24R3 Release Notes

Accounting Improvements

Performance Upgrades

We have improved the accounting engine to provide significant performance enhancements. This is expected to boost performance, particularly for leases with multiple assets, during recalculations and portfolio imports.

Extensive testing has indicated a performance improvement of greater than 500% for our largest portfolios. The most noticeable improvements will occur during recalculation processes and when performing portfolio imports, including:

FX rates
Day 2 events
Evergreening
MEC events
Post-processing (for future accounting releases)

Who will benefit most:

Customers with asset-dense portfolios will experience the highest impact.
For schedules with 1,000 or more assets, you will see a dramatic improvement.
If your schedules are structured with 10 or fewer assets, the performance increase will be modest.

Please be prepared for a one-time increase in immaterial adjusting entries during the first open fiscal period at the time of deployment, potentially up to 20% more than your typical monthly volume of journal entries. This is primarily due to penny rounding adjustments.

Note: Based on our testing, this will not impact subsequent periods.

No impact code for the Adjusting Entries Analysis Report macro will be available for these entries.

We strongly recommend reviewing and testing this improvement in your Preview environment to determine the impact on your portfolio.

Suppressed Reallocation Entries

In some cases, reallocation entries were being suppressed on ledger entry reports generated at schedule level. While this has now been corrected, please be aware that the entries previously existed in the system – the report was incorrectly aggregating them with other entries.

This means that the now ‘dis-aggregated’ reallocation entries will appear on the report in the month they were recorded – even in closed months. While the number of entries may increase in these months, the net effect should be zero as these are offsetting entries.

Assets Written Off for Fixed-Term Renewals After Evergreen Period

Asset balances were incorrectly reversing on schedules that had fixed-term renewals recorded after an evergreen period. This then manifested as incorrect lease classifications since the schedules were essentially off the books resulting in an Operating classification. Incorrect lease classifications flowed through to all accounting reports, including the disclosure reports. In some instances, the reversal created unexpected gain/loss entries. This has been corrected.

While the accounting recalculations associated with the accounting performance update will include schedules affected by this correction, schedules that were terminated or disposed prior to the current fiscal year will need to be manually recalculated for this correction to appear. [AEAR code for adjusting entries: EGFLP]

Accounting Reconciliation

GL Reconciliation Guardrail:

LedgerEntrySubId and LedgerEntryId were removed as GL reconciliation methods.
The guardrails for these are here for 24R3 November 2024.
Customers using these values for GL reconciliation should collaborate with their Customer Success Manager or Customer Support to switch to one of the previously mentioned reconciliation options: LedgerEntryLineId or PostingEntryId.
While the LedgerEntrySubId and LedgerEntryId columns will still be available in reports, they cannot be used for reconciliation.
Please refer to the 24R2 Release Notes for detailed information on using the new columns for reconciliation.

Import and UI Improvements

Balance Adjustments When Fully Impaired

A Balance Adjustment will be blocked from import if, in any period, any asset on the deal is Fully Impaired.

System Operations Console

Corrected an issue that appeared to double the asset count for a schedule when reviewing the Booking tile in the System Operations Console. This was a display error, and the asset counts were not actually incorrect.

Enhanced Asset Management Search Results Display

We are excited to introduce a new feature designed to improve the search experience within Asset Management. This enhancement focuses on providing clearer and more informative search results when dealing with large volumes of assets.

Single Deal Search: When users perform a search in Asset Management that yields over 1500 assets within a single deal, a new label will now appear on the results page.

Wildcard Search: For searches across multiple deals resulting in over 1500 assets, a similar label will be shown.

The label will read: "Found ## assets; displaying 1500."

General Enhancement: In any scenario where fewer assets are displayed on the page than the total available for the results, users will now see a label communicating the total number of assets found and the number currently displayed.

ShipTo Address Import Issue

Resolved an issue where ShipTo addresses listed on the CIW Addresses tab were not being correctly marked as ShipTo in the UI after import. The system now ensures they are accurately reflected when imported.

New ShipTo Address Auto-Add

We have introduced a new configuration option for enhanced address management during the Portfolio (PIW) and Asset (ADI) import process.

The new configuration is named ‘Auto-Add Ship To.’

What is new?

When the ‘Auto-Add Ship To’ setting is enabled (for PIW & ADI only):

Users can add a new Ship To address to the PIW or ADI if it was not initially imported via the Addresses tab of the CIW or manually added via Contact Management.
New Ship To addresses can be added from:
- The Schedule tab of PIW (added at the deal-level of a schedule) and the following message will appear during the validation step of import:
  
  Deal Ship To address does not exist and will be added.”
- The Details tab of PIW or ADI (added at the asset-level of a schedule) and the following message will appear during the validation step of import:
  
  “Asset Ship To address does not exist and will be added.”

Default behavior remains unchanged:

By default, users must add Ship To addresses before the PIW or ADI import process, as it functions currently. This new configuration allows for added flexibility only if enabled.

Post-import availability:

Once the PIW or ADI is successfully imported, the Ship To address will be available in Contact Management.

How to enable:

To turn on the Auto-Add Ship To feature, please contact Support.

Important: Be cautious when adding new addresses manually, as the system will not automatically detect or prevent duplicates. It is the user’s responsibility to ensure duplicate addresses are not created.

Ledger Code Updates for Product Category

Resolved an issue where accounting refreshes were not triggered when the Ledger Code was updated in Asset Types under Configuration Settings for a Product Category.

IBR on Backdated Modifications via MDIW

Resolved an issue where the correct Incremental Borrowing Rate (IBR) was not being populated during backdated modifications via MDIW when an IBR was not specified in the file.

If it was determined that you have modifications with an incorrect IBR, your CSM has already reached out to remedy the situation.

