Common Elements Used in Leases

Field or Control

Description

Commencement

Enter the begin date that the lease goes into effect.

Lease Actions

A lease can change significantly throughout the course of its typically long life cycle. With the Lease Administration feature, you can change the lease status throughout this life cycle using lease actions within the lease component. The list of available actions changes based on the current state of the lease and what can be processed against the lease. For example, you can put an active lease into a dispute status if there is a dispute between the landlord and tenant. If a lease is in dispute, you can hold it from any financial processing. Any transactions in the transaction queue is also put on hold. When the dispute is resolved, you must manually approval the transactions put on hold to enable processing.

Select from the list of values below:

  • Activate Lease

  • Add to My Portfolio

  • Cancel Lease

  • Close Lease

  • Copy From Existing Lease

  • Delete Lease

  • Dispute Lease

  • Expire Lease

  • InterUnit Transfer

  • Holdover Lease

  • Manage Amendments

  • Resolve Dispute

  • Submit for Review

  • Validate Lease

  • View Lease Abstract

See Understanding Leases.

Error Description icon Go to Error

Click to view and resolve validation and/or activation error. The icon works in conjunction with the highlighted field for visual clue.

Landlord and Tenant

Select the name of the landlord or tenant.

This field changes depending on your role (landlord or tenant) and the navigation that you use.

Note: The landlord must be set up as a supplier on the supplier table, and the tenant must be set up as a bill to customer on the customer table with the Primary Bill-To check box selected.

See Entering Supplier Identifying Information

Lease Type

Select the Sub Lease or Reporting lease type. If you select Sub Lease, you must enter the parent lease number associated with that sub lease.

See Lease Types Page.

Location

Select the geographical site identifying a city, state, or office. This location code is based on the supplier or customer master and is not established in the Lease Administration feature.

Payables Lease or Receivables Lease

Displays the lease number. This field is dynamic and changes depending on the type of lease (payables or receivables) and the navigation you use. You can either enter a lease number when you create a new lease or let the system generate it from the next available number. If you enter a lease number, it can both letters and numbers.

Region

Select the geographical site that identifies a group of locations, such as Midwest or Northeast. You must enter a region before you validate or activate a lease.

Reference

Specify sections within a lease where the term of the lease is defined. For example, when adding a base rent, you can use the Reference field to specify the section in the lease where the rent terms are located.

Straightline Accounting

Select to specify straightline accounting for rent. When selected, the system applies straightline accounting rules to the rent.

See Understanding Straightline Accounting.

Termination

Enter the end date of the lease. The end date is used to define when the lease expires.