Beruflich Dokumente
Kultur Dokumente
Lease Taken
Lease Given
1. Property Definition
Property consists of the land, sections, and the buildings, floors, and offices that we are
managing with Property Manager. On setting up properties, the information that needs to be
entered consists of:
Note: Office parks and regions need to be defined before defining properties
New Property
is identified
Define Contacts
Define various
attributes for the
Property
Activate
Property
1.1
Defining a Lease
New Lease is
defined
Provide Unique/General
Lease descriptors
Enter Contacts
information
Enter Location
details
Enter Payments details
Enter Obligations
Define Options
Enter Notes
Defining Milestones
The Leases window and the schedule creation feature will help us to expedite many lease
management tasks, such as:
Abstracting the lease and related documents to identify basic information about the
terms of the lease, as well as information about the parties to the lease.
Staying informed about decisions we have to make and tasks we have to perform on a
timely basis.
Setting up payment schedules, authorizing payment schedules, and exporting schedules
to Oracle Payables.
Keeping track of any additional information relevant to the lease.
If any of the terms of the original lease that we abstracted are later modified, we can use
the Leases window to update our lease information. We can modify our lease information
in two ways:
Enter an amendment. We use the Amendment feature to record any
amendments we have made to the lease. For example, when we create a lease
amendment to terminate a lease early, we can update our information in
Property Manager with the Amendment feature. The amendment feature allows
us to keep a history of modifications made to the original lease agreement, along
with information such as the user responsible and the amendment dates.
Edit the lease information. If we simply need to correct an error we made while
entering information and we do not need to create a lease amendment, we can
use the Edit feature to update our lease information.
Unique Lease Attributes
Name of Lease
Number of Lease
General Lease Attributes
Type of lease (Gross Lease/Net Lease)
Abstracted by
Lease class Ex:Direct lease indicating tenancy
Master Lease Name (We designate a master lease only if we are subleasing the
property to a subtenant. To do this, we must choose Sublease as the Lease Class)
Approval Status of lease
Lease status month-to-month, holdover, terminated and active.
1.2
Milestones
Most of the tabbed regions in the Leases window include the Milestones feature, which
enables us to keep track of decisions and events that take place during the course of the
lease. Milestones can be set up in these tabbed regions:
Details
Insurance
Options
Payments
1.3
Contacts
We keep track of the name, role, and site of companies with whom we do business as part of
administering the lease.
1.4
Location Information
When we enter information about a lease, we can describe the location that the lease covers
by entering location information in the Location tabbed region of the Leases window.
1.5
Insurance
We can enter information about any insurance policies that cover the leased location in the
Insurance tabbed region. In the Coverage Amount fields we can enter the amount of
insurance that is legally required, if any, and enter separately the amount of insurance that
was actually purchased under the specified policy. In the Dates region, we can enter
information such as the insurance policy effective dates, the policy number, and the
company that is supplying the policy.
1.6
Rights
Rights are entitlements granted by the landlord to the tenant. These include right to assign
or sublease, roof rights- to install antennae and right of first refusal to adjoining space.
1.7
Obligations
Obligations outline which party is responsible for performing or paying for specific services,
costs, or duties. Ex-Building-security, parking, maintenance, management, repairs
The Obligations tab would be used for mentioning Property tax, Stamp duty etc.
1.8
Options
The lease may specify options that the tenant or landlord can exercise at different times
during the course of the lease. These include purchase of property by the tenant,
extension of lease period, modifications to the leased property, expansion of lease to cover
additional property.
1.9
Payments/Receipts
During the consolidation of the monthly information, data will be transferred from Oracle
Property Manager to Oracle Payables. Before that is done a series of checks and validations
need to be carried out within Property Manager ensuring people who have entered lease
information do not have the authority to approve the lease. This would constitute MakerChecker validation.
In the payments tabbed region of the lease we enter detailed information about the
transactions that we are setting up.
The information includes:
generates either a payment schedule. When the concurrent process is complete we can
view the schedule in the Authorize Payments window.
These schedules are usually lists of monthly schedule events. A schedule event is a record
that shows the total amount of money that is scheduled to be paid to all suppliers on a
specific date based on the terms of a specific lease. If a payment schedule is normalized, a
separate schedule event is created for each month starting with the commencement date of
the lease and ending with the termination date. If the payment is not normalized, Property
Manager creates only the schedules that are needed. For example, if a payment is
quarterly, Property Manager will create four schedules per year. If the same term is
normalized, Property Manager generates schedules for each month from the term start date
to the term end date.
All transaction items for multiple leases that occur within a specified schedule or due
date range
All transaction items for multiple leases that have the same period name, purpose,
supplier name, or customer name.
All transaction items that have an amount that falls within a specified amount range.
We specify the items that are not required to be exported by un-checking the Export check
box.
Exporting Payment items to Oracle Payables
We can export any individual payment item that is included in an approved payment
schedule event.
Leases and Documents > Payments > Export to Payables
Note: We can export payment items to Oracle Payables by using the Submit Request
window to run the Export Payment Items to AP concurrent program.
In the Find Payments window we can enter search criteria to retrieve the specific payment
items that need to be approved. The criteria available are the following:
Operating Unit
Lease Name
Number
Schedule Dates (range)
Due Date (range)
Payment Purpose
Period Name
Amount (range)
Supplier Name
Invoice Number
Exported check box
Lease Escalation
We handle lease escalation in PM through standard lines in the Payments tab of the lease.
The rent increase will be described by standard increased amounts with periods during
which the increased amount will become active.
Otherwise, a new notnormalized item is created. The schedule day for the new term would
be the same as the original term.
Changing Lease status from Active to Terminated
If a lease is terminated and the termination date is unchanged, there is no change to the
lease. If an earlier termination date is entered, then Property Manager end dates all billing
terms and index rents associated with that date.
When a lease is terminated early, the lease termination date must be greater than the date
of the last approved schedule. For each record that is terminated early, the expiration date
for the associated tenancies, the index rent and the variable rent termination dates, and the
payment term end dates are all terminated early to the date entered in the Termination Date
field.
Changing Lease status from Terminated to Month-to-month or Active
It is possible to move from a Terminated status back to one of the other statuses. If we
reinstate an earlyterminated lease to Active, we must manually reinstate the early
terminated terms of the lease, index rent, and variable rent. Property Manager does not
automatically reverse bills and associated accounting and straight-line impact if the lease is
terminated earlier than the last transferred schedule.
Changing Lease status from Month-to-month to Active
When changing from MonthtoMonth status to Active status, the billing terms, rent index,
and variable rent, as well as any tenancies must be set up or extended. We are required to
change the lease termination date. The Extension End Date field is disabled.
Generate Scheduled
Payment/Receipt
Event