Defining Miscellaneous Rent Types

To define miscellaneous rent types, use the Miscellaneous Rent Types component (RE_MISC_FEES).

This topic provides an overview of miscellaneous rent types and lists the pages used to define miscellaneous rent types.

Page Name

Definition Name

Usage

Miscellaneous Rent Types

RE_MISC_FEES

Define miscellaneous rent types.

Define miscellaneous rent types for miscellaneous recurring payments, such as monthly parking fees and storage fees on your lease. You can define miscellaneous rent types with a date range, schedule, amount, billing frequency, and any potential escalations.

In addition, to separate a miscellaneous rent type as a distinct bill line on an invoice, you can associate miscellaneous rent types with a transaction routing code that is specifically defined with a unique bill code.

Use the Miscellaneous Rent Types page (RE_MISC_FEES) to define miscellaneous rent types.

Navigation:

Set Up Financials/Supply Chain > Product Related > Lease Administration > Financial Terms > LA Miscellaneous Rent Types

This example illustrates the fields and controls on the Miscellaneous Rent Types page. You can find definitions for the fields and controls later on this page.

 Miscellaneous Rent Type

Field or Control

Description

Rent Type

The available options are:

  • Initial Direct Cost: Payments that are initial direct cost or fees to third parties. Initial Direct Costs are included in the ROU Asset, but not in the lease liability.

  • Other:

Include in Lease Payments

Select to indicate whether the amount must be included in the ROU Asset and Lease payments or not.

If the Include in Lease Payments check box is selected for a miscellaneous rent type, then the payments generated from the lease financial term having that miscellaneous rent type are included in the capitalized lease amount.

Note: The check box is displayed only if the Rent Type option is Other.

Interim/Prepaid Rent

For an interim/prepaid rent payment schedule, interest expense is always zero and the entire rent amount will be the obligation reduction.