Creating Lease Abstracts

This chapter provides an overview of lease abstracts and discusses how to:

Click to jump to parent topicUnderstanding Lease Abstracts

The lease abstract provides a method to capture and present lease information in a summarized, at-a-glance format. Because leases are usually lengthy and difficult to read, the lease abstract provides lease administrators with a short reference that is referred to more frequently. The sections printed vary by setID and are based on the setup on the Lease Abstract component (RE_ABST_SECT). The layout of the lease abstract matches with the online entry flow of the lease in the system to assist with faster data entry (after the handwritten lease abstract worksheet is completed and is ready for input).

These are the two versions of lease abstracts:

A lease abstract worksheet is a blank template that you can print and use to record data from a paper lease. The lease abstract worksheet has fields and sections that are similar in order and logical grouping as in the Lease Maintenance component. This enables you to read the worksheet in a linear fashion and enter the information into the Lease Maintenance component. Although the lease abstract worksheet is meant to assist with the typical lease abstraction process done by lease administrators, it is an optional step and depends on the lease administration procedures or your organization.

The Lease Abstract page is a system-generated summary of the lease. After you enter a lease in the system, you can review the lease data by looking at the lease abstract. You can view the lease abstract online or print it for your records.

To transfer lease details from the lease to the PeopleSoft Real Estate Management system, you perform these tasks:

  1. Print the lease abstract worksheet.

  2. Manually enter the lease information on the worksheet.

  3. Use the lease abstract worksheet to enter lease information in the Lease Maintenance component.

  4. Review the lease abstract on the Lease Abstract page.

Click to jump to parent topicPrerequisites

Before you can print a lease abstract, you must first set up the sections to print in the lease abstracts for each setID through the Lease Abstract setup component. For each setID used in PeopleSoft Real Estate Management, you can choose which sections appear on the lease abstract.

Click to jump to parent topicCreating and Printing Lease Abstract Worksheets

This section discusses how to print lease abstract worksheets.

The lease abstract worksheet provides you with spaces between fields to enable you to hand write lease information on the worksheet. The flow of the worksheet is designed so that you can quickly extract the information from a hard copy lease and input the data into the PeopleSoft Real Estate Management system.

Click to jump to top of pageClick to jump to parent topicPage Used to Create Lease Abstract Worksheets

Page Name

Definition Name

Navigation

Usage

Lease Abstract Worksheet

RE_ABS_WRKSHEET

Real Estate Management, Lease Administration, Reports, Lease Abstract Worksheet

Print a worksheet used to record lease information for entry in the PeopleSoft Real Estate Management system.

Note. You can print the worksheet from your web browser. To maximize viewing and printing of the worksheets, you should use the user interface standard of 800 × 600 screen resolution.

Click to jump to top of pageClick to jump to parent topicPrinting Lease Abstract Worksheets

Access the Lease Abstract Worksheet page (Real Estate Management, Lease Administration, Reports, Lease Abstract Worksheet).

Note. These screen shots display the standard lease abstract worksheet with all options selected on the Lease Abstract setup page.

See Defining Lease Abstract Sections to Print, Defining General Information, Define Financial Terms, Adding Base Rent, Define Lease Clauses, Establishing Operating Expense Details, Entering Percent Rent Terms, Setting Up Security Deposits, Setting Up Options and Critical Dates.

Click to jump to parent topicReviewing Lease Abstracts

This section provides an overview of reviewing lease abstracts and discusses how to review lease abstracts.

Click to jump to top of pageClick to jump to parent topicUnderstanding Reviewing Lease Abstracts

PeopleSoft Real Estate Management enables you to review the lease abstract in any lease status, including pending leases prior to activation. You can review the summary of the lease online or you can print a copy. This feature also enables you to view all the terms and conditions for typographical and miscellaneous errors in the lease before you activate it. Any changes to the terms and conditions of the lease, after it is activated, requires a lease amendment.

Click to jump to top of pageClick to jump to parent topicPage Used to Review Lease Abstracts

Page Name

Definition Name

Navigation

Usage

Lease Abstract

RE_SUMMARY_INQ

  • Real Estate Management, Lease Administration, Payables Leases, Maintain Lease

    Select View Lease Abstract in the Action field and click the Go button.

  • Real Estate Management, Lease Administration, Receivables Leases, Maintain Lease

    Select View Lease Abstract in the Action field and click the Go button.

  • Real Estate Management, Lease Administration, Reports, Lease Abstract

Displays a summary of the lease.

Click to jump to top of pageClick to jump to parent topicReviewing Lease Abstracts

Access the Lease Abstract page (Real Estate Management, Lease Administration, Reports, Lease Abstract).

Note. The screen shots display the lease abstract of a completed lease.