Lease ManagementVisual Lease

Lease Abstraction for Visual Lease

By Angel Campa, Founder · Updated March 2026

About Visual Lease

Visual Lease is a purpose-built lease accounting and administration platform designed to help companies comply with ASC 842 and IFRS 16 lease accounting standards. It serves corporate tenants and occupiers managing large lease portfolios across multiple locations. Visual Lease provides lease data management, right-of-use asset calculations, financial reporting, and audit trail documentation required for lease accounting compliance.

How Lextract Helps

Visual Lease requires accurate lease data as the foundation of all ASC 842 and IFRS 16 calculations. Errors in lease terms — particularly commencement dates, payment schedules, option information, and renewal probabilities — directly affect balance sheet reporting. Lextract provides a verified source of lease data before entry into Visual Lease, and its red flag detection identifies provisions like implicit rate information and variable lease payment structures that require special accounting treatment.

Workflow: Extract to Import

1Upload lease PDFs to Lextract to extract all terms relevant to ASC 842 classification
2Identify renewal and termination options with high confidence using Lextract's extraction
3Assess option exercise probability based on extracted option terms and economic factors
4Download Lextract data in Visual Lease's preferred import format
5Import lease commencement, payment schedule, and option data into Visual Lease
6Run ASC 842 right-of-use asset and lease liability calculations using the verified data

Supported Export Formats

Lextract provides the following export formats compatible with Visual Lease:

ExcelCSVJSON

Critical Fields for Visual Lease

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

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

Frequently Asked Questions

How does Lextract support ASC 842 compliance?

ASC 842 requires companies to recognize right-of-use assets and lease liabilities for all leases with terms over 12 months. Lextract extracts the lease classification inputs: commencement date, lease term, payment schedule including escalations, renewal options with exercise criteria, and any variable payment provisions. These extracted values feed directly into Visual Lease's accounting engine.

Which Lextract fields are most important for lease accounting?

The highest-priority fields for ASC 842 are: commencement date, expiration date, all fixed and variable payment amounts, escalation rates and effective dates, renewal options (with exercise criteria), termination options (with penalty amounts), and any tenant improvement allowances that represent landlord assets. All of these are extracted by Lextract.

How should renewal options be handled in Visual Lease when using Lextract data?

Lextract extracts the renewal option terms — number of options, term length, rent basis, and notice period. In Visual Lease, you must separately assess the probability of exercise (reasonably certain under ASC 842). Lextract provides the fact pattern; your accounting team makes the probability judgment. The option notice deadline extracted by Lextract is critical for planning the renewal assessment.