WALK AWAY FROM THIS SESSION WITH AN UNDERSTANDING OF SAP's RE-FX Contract Lease Management Solution
The FASB released new lease accounting standards taking effect:
- After December 15, 2018 for US public companies and
- Delayed to December 15, 2021 for US private and nonprofit companies*
- Lease contracts move from a footnote in financial statements to the balance sheet as right-to-use (ROU) assets
- SAP's existing Real Estate module (RE-FX) incorporates the new process and reporting requirements
- This webinar informs you of 5 things you may not know, but should, about implementing the new lease accounting standard and SAP's RE-FX solution:
- Things to do before your implementation
- Things to avoid that complicated public company
implementations
- S/4HANA versus ECC6 and on- premise versus
cloud
- Things to remember about SAP's RE-FX
configuration
Speaker: Kent Bettisworth
Q&A from the Webcast:
Q: Is the RE-FX component to be used for leases additionally licensed?
A: Yes, check with your SAP account manager.
Q: Is contract renewal easy using RE-FX ?A:
A: Yes. The renewal functionality is part of the RE-FX process, including approval reviews, if required.
Q: Can you specify steps at high level and what complex cases you have encountered?
A: See attached pdf for ‘Create Contract with Multiple Lease Vendors’.
Q: Why is SAP’s RE-FX solution better than any other solution?
A: Fully integrated with SAP and contains all the functionality and reporting required for the new ASC842.
Q: Does it really take 6 months to implement SAP’s RE-FX solution?
A: Yes, for 2 FTE consultants, from Design to Go-Live, including rigorous unit and quality testing.
Q: Do you recommend a specific data upload tool…for loading the lease contract data?
A: Yes, we recommend 2Klicks because it is using native SAP ABAP and is built-to-fit for RE-FX loads and updates.
Q: What risk factors are usually a surprise, and cause a project delay?
A: Other projects, business and technical, competing for client resources. Client resources provide load data, review test results, must be available for training, and final reconciliation at Go-Live.
Q: Is there an extra license cost to use SAP’s RE-FX solution?
A: See question 1.