A lease administration client hired Realogic to verify that lease data was properly entered into the client accounting system to facilitate FASB 13 rent adjustments.
Realogic met with the client to discuss their interpretation of FASB 13 calculations. Based upon these discussions, Realogic created an Excel spreadsheet to calculate the FASB 13 rent for every lease as new lease documentation was provided. Realogic then cross-checked the summary data (# of months, total rent & average rent) against such summary data contained within the CTI accounting system. If such data agreed, then the lease data was entered properly into CTI to facilitate FASB 13 rent calculations. If the data did not agree, CTI data entry was reviewed to determine the source of possible entry errors.