The 2024 product cycle has marked a period of significant growth and innovation for Nakisa Lease Accounting. With a focus on practical improvements, each release throughout the year—June, August, and November—has brought critical updates to the platform. These enhancements aim to streamline lease administration, support complex reporting needs, improve data accuracy, and boost user experience across roles.

Below is a comprehensive look at what’s new across the 2024 releases and the key features from the January update that set the stage for the year ahead.

A New Identity and Centralized Access

Nakisa Lease Administration is now the Nakisa Lease Accounting Suite—a name change that reflects expanded capabilities and alignment with Nakisa’s broader product strategy. Along with this rebranding, a direct link to the Nakisa Product Center has been added to the platform’s main menu, improving access across integrated tools.

To support user adoption, a “What’s New in Nakisa” pop-up keeps users informed about updates and feature changes, helping them stay aligned with enhancements that matter most to their workflow.

Functional and Compliance-Driven Enhancements

Journal Vouchers

A new journal voucher feature allows users to record financial transactions that don’t involve direct cash movement—ideal for adjustments, transfers, and error corrections. This functionality strengthens audit trails and simplifies reconciliation within the general ledger, aligning closely with existing SAP processes.

Partner Modifications in Lease Contracts

Lease contracts can now be modified to reflect changes in vendor relationships. When a partner changes, accountants can update payment terms and GL allocations, ensuring accurate financial data without manual backtracking or disjointed adjustments.

Asset Class Selection Flexibility

Asset class requirements have been relaxed for specific lease types such as short-term and low-value agreements. Users no longer need to assign an asset class when it’s irrelevant to the transaction, which simplifies data entry and reduces the likelihood of input errors.

Editable Indexation Rates

Both base and reference rates are now editable for individual payment terms. This offers improved flexibility for leases migrated from legacy systems and supports nuanced indexation treatment under US GAAP and IFRS 16.

Users can apply these changes via the UI or through mass imports, allowing for efficient updates across large portfolios.

Carry-Over Balances via Mass Import

A major improvement now allows for the bulk editing of Carry-Over Balances (COBs). Instead of adjusting contracts individually, accountants can use Excel templates to update COBs across multiple leases, saving time and improving data reliability. The update includes dedicated support for both IFRS and US GAAP standards.

Cutover Date Flexibility

Cutover date settings, which previously applied only at the ERP level, can now be configured at the company and classification levels. This added control helps prevent incorrect external postings and supports more precise implementation of new leases or accounting policies.

Integration and Data Integrity Improvements

Enhanced Reporting

An Asset Data Report per unit has been introduced to offer a detailed, itemized view of asset information, especially useful during FI-GL integration. This allows better oversight and ensures smoother transitions when adopting the Nakisa platform.

File Storage and Access

Users can now upload and manage legacy lease documentation directly in Nakisa’s File Storage. Historical disclosure reports from pre-cutover periods can be securely stored and accessed by authorized users as needed.

Migration and Document Handling

New filtering options and flexible document upload capabilities streamline lease migration processes. Metadata tagging ensures audit-ready document tracking, and support for bulk uploads speeds up administrative work.

External Posting Error Resolution

Recent improvements address SAP posting failures related to misaligned journal entries. Accountants can now resolve issues such as incorrect closing dates or reversal reasons, ensuring postings remain compliant and traceable.

Duplicate Detection

A 24-hour automated check scans for duplicate postings to prevent financial discrepancies. This consistency tool ensures better financial control and helps maintain system integrity.

Admin Controls and User Access

Role-Based Batch Processing

Granular access control has been added to batch job functionalities. Five new role types allow administrators to assign specific permissions related to mass workflows, indexation, modifications, and postings. This segmentation supports compliance and enforces stricter internal controls.

Dynamic Dashboards

The platform’s dashboard features now include multiple formats—pivot tables, lists, and visual dashboards—along with enhanced export options and sharing capabilities. Users can track transactions, amortization, and asset schedules with greater clarity and ease.

Tax Management and Customization Options

Sales Tax Configuration

Administrators can define country-specific tax rules, and accountants can post tax-adjusted transactions into Nakisa and SAP with accuracy, ensuring regional compliance.

User-Defined Fields

Nakisa now supports the creation of custom fields that allow users to input organization-specific information into lease objects like contracts and agreements. This enables more relevant and tailored data capture.

Additional Updates from January 2024

The early 2024 release laid the groundwork for many of the enhancements that followed. Notable additions include:

• Non-lease indexation reporting: New disclosure fields for clearer tracking under IFRS 16 and ASC 842.

• Multi-currency support: Improved handling of international vendor expenses.

• Conditional CPI settings: Enables indexation limits for both minimum and maximum thresholds.

• Mid-month indexation logic: Ensures payment timing aligns with schedule frequency.

• Salvage value tracking: Adds a field to capture asset salvage details for more accurate depreciation calculations.

• Default field enforcement: Reduces human error in deal creation.

• Workflow simplification: A new option to bypass unnecessary steps for unit activation.

Final Thoughts

The 2024.R1–R3 updates significantly enhance Nakisa Lease Accounting’s ability to support modern leasing needs. With stronger integrations, improved data handling, more flexible configurations, and user-focused enhancements, these releases equip finance and leasing teams to operate with greater confidence and precision. Whether your team is managing a global lease portfolio or preparing for regulatory audits, these features are built to streamline operations and improve outcomes.