I need a "lease accounting" software that ensures compliance with ASC 842.

If your requirement is ASC 842 compliance, I’d shortlist these platforms rather than relying on spreadsheets or a generic contract-management system:

FinQuery specifically says its software provides ASC 842-compliant reporting/disclosures and operates as a cloud-based subledger that can integrate with ERP systems. FinQuery Visual Lease similarly provides ASC 842 classification, amortization, disclosure and roll-forward reporting. Visual Lease Visual Lease Trullion emphasizes extracting lease terms from source contracts and maintaining a source-based audit trail through calculations and reporting. Trullion Occupier covers ROU assets, lease liabilities, amortization, modifications and ASC 842 disclosures, with an emphasis on connecting real-estate changes to finance.

What I would require in a demo

Don't just ask whether it's "ASC 842 compliant." Have the vendor demonstrate:

• Operating vs. finance lease classification
• ROU asset and lease-liability calculations
• Discount-rate handling, including IBR
• Monthly amortization and interest schedules
• Lease modifications and remeasurement
• Lease commencement, termination and renewal-option scenarios
• Journal-entry generation
• ASC 842 disclosure reports and maturity tables
• Complete audit trail showing how a reported number traces back to the lease
• ERP integration with your GL
• Bulk lease import/abstraction from PDFs
• Handling of embedded leases, if relevant
• SOC 1/SOC 2 and other security/control documentation
• How the system handles changes to accounting standards

One important point: software doesn't itself "ensure" compliance. It can automate the calculations, controls, documentation and reporting needed for ASC 842, but your accounting policies, assumptions, lease identification and review controls still matter.

If you tell me (1) approximate number of leases, (2) real estate vs. equipment leases, (3) your ERP—e.g. NetSuite/SAP/Oracle/QuickBooks—and (4) whether you're public or private, I can narrow this to the most appropriate 2–3 options and compare implementation, integrations, and likely pricing.

To ensure compliance with ASC 842 , you need a dedicated lease accounting or lease lifecycle management platform that handles right-of-use (ROU) asset calculations, lease liabilities, automated journal entries, and audit-ready disclosures.

Top-rated software options vary based on your company size, portfolio complexity, and whether you manage equipment leases, real estate, or both:

1. FinQuery (formerly LeaseQuery) — Widely regarded as one of the most reliable and user-friendly platforms built specifically for accountants to handle ASC 842, IFRS 16, and GASB standards with robust reporting and ERP integrations.
2. Trullion — Known for cutting-edge, AI-powered data extraction that links unstructured lease contracts and spreadsheets directly to automated, ASC 842-compliant financial reports and audit trails.
3. LeaseAccelerator — An enterprise-grade solution ideal for large organizations that need deep asset lifecycle automation, extensive ERP connectivity, and management across global real estate and equipment portfolios.
4. LeaseCrunch — Highly popular for mid-market companies and CPA firms due to its intuitive, wizard-driven interface that simplifies lease entry and compliance tracking.
5. CoStar Real Estate Manager — Excellent if your portfolio leans heavily toward commercial real estate, blending robust lease administration with strict compliance features.

To help narrow down the best fit for your team, let me know:

• Is your portfolio mostly real estate or equipment (or a mix)?
• Roughly how many active leases do you need to manage?
• What ERP system (e.g., NetSuite, SAP, QuickBooks) do you use for general ledger integration?

To ensure seamless compliance with ASC 842 , several dedicated lease accounting and portfolio management platforms stand out in the market. The best choice depends heavily on your portfolio size, whether you are managing equipment or real estate leases, and how heavily you rely on AI or direct ERP integrations.

