Modes of Operation

Nakisa Portfolio Management Suite can be set up to operate on its own or can be integrated with Nakisa Lease Accounting Suite depending on the level of accounting compliance required.

The workflow and the information required in the contract are affected by the Nakisa Portfolio Management Suite mode of operation, configured in the Accounting setting in the Admin menu. The modes of operation are:

Real Estate Solution with IFRS 16/ASC 842 Compliance:

If this mode of operation is selected, the product will be fully integrated with Nakisa Lease Accounting Suite to ensure compliance with IFRS 16/ASC 842 accounting standards. Users can select the standard or streamlined version of this mode of operation.

Standard: The accounting team is required to complete accounting information for the contract, lease component, and activation group in Nakisa Lease Accounting Suite before the contract in Nakisa Portfolio Management Suite can be activated. The standard workflow necessitates more involvement from accountants and approvers.
Streamlined: The accounting team only needs to complete accounting information at the activation group level in Nakisa Lease Accounting Suite before the contract can be activated. The streamlined workflow reduces the amount of intervention required from accountants and approvers.
Note: To use the streamlined mode of operation, application level default values for the Compounding Frequency and Calendar Type fields must be set for each company code in the Admin section of Nakisa Lease Accounting Suite. For more information on how to set default values, refer to the Nakisa Lease Accounting Suite User Guide.

Standard Real Estate Solution:

If this mode of operation is selected, the application functions as a standard real estate solution without integration with Nakisa Lease Accounting Suite.

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