AccountingLeaseQuery

Lease Abstraction for LeaseQuery

By Angel Campa, Founder · Updated March 2026

About LeaseQuery

LeaseQuery is a purpose-built lease accounting software designed to ensure compliance with ASC 842, IFRS 16, and GASB 87 lease accounting standards. It serves mid-market and enterprise companies with complex lease portfolios, providing automated journal entries, disclosure reporting, and audit-ready documentation. LeaseQuery integrates with major ERP systems including NetSuite, Sage Intacct, and Microsoft Dynamics.

How Lextract Helps

LeaseQuery's accuracy depends entirely on the quality of lease data entered — incorrect commencement dates, missed variable escalations, or unidentified renewal options can cause material misstatements in lease accounting. Lextract provides a systematic extraction of all economically relevant lease terms before data entry into LeaseQuery, dramatically reducing the risk of input errors that lead to audit findings or restatements.

Workflow: Extract to Import

1Upload all leases subject to ASC 842 or IFRS 16 to Lextract
2Review the extracted payment schedule, term, and options for each lease
3Flag any leases with variable lease payments or complex escalation structures for accounting team review
4Export Lextract data to LeaseQuery's standard import template
5Import lease data into LeaseQuery and run initial right-of-use asset and liability calculations
6Review journal entries and disclosure footnotes for reasonableness against Lextract source data

Supported Export Formats

Lextract provides the following export formats compatible with LeaseQuery:

ExcelCSVJSON

Critical Fields for LeaseQuery

These are the highest-priority fields Lextract extracts for LeaseQuery users:

Commencement Date Expiration Date Base Rent Rent Escalation Free Rent Renewal Options Termination Option Lease Type

Frequently Asked Questions

What is the risk of entering incorrect lease data in LeaseQuery?

Errors in lease data — particularly commencement dates, payment amounts, and option identification — can result in material misstatements in right-of-use assets and lease liabilities. For public companies, this can trigger material weakness findings in SOX audits. For private companies, it creates restatement risk if errors are discovered during financing or sale processes.

How does Lextract handle CPI-escalated lease payments?

Lextract extracts CPI escalation provisions including the index used, base index date, measurement frequency, and any cap on annual increases. Under ASC 842, variable lease payments tied to an index are measured using the index rate at the commencement date. Lextract extracts all the parameters needed to make this initial measurement and identify when reassessment is required.