New Feature Release: Lock Date
At Nomos One, we're committed to continually enhancing your experience and making lease accounting as efficient and seamless as possible. We've been listening to your feedback, and we understand the challenges you face when it comes to ensuring accurate reporting while managing the availability of information along the way. That's why we're thrilled to introduce the 'Lock Date' functionality.
Why the Lock Date Feature?
We recognise that lease information is not always timely and available and for many of our accounting users this has been a pain point, consuming valuable time and resources. While we're diligently working on a comprehensive solution in the OneLease world, we're excited to unveil a solution within our current version. This feature will significantly reduce the manual workload associated with out of sync data on a monthly basis, making your lease accounting process smoother and more efficient.
Introducing the ‘Lock Date’
Our latest feature, the 'Lock Date,' allows administrators to take control of their reporting cycle. Located within the Settings > Accounting & Finance section, the Lock Date sets the open and closed period for journal entries. Once established, users won't be able to create/edit events on the Agreement Timeline or IFRS payments, before or on the Lock Date.
This feature fosters collaboration between your lease management and accounting teams, enhancing transparency and accuracy of your financial reporting. If an event or IFRS payment needs to be completed within the locked period, users will need to communicate with the accounting team's administrator to adjust the Lock Date accordingly. Once a lock date has been set it can be edited but not removed.
This change not only saves you time but also ensures that your accounting data is up-to-date, enhancing the reliability of your financial reports.
Get Started Today
To take full advantage of this feature, we encourage you to review your organisation's user setup and ensure the right individual(s) are designated as Administrator(s). As this is a lease accounting feature we recommend the Lock Date is administered by an accounting user.
Related Articles
Lock Date Overview
Find the article here.
How to Set or Edit a Lock Date
Find the article here.
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.