Specifications include, but are not limited to: A. General 1. Software is easy to use and offers a dashboard and provides items user is required to work. 2. Software to be used as central document repository for all leases. 3. Software has the ability to attach lease, amendments, or other relevant documentation. 4. Provide documentation for the product. 5. Will software remain current new GASB pronouncements in relation to leases and software maintenance? 6. Provide city staff with training on the software specific to their roles i.e. administration and departmental levels. 7. What training materials are provided to the end users following implementation? 8. Discuss how typical implementations are handled and approximate timeline. B. Security 1. Adequate security features that include the ability to set user access controls at multiple levels. C. Accounting/GASB 87 1. Software will support Real Estate, Equipment and Software Maintenance agreements. 2. Meet all requirements of GASB 87. Please provide a list of any of GASB 87 that are not supported by the software 3. Include functionality to support equipment and real estate leases for accounting disclosure requirements and journal entries. 4. Can journal entries be created as needed at a portfolio, lease and asset levels? 5. What method is used to calculate asset level journal entries (unique asset basis or proportional allocation from a schedule)? 6. Does the software support leases with a mid-month commencement? 7. Does the software support payments in advance and arrears, skipped payments and mid-term adjustments? 8. Accurately calculate the short- and long-term lease liability, while also amortizing the right of use asset? Explain in detail how it handles that accounting. 9. Provide total rent, inclusive of contingencies. 10. Are general ledger account numbers able to be assigned to a contract?
