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How DebtBook Simplifies Lease Payment Reconciliation

Public finance accounting teams know all too well the struggles of dealing with the dreaded "true up" process. Lease payments often deviate from their scheduled amounts, leading to a lengthy and painstaking reconciliation process in order to accurately book entries and sufficiently prepare for a year-end audit.

At DebtBook, we recognize that payment reconciliation can be a highly manual and time-consuming process. To address this, we’ve enhanced our GASB 87 compliance solution by integrating a Payment Reporting functionality that can significantly reduce the time and manual effort associated with reconciliation.  

And, thanks to recent product enhancements, it’s now easier than ever to track payments in DebtBook.

Take a quick tour of our Payment Reporting functionality


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How you can simplify your reconciliation and payment reporting with DebtBook

Step 1: Update payments in bulk

When leases are uploaded and verified within DebtBook, all scheduled payments are automatically displayed within Payment Reporting. This feature allows for adjustments in case you have variances in the actual payment compared to the scheduled payment, enabling you to update the payment information to record actual payment amounts and dates. 

Our bulk update feature allows you to adjust multiple payments simultaneously – noting, for example, a CPI increase – and to mark them as paid in the same workflow. 

Step 2: See scheduled vs. actual payment variances at a glance

Because DebtBook holds both the scheduled and actual payment data, our system will display a reconciliation between the two sources of payment data. We can also then automatically update your audit notes and journal entries based on the actual reported payment activity. 

The result: Hours saved at fiscal year end

When it comes time to book your entries at year end and create your audit reports, rather than having to chase down information from your Accounts Payable or Receivables team, your information is already up to date and ready to export.

Payment reconciliation is just one of the ways DebtBook’s Lease Management solution goes beyond GASB 87 compliance to add value across your workflows, reducing risk and adding time back to your day. To learn more about how DebtBook can help you streamline your lease management workflows, schedule a demo today.

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Disclaimer: DebtBook does not provide professional services or advice. DebtBook has prepared these materials for general informational and educational purposes, which means we have not tailored the information to your specific circumstances. Please consult your professional advisors before taking action based on any information in these materials. Any use of this information is solely at your own risk.

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