Create Payment Terms for Revenue Leases

After adding the asset details in the Assets tab, you can enter the payment information for revenue leases in the Payments tab.

Payments Tab:

Select New (+) to display the Create Payment page.

The following fields are available as part of the payment term creation for revenue leases:

Field	Description
Payment Template	Select the payment term template.
Customer Name	Select the customer.
Bill-to Site	Select the bill-to site.
Asset Number	Select the asset.
Ship-to Site	You can view the ship-to site from the asset.
Start Date	Select the payment start date.
End Date	Select the payment end date. If you select the payment end date, you can't enter the number of payments.
Amount	Enter the payment amount.
Arrears	Select arrears if the payment is made at the end of the payment cycle.
Payment Purpose	Select the payment purpose. Your choices are as follows: Base Rent Cleaning Depreciation Insurance Operating Expense Rent Percentage Allowance Purchase You can add more values as the payment purpose.
Payment Type	Select the payment type. Your choices are as follows: Abatement Appliance Rental Base Rent Common Area Maintenance Cleaning Deposit Depreciation Direct Escalation Payment for Option Tenant Improvement Insurance Property Taxes You can add more values as the payment type.
Frequency	Select the frequency of payment. Your choices are as follows: Annually Monthly One Time Quarterly Semiannually
Number of Payments	Enter the number of payments. If you enter the number of payments, you can't enter the payment end date.
Currency	Select the payment currency.

Select Save and Close.

You can either provide the Number of Payments or the end date of the payment for generation of payment schedule, but not both.

Summary Subtab:

You can view or add the following payment information in the Overview section:

Field	Description
Payment Template	You can view the payment template name.
Number	You can view the payment number.
Payment Purpose	Retain or change the payment purpose.
Payment Type	Retain or change the payment type.
Payment Status	You can view the payment status.
Asset Number	Select the asset number, if you require.
Currency	Select the currency, if you require.

You can view or add the notes for the payment terms in the Overview section.

1. Select the Note icon.

2. Select New (+) to display the Create Note page.

   The following fields are available as part of the note creation for a payment term:

   Field	Description
   Type	Lease Accounting selects the Leasing Activities note type by default. Your choices are as follows: Compliance General Leasing Activities Legal
   Private	Select the checkbox to make the note private and only visible to you.

   Select Save and Close.

   Select OK.

The customer section of the Payments: Summary tab in the Lease page gives the customer information and the payment term information.

You can view or add the following payment information in the Customer section:

Field	Description
Customer	Retain or change the customer name.
Bill-to Site	Retain or change the bill-to site.
Payment Term	Retain or change the payment term.
Customer Account	You can view the customer account number.
Ship-to Site	Retain or change the ship-to site.
Ship-to Address	You can view the ship-to address.

You can view or add the following payment information in the Schedule section:

Field	Description
Start Date	Retain or change the payment term start date.
Arrears	Select the checkbox if there are arrears associated with the payment.
Frequency	Retain or change the payment frequency.

You can view the following payment information in the Payment Line section:

Field	Description
Line Number	You can view the payment line number.
Line Type	Select whether the payment is a Stub or Recurring.
Number of Payments	Retain or change the number of payments.
Amount	Retain or change the payment amount.
Line Start Date	You can view the payment line start date.
Line End Date	You can view the payment line end date.
First Payment Date	Retain or change the first payment date.

Select New (+) or select Add from the Actions menu to add more payment terms.

Accounting Subtab:

You can view or add the following payment information in the Revenue section:

Field	Description
Revenue Method	Select the revenue method. You can select the method for Lease Revenue or Nonlease Revenue. You must have a minimum of one lease revenue payment for the lease. Lease revenue is calculated from the lease start date till the lease end date. Nonlease revenue is calculated from the payment start date till the payment end date.

You can view or add the following payment information in the Tax section:

Field	Description
Primary Intended Use	Select the primary intended use for the payment term.
Tax Classification	Select the tax classification for the payment term.
Tax Included	Select whether the tax is included for the payment term.
Product Category	Select the product category for the payment term.
Product Fiscal Classification	Select the product fiscal classification for the payment term.
Product Type	Select the product type for the payment term. Your choices are Goods or Services.
Transaction Business Category	Select the transaction business category for the payment term.
User-Defined Fiscal Classification	Select the user-defined fiscal classification for the payment term.

Migration Balances

Lease Accounting displays this section if it's a migrated lease. You can select the migrated lease in the Overview tab. You must enter the accrued asset balance for the migrated lease.

You can view or add the following payment information in the Migration Balances section:

Field	Description
Accrued Asset Balance	Enter the accrued asset balance amount for the revenue lease.

You can view or add the following payment information in the Accounting section:

Field	Description
Ledger Name	Select the ledger name for the payment term.
Account Name	Select the account name for the payment term.
Code Combination	Select the code combination for the payment term.

Select New (+) to add new accounting information.

Predefined SLA Integration

For account creation using SLA integration for accounting events, there are five event classes: Lease Booking, Lease Expense, Lease Revision, Lease Payments Approval, and Lease Termination.

You can add the following default accounts for both payment terms and options for a primary ledger and a secondary ledger:

Ledger Name	Account Name
Vision Operations (USA)	Accrued Asset
Vision Operations (USA)	Receivables
Vision Operations (USA)	Receivables Clearing
Vision Operations (USA)	Revenue

Lease Accounting provides the following predefined Subledger Accounting components for five event classes (with complete SLA AMB components):

• Lease Booking

• Lease Expense

• Lease Revision

• Lease Payments Approval

• Lease Termination

Lease Accounting predefines the New Journal Sources, Categories, and Journal Rule Sets in the General Ledger and Subledger Accounting for carrying out the accounting for the five event classes.

You can use SLA to derive foreign exchange rates, which convert the payment currency schedules into functional currency.

Milestones:

You can view or add the milestones for the payment in the Milestones tab.

1. Select New (+) to display the Create Milestone page.

2. These fields are available as part of the milestones creation for a payment

   Field	Description
   Milestone Type	Select the milestone type. Your choices are as follows: Asset Expiry Lease Expiry Option Exercise
   Object Type	You can view the object type.
   Object Number	You can view the object number.
   Milestone Date	Select the milestone date.
   First Notice Date	Select the first notice date, if required.
   Notice Frequency	Select the notice frequency, if required. Your choices are as follows: One Time Daily Weekly Monthly Quarterly Semi Annual Annual