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Understanding 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.