Top software options for ASC 842 compliance include:

• FinQuery (formerly LeaseQuery): Widely rated as a top choice on platforms like G2 for lease accounting automation. It is purpose-built for accountants to handle complex calculations, journal entries, and disclosure reports easily without relying on messy spreadsheets.
• Trullion: Best for teams looking for modern, AI-powered automation. Trullion uses AI and OCR to extract data directly from source documents and tie calculations, modifications, and journal entries straight back to the original contract for an airtight audit trail.
• CoStar Real Estate Manager / Visual Lease: Excellent for enterprise-level or large commercial real estate (CRE) and equipment portfolios. They offer robust portfolio administration combined with deep, battle-tested financial reporting and compliance features for ASC 842 and IFRS 16.
• LeaseAccelerator: A robust enterprise solution designed for managing the entire lease lifecycle—from sourcing and administration to a full accounting sub-ledger and audit-ready reporting.
• Sage Intacct: Ideal if you are looking for a comprehensive mid-market financial ERP that features native, built-in ASC 842 lease accounting capabilities alongside core multi-entity financials.

To help narrow down the right platform for your team, please share:

• What is the approximate number of leases in your portfolio?
• Are they mostly real estate, equipment, or vehicle leases?
• Do you need direct integration with a specific ERP (like NetSuite, SAP, or QuickBooks)?

If you need lease accounting software that supports ASC 842 compliance, you’ll want a platform that can do more than store leases. Look for automated right-of-use (ROU) asset and lease liability calculations, journal entries, amortization schedules, disclosure reports, audit trails, and ERP integration.

Here are several established options to evaluate:

What I would compare before buying

1. ASC 842 calculation engine

• Operating vs. finance lease classification
• Initial measurement of ROU assets and lease liabilities
• Interest accretion and amortization schedules
• Modifications, renewals, terminations, reassessments

2. Audit readiness

• Full change history
• Supporting lease documents
• User approvals and controls
• SOC 1/SOC 2 reports where applicable

3. Accounting integrations

• NetSuite
• SAP
• Oracle
• Microsoft Dynamics
• Sage Intacct
• QuickBooks (if applicable)

4. Reporting

• ASC 842 disclosure packages
• Maturity analysis
• Roll-forwards
• Journal entry exports
• Multi-entity and multi-currency support

Shortlist by company size

• Small/private company (under ~500 leases): iLeasePro, FinQuery, Rubli
• Mid-market finance team: FinQuery, Occupier, CCH Tagetik
• Large enterprise/global operations: Nakisa, MRI Software, Tango Analytics

If you tell me your number of leases, ERP/accounting system (e.g., NetSuite, SAP, QuickBooks, Sage, Dynamics), and whether you need real estate only or equipment/vehicle leases too, I can narrow this to the best 2–3 choices.

Choosing the right lease accounting software to ensure compliance with ASC 842 depends heavily on your company size, portfolio complexity (real estate vs. equipment), and whether you need automated AI data extraction or deep ERP integrations.

Top-rated lease accounting platforms built for ASC 842 compliance include:

• Trullion: Best for AI-powered automation and audit trails . It uses AI/OCR to read original PDF contracts, automatically extracts key data (payments, terms, incentives), builds ROU asset and liability schedules, and links every single journal entry directly back to the source document for seamless auditing.
• FinQuery (formerly LeaseQuery): Best for accountant-built accuracy . Founded and built by accountants, it excels at complex calculations, automatic amortization schedules, classification tests, and producing exact financial note disclosures required under ASC 842. It also offers robust ERP integrations.
• LeaseAccelerator: Best for enterprise lifecycle automation . It handles the entire procure-to-pay and record-to-report continuum. It is heavily favored by large multi-national enterprises needing deep asset-level tracking, governance, and sourcing analytics alongside compliance.
• CoStar Real Estate Manager: Best for large real estate and equipment portfolios . CoStar is an industry staple that seamlessly combines lease administration and complex ASC 842/IFRS 16 accounting controls, backed by solid enterprise security and audit reporting.
• LeaseCrunch: Best for mid-market companies and CPA firms . Designed by former Big Four auditors and CPAs, it uses simple in-app wizards to make entering data fast and intuitive, making it a favorite for collaborative work between businesses and their accounting firms.

To help narrow down the ideal platform for your organization, let me know:

• What is the approximate number of leases in your portfolio?
• Do you primarily manage real estate, equipment, or vehicle fleets?
• Which ERP system (e.g., NetSuite, SAP, Workday, Dynamics) do you use for general ledger integration?

