RFQ 1-22 - GASB 87 LEASE ACCOUNTING SOFTWARE

The purpose of this Request for Quotation (RFQ) is to solicit competitive cost proposals from an organization to provide Lease Accounting Software for the City of Rochester Accounting Bureau that meets the GASB 87 (Governmental Accounting Standard Board) requirements for implementing this standard and maintaining Lease Accounting records under this guideline moving forward.
Scope of Services:           

1. Software that is kept current and updated with new GASB requirements
2. Provide a plan for assisting in implementing the GASB 87 Lease Accounting requirements
3. Ability to house the data for all leases of the City whether we are the lessee or lessor
4. Ability to create and maintain lease amortization schedules
5. Ability to calculate present value of lease payments
6. Ability to create appropriate journal entries to account for leases e.g. new leases, lease expiration, lease revision, and also allow for the export of this journal to be imported to our general ledger system  
7. Ability to import data regarding leases from our current system
8. Ability to house and maintain supporting Lease documentation attached to the lease record e.g. lease contract, council ordinance, schedule, etc.
9. A searchable data base that allows searching on various data fields
10. Ability to manually enter lease records or enter electronically through an import
11. Maintain lease data, e.g. origination date, length of lease, expiration date, renewal date, etc.
12. A software system that has an interface that is user friendly and provides ease of use
13. Access to timely software support
14. Provides relevant reporting writing options that are easily customizable