Frequently asked questions
Can the software handle impairments and re-assessments?
The software allows you to record ROU impairments and to re-assess leases. We recommend working closely with your auditors to ensure these complex rules are properly reflected in your accounting records.
Does the software handle different currencies?
842ware does not have foreign currency functionality built in. If we hear customers asking for this, we will be glad to build that feature, however most (or at least many) small and medium businesses only work in a single currency so they won't miss it.
If you do need this functionality, an easy workaround is to just save multiple 'versions' of the spreadsheet for each local currency. This will give you the entries you need in local currency and you can then do your normal foreign currency translation in your GL. Any disclosures will need to be converted to your reporting currency.
Can the software be installed on a network?
The demo version can be shared across networks. However, the general release uses license management software to distribute and track license keys. It requires that the software be installed on a local drive (i.e. the "C:\" drive), so the file can not be run off of a network. However, all the reports are generated in Excel, and those can be saved anywhere else you already save Excel spreadsheets.
Why is the software for lessees and not lessors?
Companies who are in the business of leasing equipment, vehicles, and property, will in most cases likely already have a complex billing and accounting system to help them run their leasing business. 842Ware for Lessees is targeted to the masses of small and medium (and maybe large?) businesses who want to achieve compliance with the new leasing standard without having to spend a ton of money on a new system.
Why is the program built in Excel?
Every good accountant is probably also pretty good with Excel. The 842Ware software was designed and built by a CPA who's worked in public practice and in private industry, who has worked with Excel since 1990, who taught himself to write VBA code, and who's seen many companies build or buy overly complex web applications, ERP add-ons, and other platforms that end up getting in the way of getting real work done. Our goal is to give you what you need to achieve quick 842 compliance with a transparent, "audit-friendly" data set so that you can get back to your day job. No installation is required other than saving a handful of files on your laptop and buying a license key.