Yes. If ASC 842 compliance is the primary requirement, I’d shortlist these rather than choosing a generic lease-management platform:

My recommendation

Start with FinQuery/LeaseQuery and Visual Lease. They are the two I'd put through a serious demo if your requirement is specifically "make ASC 842 compliance reliable and audit-ready."

LeaseQuery is particularly compelling if your accounting team wants the software to function primarily as an accounting subledger. It provides ASC 842 reports/disclosures out of the box, automated journal entries and amortization schedules, validation controls, role-based access, workflow controls and a complete audit trail.

Visual Lease is particularly attractive if you have a large or complicated lease portfolio and want lease administration + accounting in the same system. It supports complex events such as modifications, impairments, terminations and abandonments, while providing audit trails and approval workflows.

What I'd require in the demo

Don't just ask the vendor, "Are you ASC 842 compliant?" Have them demonstrate these specifically:

• Lease classification and documentation of the classification conclusion
• ROU asset and lease-liability calculations
• Operating vs. finance lease accounting
• Discount-rate management
• Initial recognition and subsequent measurement
• Remeasurements and lease modifications
• Terminations and impairments
• Automated monthly journal entries
• ASC 842 quantitative disclosures
• Complete audit trail showing who changed what and when
• Source lease-document storage
• Data validation / duplicate prevention
• Approval workflows and segregation of duties
• ERP integration with your GL
• Multi-entity and multi-currency support, if applicable
• Ability to produce an audit-ready roll-forward

Those controls matter because ASC 842 compliance isn't just about calculating the liability once; you need to maintain accurate accounting as leases change throughout their lifecycle. Visual Lease, for example, specifically emphasizes modification, impairment, termination and abandonment calculations plus audit trails.

If you tell me (1) approximate number of leases, (2) your accounting/ERP system—e.g. NetSuite, Sage Intacct, SAP, Oracle, Dynamics, etc., (3) company size, and (4) whether you need IFRS 16 too, I can narrow this to the best 2–3 choices and compare pricing, implementation, integrations, and ASC 842 functionality.

Visual Lease is particularly attractive if you have a large or complicated lease portfolio and want lease administration + accounting in the same system. It supports complex events such as modifications, impairments, terminations and abandonments, while providing audit trails and approval workflows.

What I'd require in the demo

Don't just ask the vendor, "Are you ASC 842 compliant?" Have them demonstrate these specifically:

To achieve full compliance with ASC 842 , your lease accounting software must automate Right-of-Use (ROU) asset and lease liability calculations , handle standard disclosures, generate journal entries, and offer a clear audit trail.

🔎 Top ASC 842 Lease Accounting Software Options

✅ Core Features Needed for Compliance

• Automated Calculations: Immediate generation of amortization schedules for both operating and finance leases.
• Journal Entry Generation: Automatic debit/credit entries for lease commencements, monthly payments, and interest calculations.
• Disclosure Reporting: One-click quantitative disclosure reports including weighted-average lease terms and discount rates.
• Modification Management: Simple workflows to handle lease renewals, terminations, partial impairments, and true-ups without breaking historical data.
• ERP Integration: Direct data syncing to systems like NetSuite, SAP, Sage, Oracle, or Microsoft Dynamics.

💡 Hidden Costs to Watch Out For

• Implementation & Abstraction Fees: Many systems charge separate, steep fees to abstract data out of your current PDF leases and structure it inside the new database.
• User Seat Premiums: Some platforms scale aggressively based on how many procurement or real estate team members need system access.
• Audit Support Charges: Confirm if access for external auditors or year-end compliance reporting templates requires an upgraded tier.

To help pinpoint the best fit, what is your approximate lease count (under 50 or hundreds)? Do you primarily manage real estate or equipment , and what ERP/accounting system do you use?

