Are you a finance leader in the leasing industry grappling with the complexities of international transactions? LeaseWorks understands the challenges you face, from managing diverse payment streams to ensuring accurate financial reporting across multiple currencies. 

Starting in Spring 2025, LeaseWorks will provide a robust platform for managing global transactions with accuracy.  Our multi-currency functionality is more than just a feature; it’s a strategic tool designed to enhance your global leasing operations.

Our multi-currency support allows you to:

• Generate Invoices in Any Currency: Issue invoices in your customers’ preferred currencies, whether it’s U.S. dollars, British pounds, euros, or others, eliminating the need for manual conversions and reducing potential errors.
• Receive Payments in Multiple Currencies: LeaseWorks enables you to receive payments in the same currencies you invoice in, simplifying reconciliation and cash flow management.
• Flexible Rent Schedules for Complex Global Leases: Our system is designed to handle complex lease structures, providing the flexibility you need to meet diverse customer demands:
  • Split Rent Schedules by Currency: Easily divide a single lease into multiple rent schedules, each with a different currency. For example, allocate a portion of the rent in British pounds and another in U.S. dollars, according to your lease agreement. 
• Manage Multiple Bank Accounts: Link each rent schedule to a specific bank account for receiving payments directly in the designated currency. This ensures seamless payment processing and reconciliation.
• Override Bank Account Settings: While you can set default bank accounts at the lease level, override this at the rent schedule level to manage payments at a granular level.
• Enhanced Multi-Currency Reporting for Strategic Insights

LeaseWorks goes beyond basic transaction management, offering enhanced reporting capabilities to empower financial decision-making:

• Dual-Currency Reporting: Generate receivables reports in both the original transaction currencies and in U.S. dollars for clear, consolidated financial statements
• Flexible Conversion Rates: Utilize periodic currency conversion rates that can be specified in the system for consistent and accurate reporting, or if required, use daily rates or a fixed rate for the lease term
• Portfolio-Level Reporting: Gain insights into your entire portfolio with the ability to view reports in U.S. dollars. LeaseWorks is also exploring the possibility of allowing portfolio-level reporting in other currencies to meet varied needs.

• Seamless Integration for Reduced Operational Overhead: We understand the importance of minimizing disruption to your existing processes. LeaseWorks integrates with accounting systems like Sun and Oracle, ensuring a smooth transition and minimizing operational overhead. 
• Transaction Flow in Original Currency: LeaseWorks is designed to pass GL transactions in the original currency of the rent schedule. This reduces the need for manual intervention by your accounting team
• Real-Time Currency Conversion: The system captures the exchange rate at the time of invoice creation, providing up-to-date conversion values and accurate reporting. 
• Centralized Currency Table: LeaseWorks maintains a currency rate table, using rates from central banks to ensure accuracy. 
• Mitigate Risk and Optimize Cash Flow

LeaseWorks helps you reduce exposure to foreign exchange fluctuations by giving you the ability to:

• Manage Currency Exposure: Provide flexibility for customers to settle in local currencies or U.S. dollars, helping them manage currency exposure. This may be important to them if they are seeking to reduce their risks
• Minimize Manual Conversions: By automating currency conversions, LeaseWorks reduces the risk of errors associated with manual processes and increases efficiency.
• Gain Control Over Payments: Manage complex payment scenarios, such as where rent is invoiced in one currency but paid in another.
• Accurate Reporting: Produce reports in U.S. dollars, or other currencies when needed, to ensure your accounting is up to date. 
• Future-Proof Your Business with LeaseWorks

Our phased approach to implementing multi-currency functionality ensures a stable and reliable system. Additionally, this allows us to collaborate with our customers to ensure that features meet their needs and can be tailored to each customers’ needs.  LeaseWorks will help you:

• Adapt to Changing Market Demands: Meet the demands of a global market by supporting various currencies and payment methods.
• Streamline Operations: Automate currency conversions and reduce manual effort for improved financial operations and reporting
• Gain a Competitive Advantage: By offering flexibility, you gain a competitive edge and attract international clients.

Our enhanced multi-currency functionality is engineered to streamline your operations, mitigate risk, and drive profitability. Contact us today at [email protected] to learn how we can empower your business and drive profitability in the global marketplace.

Specific details around foreign currency gains/losses and some payment methods are still under development and will be refined in future phases. Our phased approach will prioritize the most common and essential scenarios first.