM FSCM Image 31 became available and includes functionality to ensure Government Accounting Standards Board (GASB) compliance as it relates to Lease Accounting.

The GASB issued statement number 87 (GASB 87), is a new accounting standard for lease accounting. The new standard is effective in 2020. GASB 87 is similar to previously released guidance from FASB and IASB with some differences. A key requirement under GASB is to capitalize leases as assets and liabilities on the balance sheet. The operating lease classification no longer exists under GASB. This is similar to guidance under IASB. However, GASB does classify certain leases as ‘Financed Purchases’ which is different from IASB or FASB.

When the business unit reports under GASB, the system classifies assets in the business unit as finance and disregards the criteria for classification of leases used by FASB.  This can be completed by enabling the GASB 87 features using the same installation options used for IASB and FASB.

In addition, GASB 87 requires organizations to classify certain leases as a ‘Financed Purchase.’ The initial measurement of the lease liability and the asset is the same for a financed purchase. The difference is the liability account used for a financed purchase. The liability should be reported using the ‘Financed Purchase’ account rather than the ‘Lease Liability’ account.

The GASB identifies a financed purchase as a lease that:

  • Transfers ownership of the underlying asset to the lessee by the end of the contract and the lease cannot contain termination options.
  • The lease may contain a fiscal funding or cancellation clause as long as it is not reasonably certain of being exercised.

The GASB views this lease as a financed purchase rather than a lease liability, because the lessee is expecting take ownership of the leased asset.

Accounting for financed purchases requires changes to transaction code configuration, the transaction code selected on the asset, and the accounting entry templates.  This is completed by creating a new transaction code for Financed Purchases (FP – Financed Purchase – Fin Purch). When adding a new asset, the checkbox “Transfer of Ownership” will also need to be selected for these instances.

About the Author: Bryan Reynolds is a Consultant in Elire’s Lease Administration Practice, responsible for implementing Oracle’s Lease Accounting Modules.

Read Full Story
Elire at #PSRECONNECT 2018!

July 9th, 2018

Elire at #PSRECONNECT 2018!

 

Next week, Team Elire will be in Rosemount, IL for Quest PeopleSoft RECONNECT! As largest PeopleSoft focused conference around, RECONNECT offers more than 200 deep-dive sessions across all PeopleSoft product areas including PeopleSoft in the Cloud, Selective Adoption, Testing Automation, Fluid UI, and more! With over 600 Cross-Industry Attendees representing Financial Services, Healthcare, Utilities, Public Sector, Education and others, the networking opportunities through Special Interest Groups, Roundtables, Receptions, and Exhibitor Showcases is unmatched!

Elire will be presenting FIVE sessions this year, as well as exhibiting at Booth #403. Stop by during open exhibiting hours and enter to win a Yeti Backflip Cooler!

101360 Tue. Jul. 17 | International Ballroom C
12:45 – 1:45 pm PeopleSoft Treasury SIG Meeting

101710 Wed. Jul. 18 | Heathrow AB
8:00 – 9:00 am PeopleSoft on Oracle Cloud: What Does this mean for your PUM Strategy?

101740 Wed. Jul. 18 | Grand Ballroom F
8:00 – 9:00 am Accounting Standards Made Easy with PeopleSoft Lease Administration

102560  Wed. Jul. 18 | International Ballroom C
11:15 am – 12:15 pm  Double the PeopleSoft 9.2 Upgrade Fun – Henderson, NV’s FSCM & HCM Public Sector Success Story

102260 Thu. Jul. 19 | Grand Ballroom F
1:45 – 2:45 pm Taking Accounts Payable to the Future: 5 Pillars of Automation

Discounted registration is available through July 12th here. 

To schedule a time to connect with the Elire team or speak with our Experts, email [email protected]

Read Full Story
RECAP: COLLABORATE 18 in Las Vegas!

April 27th, 2018

RECAP: COLLABORATE 18 in Las Vegas!

Thank you to all who joined us in Las Vegas for COLLABORATE 18! We always love connecting with our clients, the Quest International Users Group and OAUG Communities, and other PeopleSoft Experts!

Elire was honored to present ten sessions on Oracle Cloud, Lease Administration, Peoplesoft 9.2 Upgrades, AP Automation, PeopleSoft on Oracle Cloud, and Treasury! For a complete list of our sessions, click here

Aside from Sessions, the Elire team exhibited at Booth #730 to answer questions and connect users with our Subject Matter Experts. 

If you missed us at the booth or would like to set up a follow up, contact [email protected]

We look forward to seeing everyone at COLLABORATE 19 in San Antonio, TX!

Read Full Story
FASB and IASB Changes – What you NEED to know!

November 28th, 2017

FASB and IASB Changes – What you NEED to know!

Massive changes to Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) Regulations will affect both Lessors and Lessees. In order to help you prepare and know what to expect, we asked our experts what you needed to know! Elire has an entire practice dedicated to Lease Administration to ensure your organization is prepared. Here is what our experts had to say:

 

For more information or to evaluate the changes FASB/IASB regulations will have on your organization, email [email protected].

Read Full Story