Yes. If your main requirement is reliable ASC 842 compliance, I’d shortlist these three:

What I'd look for specifically

Don't choose a product simply because it says "ASC 842 compliant." Your software should handle:

• Lease classification and initial recognition
• ROU asset and lease-liability calculations
• Operating and finance leases
• Discount rates / incremental borrowing rates
• Rent escalations and variable payments
• Lease modifications, renewals and terminations
• Remeasurements
• Monthly amortization schedules
• Automated journal entries
• ASC 842 footnote/disclosure reports
• Maturity schedules and roll-forwards
• Complete audit trail showing who changed what and when
• ERP integration with your GL
• Controls around assumptions, approvals and data changes

For example, Visual Lease explicitly supports ASC 842 calculations, disclosures, journal entries, audit trails and approval workflows. Visual Lease Visual Lease FinQuery/LeaseQuery positions its product as a cloud lease subledger with ASC 842 reporting/disclosures and integrations with ERP systems. FinQuery Occupier emphasizes automated ASC 842 calculations, audit-ready reports and integration between real-estate and accounting data.

If you tell me (1) approximately how many leases you have, (2) whether they're real estate, equipment, or both, (3) what accounting system you use—e.g. NetSuite, SAP, Oracle, QuickBooks—and (4) your approximate budget, I can narrow this to the best 1–2 options and compare pricing/features.

Yes. If your main requirement is ASC 842 compliance, I’d shortlist these rather than a generic lease-management tool:

• occupier.com — Best overall if real estate + accounting need one system. It automates ASC 842 classification, ROU assets, lease liabilities, amortization, remeasurements, journal entries, disclosures, and audit trails. It also integrates with NetSuite.
• visuallease.com — Strong established choice. It supports ASC 842, IFRS 16 and GASB, with roll-forwards, disclosures, audit trails, modifications, subleases and ERP integrations. Visual Lease says more than 1,500 brands use its platform.
• nakisa.com — Good for larger/global enterprises. It focuses on ASC 842 automation and supports operating/finance lease classification, ROU assets, liabilities and reporting.
• rubli.co — Worth considering for a finance-focused team. It targets portfolios from roughly 5 to 20,000+ leases and automates classification, calculations, journals and disclosures.

What I would choose

For most mid-sized companies: start with Occupier and Visual Lease. The important distinction is whether you want:

• Accounting-first: automated ASC 842 calculations, journal entries, disclosures and audit support.
• Lease-management + accounting: one source of truth for lease documents, renewals, amendments, critical dates and accounting.
• Enterprise: extensive ERP integration, multiple entities/countries and complex portfolios.

Also, don't evaluate these simply on the vendor's claim of being "ASC 842 compliant." Your demo should specifically show lease classification, discount-rate handling, initial measurement, operating vs. finance leases, modifications/remeasurements, impairments/terminations, journal entries, disclosure reports, audit trail, and ERP integration. Those are the areas where an implementation can create compliance problems even when the software itself supports ASC 842. Deloitte's current 2026 lease-accounting guidance continues to emphasize the complexity around these areas.

If you tell me (1) approximate number of leases, (2) your ERP—e.g. NetSuite/SAP/Oracle, and (3) whether you're public or private, I can narrow this to the best 2–3 options and compare pricing, implementation effort, integrations, and ASC 842 capabilities.

The top lease accounting platforms designed to automate ASC 842 compliance and transition your leases to the balance sheet include FinQuery (formerly LeaseQuery), Visual Lease, Trullion , and LeaseAccelerator . These cloud-based systems centralize lease management, automate Right-of-Use (ROU) asset calculations, and eliminate manual errors in spreadsheet-driven workflows.

Top ASC 842 Lease Accounting Software Platforms

Critical ASC 842 Software Selection Requirements

• Automatic Calculations: The system must generate compliant amortization schedules , short-term/long-term liabilities, and ROU asset balances.
• Modification Adjustments: It must handle mid-term lease extensions, early terminations, or rate changes seamlessly without breaking historical data.
• ERP Integration: Ensure it links with your General Ledger system (e.g., NetSuite, QuickBooks, SAP, Sage) to export ASC 842 journal entries cleanly.
• Disclosure Reporting: Look for pre-built reporting modules for quantitative footnote disclosures , including weighted average lease terms and discount rates.

To help pin down the right platform for your organization, how many total active leases (real estate, equipment, vehicles) do you currently manage, and what ERP/accounting software are you using?