Project Name: Lease Administration
Client: Major FMCG Client
Project Commencement Date: Aug 2018
Project Completion Date: Present
Configuring Accounting standards (ASC 842, IFRS16 and IAS 17), transaction types and classification types. Designed asset classes for lease assets, account determination, process for manual depreciation, statistical postings from SLAN to SAP. Defined asset classes for synchronization with equipment master.
SLAN is a contract management system specifically designed for the lease administration. The purpose of SLAN is to be able to comply with the new IFRS16 and 842 accounting standards which state that the operating leases should also be recorded as ROU assets and shows on the balance sheet instead of just as an expense item in the P&L. SLAN mainly integrates with GL, Fixed assets and Accounts Payable. As part of the pre-requisites ROU Asset Classes, GL accounts, Transaction types are configured in SAP to accommodate the postings from SLAN.
Data is upload to SLAN via the excel upload templates. We have separate templates for the MLA upload and the contract uploads. Data is uploaded to the SLAN system in a disconnected mode. The same levels of approvals are followed. MLAs are uploaded, and then mass approved. Contracts and lease components are uploaded and then mass approved. Once the contracts are mass approved, we complete the assessment and classification after which the assets are created and capitalized. We will run the payments for these contracts in a batch input method in the background for the catch-up. All this is done in a disconnected mode.
Technologies: SAP FICO, SLAN