Frequently Asked Questions
Have a question?Browse through our most commonly asked questions.
I love my spreadsheets. Can I import and export data to and from Progen?
Progen comes with an easy-to-use import/export robot utility. This tool enables data to be imported into the software from multiple sources such as excel spreadsheets and CSV files etc. Similarly, data can be exported in a similar manner.
What is IFRS 16/AASB 16 and is it the same?
IFRS 16 or AASB 16 as it is known in Australia is the new leases standard for lessees. It is the most significant change to the accounting rules in over 30 years. A lessee will no longer distinguish between finance leases and operating leases. Almost all lease contracts including property, plant and equipment, must now be recognized on the companies balance sheet. As a lease liability (calculated as discounted future lease payments) and a corresponding right of use asset.
Do I need software for IFRS 16 compliance?
Yes, the complexity of AASB 16 / IFRS 16 compliance particularly that associated with property leases means more than just a simple spreadsheet is required.
Lease accounting compliance requires multiple management judgements and estimations, extensive data requirements as well as ongoing recalculation of key accounting metrics across often diverse lease portfolios together with detailed audit and reporting requirements. In addition, property leases are typically more significant in nature and come with unique challenges.
Only a specialist property-focused AASB 16 / IFRS16 software solution such as Progen can navigate through all the complexities of property lease accounting compliance, automating the entire process and delivering detailed audit and reporting capabilities companies require.
Is Progen for tenants or landlords?
Progen was designed to manage leases from both landlord and tenant perspectives. The software’s comprehensive lease and property management functionality provides all standard as well as advanced features property owners require to manage their tenants and property portfolio. Progen features a comprehensive lease and property database, full accounting suite, fully automated processes, and extensive reporting capability to give landlord full control over their property and lease portfolios.
Progen features all the functionality required enabling tenants to manage and control their property lease portfolios and lease payment obligations efficiently and professionally. In addition, Progen also features full AASB 16 / IFRS 16 lease accounting functionality as well as the ability to manage sub leasing situations.
Can Progen handle sub-leasing situations?
Yes, while most solutions either focus on lease mgt from the position of a lessor or a lessee, Progen is one of the few software’s that has the ability to manage leases from both a lessors’ perspective and from a lessees’ perspective as part of its core functionality.
This means in the case of sub-leases, the intermediate lessors’ lease with the tenant can be managed simultaneously with the landlord head lease.
Can Progen manage land?
Progen has an extensive property database with the ability to define and record all aspects of “Land” as well as buildings or other structures as an integral part of the property structure.
What countries does Progen support?
Progen can be used in all countries and caters for multi-currencies. The software currently supports the English language.
Does Progen integrate with other software?
Progen v7 in-built integration framework makes it easy to integrate Progen v7 with other software platforms such as corporate finance suites, document management repositories, Asset management software GIS systems etc. A number of integration mechanisms and pathways can be considered.
What does Progen implementation process look like?
Our experienced implementation consultants work closely with our clients every step of the way. We apply an in-depth understanding of property management, project management, and software configuration and implementation to deliver our clients the optimal solution.
The Progenesis implementation team perform all system configuration and data migration on behalf of our clients. We use specialist data import templates and in built data import utilities to automatically import all data into the software directly from customer data sources such as Excel spreadsheets, minimizing the need for any manual import work.
What support services does Progenesis offer?
Progenesis’commitment to providing our clients with a high level of locally-based user support sets us apart. Provided by our experienced local support team, Progenesis offers prompt client support over the phone and via remote from the hours of 9:00 am to 5:30 pm Monday to Friday, AEST from our offices in Melbourne and Sydney.
What does Progen cost?
Progen comes as an all-in-one, where all functionality modules both core and advanced are included in the software as standard, for the one all-inclusive license cost.
The software is competitively priced and includes annual license fees and a one-off implementation cost. Licenses are based on the number of users and offer unlimited leases and properties etc. managed by the software.