Lease and SBITA Management System (Multi-Step IFB)

The Washington Suburban Sanitary Commission (WSSC) is seeking a cloud-based software solution to manage Lease and Subscription-Based Information Technology Arrangement (SBITA) contracts. The primary goal is to improve efficiency through automation and ensure accurate Lease and SBITA-related information in financial statements. The software should be capable of managing payment schedules, amortization schedules, required journal entries, and disclosure reporting to comply with GASB 87 and GASB 96. • The software must be able to automate the generation of lessee payment schedules, amortization schedules, journal entries, and disclosure reports. • The software must be able to manage contract details such as lease terms, initial measurements, escalations, renewals, terminations, and modifications. • The software must be able to run automatically without manual intervention after the initial contract input.