Payment Adjustment ‘Other’ Reason Type

Resolved the issue where users needed to briefly change the payment adjustment Reason for Change to ‘Contingent rent resolved,’ select an appropriate Remeasurement Date and then change the reason back to ‘Other (No Remeasurement)’ to complete the adjustment. This workaround is no longer necessary. The system will correctly record a payment adjustment of ‘Other (No Remeasurement).’

Real Estate Deals

Provided the ability to our users to rollback Balance Adjustments on deals originating from Real Estate Manager using the kebab icon next to the adjustment event in the Deal Summary of the original deal.

Classification of Modifications with Duration and RCHP Changes

Issue: When creating a modification via the UI Modify Deal workflow where the duration and the Reasonably Certain Holding Period (RCHP) differs from the original term, the Classification workspace was not correctly factoring in the RCHP for the classification test after the modification was saved.

Fix: This issue has been resolved, and the UI now properly takes the new duration and new RCHP into account for the classification test immediately after the modification is saved.

PureLease RFPs

We have given our sourcing team tools to increase efficiency when the lessors associated with an RFP need to be adjusted.

Custom Filename Masking and Character Replacement

Our filename mask feature is designed specifically for you, our valued customers. It allows you to customize the filename output according to your unique requests and can be configured through integration support.

When our system detects invalid characters in a filename, it automatically replaces them with an underscore (_). This ensures that your filenames remain compatible with Microsoft file systems, without you having to worry about manual adjustments.

The list of invalid characters is as follows:

Character	Character Name
\	backslash
/	forward slash
<	left angle bracket
>	right angle bracket
*	asterisk
?	question mark
"	double quotes
:	colon
\|	pipe

Reporting Improvements

Current Payment / Current Rent Changes

Payment tables used for most of the operational reports were refactored with the 24R3 release to ensure consistent values between reports. This refactoring better positions the system for the Operational Payment and Accounting Payment Business Views & Templates coming in 2025, which will provide more options and greater customization regarding schedule-level payments.

Going forward, the terms Current Payment and Current Rent will consistently refer to the last scheduled payment covering a fiscal period based on the report's AsAt date. If a report does not have an AsAt date parameter, the AsAt date defaults to the system date of report generation. This matches the payment schedule listed in Deal Summary for current AsAt dates.

Non-monthly payment frequency schedules will now reflect the last scheduled payment even when the AsAt date of the report falls within a gap month.

Example:

Quarterly payments: $300 each scheduled for 03/01/2024 and 06/01/2024

Report AsAt date: 4/30/2024

Current Payment on report: $300

Twenty-four (24) reports were redirected to utilize the new payment tables. We also took this opportunity to make some minor enhancements to column headers, report titles, tab labels on exports and parameter sheets.

Note: The underlying code for each of the reports was not ‘modernized’ so that the reports provide the same information prior to this release along with the updates mentioned here.

All reports listed below now include a parameter sheet that provides the login name of the person initiating the report along with the date and time of report execution. Column headers for these reports have been updated to replace ‘Local’ with ‘Transactional Currency’ and ‘USD’ to ‘Reporting Currency’. (For customers whose Reporting Currency is not USD, reports will now correctly reflect amounts in the customer’s Reporting Currency.)

Accounting Workbook Overview Tab
ASC 840 Report
BU Asset
BYOR Portfolio
- No parameter tab due to multi-layer reporting.
- Previously saved custom versions of this report will need to be recreated to take advantage of these updates.
Contractual Obligations
EOT Activity
EOT Notification
EOT Options
EOT Pipeline
EOT Recordation
ERP Upload
Evergreen Transactions
Funder Report
Lease Classification
Leasing Efficacy
Leasing Summary
LvB
Ordered Items
Payment Report
Payment Schedule
Portfolio Transactions
Reconciliation
Roll Forward
Transactions Report

Please refer to the recently updated User Guide - Reporting for information regarding a specific report.

As the table structure has changed, post-processing will include a full accounting refresh for ALL schedules including terminated/disposed and rolled back statuses. In rare cases, you may see changes in historical reporting for such deals, where prior release corrections were not applied to terminated/disposed and rolled back deals. This will not, however, generate adjusting entries for such schedules.

Expenses Continuing After Early Termination/Disposal

Balance reports were continuing to include some expense balances into subsequent fiscal years after early termination or disposal. This was related to three specific posting codes that roll up to the following accounts:

Lease Rental Expense (Posting Code 16.18)
Gain(Loss) on Return (Posting Code 16.22)
Gain(Loss) on Modification (Posting Code 16.15)

Entries associated with these posting codes are now reversing correctly within the balance reports.

Report Retirements & Post-Processing

Retirements

The legacy Dashboard report has been retired. This is not the initial dashboard that appears upon logging into the UI.

While we had originally planned to retire the four accounting reports listed below with the 24R3 release, we have deferred the retirement until the first production release for 2025. Some customers expressed concerns that the original reports included crosstabs while the ‘v2 reports’ did not. With the above-mentioned addition of the Design Studio reports now being under SOC, users can utilize those versions of the reports to customize their balance and activity reports complete with crosstabs and detail grids.

Reports now targeted for retirement with the first production release of 2025:

Portfolio: Trial Balance Report
Schedule: Trial Balance By Account for a Single Month Only
Schedule: Account Activity Trend
Schedule: Account Balance Trend

Post-Processing for 24R3

Recalculation of all schedules active in current fiscal year.

Accounting refresh of ALL schedules, including terminated and rolled back statuses.

SOC Update

The following reports have now been added to the SOC 1 Type 2 coverage:

Account Balance Trend
Account Activity Trend
Payables Export

The Account Balance and Account Activity Trend are the templates housed within the Design Studio.