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It’s still not too late to implement PeopleSoft Lease Administration for January 1, 2019 and be ready for the new ASC 842 & IFRS 16 accounting rules!

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I would like to remind everyone that the deadline for compliance with the new ASC 842 & IFRS 16 rules is fast approaching. My headline is a bold statement, but it can hold true if you can answer yes to the following questions:

  1. Have you already identified all your leases, including the payment schedules?
  2. Do you already have your new lease accounting policies in place?
    • How will your leases be valued: Gross, Net, Triple Net and Practical Expedient?
    • Have you quantified the straight-line accounting impacts?
  3. Do you know which accounts on your balance sheet and P&L you will be using?
    • For some organizations, moving to the new standards may require setting up new accounts.

If you have answered yes to the above questions or if you are substantially on your way to completing those tasks, then you are a good candidate to begin implementing PeopleSoft Lease Administration and be live on 1/1/2019. From a business user’s perspective, those 3 questions can be 75% – 80% of the upfront effort required. Once you have that lease information in place, your project implementation team will have what they need to setup Lease Administration and have the system ready for testing with plenty of time for a 1-1-2019 go-live.

Implementation

Certainly, the timing for a 1-1-2019 go-live will be tight. Keep implementation simple and strictly focused on meeting the new accounting standards. Lease Administration has many other features for enhanced notifications, etc. By keeping your focus on the accounting entries, you will be just fine. As delivered Lease Administration provides effective internal controls. Any other features, bells, & whistles you wish to bring up should be slotted for a phase II (post go-live). This will greatly minimize any potential critical path issues.

Although my three questions above are clearly high level, they do serve as an excellent guideline. If you have already tackled these questions, then a big piece of your preparation effort has already been completed. However, if your organization has not substantially answered these questions, then beginning a new implementation for a 1-1-2019 go-live would clearly have its challenges.

In conclusion, it is still possible to begin a PeopleSoft Lease Administration project and be live on 1-1-2019. For organizations that are not ready at all, I will cover this in my next Blog “You can still go-live with PeopleSoft Lease Administration after 1-1-2019 and meet the new accounting standards”.

Thank you for reading and be sure to read our other Lease Administration Blogs.

Steven Brenner, CPA
Senior Principal Consultant
MIPRO Consulting

How to Get Rid of Stress While on a Business Trip

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Feel stressed out while traveling? You aren’t alone. Learning to get rid of stress is essential when traveling. According to a study by CWT Travel Solutions Group (CWT), the top three triggers for stress when traveling can be grouped into three main areas:

1. Lost Time. It’s difficult, or downright impossible, to get work done while traveling, especially when you have a long flight. Many day-to-day business needs pile up while you are on the road, so when you return, you will need to “catch up” on work that you missed.

2. Unforeseen Events. Just thinking about the possibility of lost or delayed luggage, a delayed flight, or a missed connection can cause extreme anxiety for most business travelers.

3. A New Routine. It’s challenging to find time to exercise or stick to a healthy diet when you are on the road, which means many business travelers sacrifice their health while traveling.

Lost baggage, poor or no internet connection, flying coach on long-haul flights and delays are the four biggest drivers of stress within those three groups. CWT surveyed 6,000 business travelers and found that people traveling for work can lose up to 6.9 hours on a trip due to stress, meaning that they used that time for neither work nor rest.

Luckily, learning to get rid of stress is easy!. Click here for Emenike Emmanuel’s top five ways to eliminate stress on a business trip.

Do you have any other unique strategies to reduce stress while traveling on business? Share with us in the comments below.

Administering Simplified Analytics Video

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Two weeks ago, we published a blog on administering simplified analytics. To watch a video demonstrating how to create a simplified analytic and make it available to the end user on a Fluid tile, click here or on the photo below: Additionally, if you would like more information on simplified analytics, please email me at Larry.zagata@miproconsulting.com. To read […]

Administering Simplified Analytics

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Our previous blogs have focused on the creation of a Simplified Analytic. Now, we would like to show you how administering Simplified Analytics works and how to make them available to end users. Simplified Analytics are a great way to open up reporting to the masses. You can control the query behind the scenes. You […]

PeopleTools 8.57

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On September 21, 2018, PeopleSoft released PeopleTools 8.57. It marked the first time a release was generally available in the Cloud before on-premise environments. Using the Cloud Manager, customers may subscribe to the PeopleTools 8.57 channel to automatically download the release in addition to available PeopleTools patches. Based on the 8.57 release notes, the following […]

My Team Manager Self Service Instructional Video

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Last week, we published a blog on My Team Manager Self Service. To watch a short 6-minute step-by-step instructional My Team video further outlining this Tile, click on the link https://youtu.be/IsGfVKCbdnU or photo below: Additionally, if you would like more information on Fluid, related actions, or simplified analytics, please email me at Larry.zagata@miproconsulting.com. To read more about […]

My Team Manager Self Service

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Previously, we’ve published written and video blogs regarding Fluid and Classic features such as simplified analytics, related content, and related actions. To improve efficiency and the overall user experience, the My Team Manager Self Service tile (see photo below) now houses all these features in one location. As always, the user can configure the delivered […]

Page and Field Configurator Instructional Video

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Last week, we published a blog on the PeopleSoft Page and Field Configurator. To watch a short 8-minute step-by-step instructional video, click on the link https://youtu.be/1yFexvEI9lg or photo below: Additionally, if you would like more information on Page and Field Configurator, please email me at Larry.zagata@miproconsulting.com. To read more about MIPRO Consulting, click here.

Page and Field Configurator

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The Page and Field Configurator has been out for a little while now, and although it provides the user with the capabilities to configure pages in PeopleSoft, it does not seem to get the attention that it deserves. In the past, all changes came from the application designer and customization had to be maintained.  With […]

eProcurement Fluid Enhancements

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In March 2018, PeopleSoft FSCM Update Image 27 introduced the Fluid Requisition Enhancement. As a result, the eProcurement Fluid Enhancements now include multiple features. You can now enter default values for new requisitions on the Requisition Defaults page. And you can make changes on the Line Details page. On the Checkout page, you can select […]

Cost Balancing Fluid WorkCenter

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The Cost Balancing Fluid WorkCenter was delivered without a lot of fanfare. However, it is very useful for those that deal with inventory cost accounting. The Cost Balancing Fluid WorkCenter provides everything needed to address the cost accounting business processes. Users can deal with issues associated more on the inventory side such as putaway not completed, […]