Lease Property Definition for Expense Leases

Define and upload property information using File-Based Data Import. Lease administrators can then associate the properties with the assets on an expense lease.

Companies typically have many leases that include properties such as buildings, floors, and offices. Including the specific property information on the lease and related lease invoices reduces the time to pay the lease invoices. Lease accountants reduce their reconciliation and period close time by knowing which expenses are associated with which specific property.

To define and associate properties to expense leases:

1. Import properties with Tenure as Leased and Available for Lease as Yes
2. Create an expense lease for property.
3. Update lease details to set Require Property Definition to Yes.
4. Associate properties to each asset.

You can optionally establish a business policy of requiring a property association for all expense leases for properties by enabling the system option Require Property Definition.

The following screenshots describe the process of defining properties:

Properties Import

Review Properties page

Lease administrators can then associate the properties with the assets on an expense lease.

Lease Details page

Create Asset page

Business Benefits:

• Increase control and simplify reconciliation by associating each payment with its corresponding property.
• Reduce data entry effort with the property import utility.
• Report expenses based on property hierarchies.

Steps to Enable

Use the Opt In UI to enable this feature. For instructions, refer to the Optional Uptake of New Features section of this document.

Offering: Financials  No Longer Optional From: Update 25A

Access Requirements

You do not need any new role or privilege access to set up and use this feature.