Shifting your organisation from Nomos One's Legacy Engine to the New Engine will improve the accuracy of calculations and balances, as well as reduce your experiences with system bugs. If your organisation is planning to shift, this article will discuss the changes you should expect to see in the system.

Expected Changes

With this shift, a few parts of the Nomos One system will change, slightly altering your experience with the system. These changes will be visible in the IFRS 16 Report sections of the system.

• You will be able to run the Journal Report for any length of time, rather than being limited to predetermined periods.
• The Period Report will be named the Financial Statements Report.
• The “All Asset” and “All Liability” reports will no longer be available in the system. Instead, a new version of those reports which collates the information into one report is available in OneLease. Find more information about this report - the Agreement Balances Report - below.
• The Daily Calculation Report is now accessible from the “Payments & Accounting” section of each Agreement Overview page. The report will only be visible as a downloaded file, but will contain a much greater level of detail than on the Legacy Engine.
• You will be able to use the Effective Date field when creating IFRS Component Payments, allowing you to view resulting remeasurements from the recorded effective date onwards, rather than from the commencement date of the Agreement.
• You will no longer need to manually regenerate each Agreement to include updated calculations in IFRS 16 reports. The New Engine will update the calculations as soon as the data is changed.

While we understand that some of these changes may take some getting used to, we hope that the improvements presented by the new engine will enhance your experience with Nomos One. 

The Agreement Balances Report

As mentioned above, the “All Asset” and “All Liability” reports are now visible in OneLease, the new version of the Nomos One report platform. You can now view both the asset and liability information for each Agreement within the Agreement Balances Report. The report can be run for any time period, using the start and end date fields. You can choose to break down the output by month or view the total movements for each Agreement for the reporting period. This report is essentially a horizontal version of the first section of the Disclosure report, broken down on a lease-by-lease basis.

To access OneLease, navigate to the Reports tab of your Organisation in Nomos One. In the top right corner of the page, click “Use OneLease Reporting”. This will open a new tab in your browser, taking you to OneLease.

You will see that the Agreement Balances Report is available, along with our other IFRS 16 Reports like the Journal Report. The Universal Payment Report will also be available, as will our Report Scheduling feature. 

If you have not accessed OneLease before, you will be prompted to login using the same credentials you use to log in to Nomos One. If the log in prompt does not appear, please refresh the page. If you have logged in, but cannot see the Reporting Page, please log out using your initials in the lower left corner of the page and log in again. If you are still unable to see the Reporting page, please reach out to the Support Team at support@nomosone.com for assistance.

Training

To ensure your transition to the New Engine goes smoothly, we are happy to offer a training session between you and our Customer Education team. With help from the Account Managers and Technical Accountants you will already be working with if your organisation is shifting to the New Engine, the Customer Education team will be able to show you around the New Engine system. This training would cover all of the changes to IFRS 16 reports and demonstrate how to run the changed reports to get the desired outputs. Please let us know if you would like to schedule a training session, or simply learn more about what the session would include.

We also have some articles that provide more information on the functionalities now available to you with the New Engine:

• The Journal Report
• The Daily Calculation Report
• IFRS Component Payments
• Agreement Balances Report
• Introduction to OneLease
• How to access the OneLease Reports

Nomos One does not provide or purport to provide any accounting, financial, tax, legal or any professional advice, nor does Nomos One purport to offer a financial product or service. Nomos One is not responsible or liable for any claim, loss, damage, costs, or expenses resulting from your use of or reliance on these resource materials. It is your responsibility to obtain accounting, financial, legal and taxation advice to ensure your use of the Nomos One system meets your individual requirements.