Contract

The Lucernex Contract module allows users to create, track, and manage real estate lease contracts. The Contract module is compliant with the ASC 842, IFRS 16, and GASB 87 lease accounting standards and can be readily made SOX compliant. There can be more than one contract associated with one location or one facility.

The Contract module includes:

• Details: Basic contract information such as users assigned to the contract and documents

• Abstract Info: Lease abstract information such as terms, covenants, and key dates

• Payment Info: Expense schedules and one-off payments

• Accounting Info: Load accounting assumptions, run ASC 842 tests, and create and manage accounting schedules

• Accrual Info: Create expense and percentage rent accruals