Case Study: RaceTrac achieves Day-One and long-term ASC 842 compliance with FinQuery

RaceTrac Selects LeaseQuery for Long-Term ASC 842 Compliance

RaceTrac, a privately held retail company based in Georgia with approximately 1,000 leases, faced a two-phase ASC 842 implementation challenge: they needed one system for initial lease transition and a different go‑forward solution, but the new ERP’s lease features fell short. The accounting team required Day One and long‑term compliance, automated monthly journal entries, robust year‑end disclosures, and continued support for ASC 840 reporting — needs they brought to FinQuery as a potential lease accounting solution.

FinQuery delivered a live lease accounting tool that addressed those requirements, giving RaceTrac the Day One and ongoing ASC 842 compliance, monthly journal entries, and reporting capabilities they needed (including ASC 840 reports) to manage roughly 1,000 equipment leases. By demonstrating fully operational features and providing technical accounting expertise during evaluation, FinQuery provided the confidence to move forward, enabled compliant reporting from day one, and eliminated the gaps the ERP system could not fill.

RaceTrac

Kelly Defrates

Financial Accounting Senior Manager