Basic Lease Information

Upon entering the Lease Wizard, the user will be taken to the Basic Info page which displays some of the key basic lease details to be populated for either a Real Estate or Non-Real Estate Lease.

Basic Lease Details

Real Estate Lease vs Non-Real Estate Lease

1. Upon entering the Lease Wizard, the page will, by default, display the fields required to create a Real Estate Lease as denoted by the radio button located at the top of the form.

Click the second radio button to create a Non-Real Estate Lease. This will change the form slightly, whereby, the Area Details will no longer be visible.

2. Populate the following required fields, at a minimum:

1. Store Number: Enter a Store Number for which the lease will need to be linked to and proceed to the next field. If the Store Number is not known, click the Search icon leaving the field blank. This will bring a search and select pop-up with the store number and name field. Clicking the Search icon leaving all fields blank in the pop-up will display a list of all pre-existing store numbers to select from. Highlight the row of the record retrieved and click OK.
2. Assets: This field will be enabled when the Non-Real Estate Lease radio button is selected. Once enabled, use the drop-down to select the Asset for which the lease will need to be linked to.
3. Lease Name: This field will be auto-populated with the Location Name associated to the Store Number that was selected. The user may choose to manually override the name and replace it with a name as defined through the Client’s business process.
4. Tenancy Type: Use the drop-down menu to select ‘Payable’ for payable/expense leases or ‘Receivable’ for income/subleases.
5. Rent Prorate Method: Use the drop-down menu to select from the list of values. The method of prorating the lease payment, such as fixed, leased area, 30-day basis, 31-day basis, 360-day basis, and 365-day basis. *Note: the method selected here is set at a lease level and, therefore, will be used to calculate all payments.
6. Currency: The form of currency for which all financial transactions within the lease are accepted.
7. Lease Number: This number is a unique value manually inputted by the user that is generated through the Client’s business process.
8. Lease Type: Use the drop-down menu to select from the list of values.  This is to determine the calculation method whereby a tenant pays rent expenses to a landlord.
9. Lease Financials Group: Use the drop-down menu to select from the list of values.  This is to organize leases into a specific group which will then be used to generate rent roll/billings, batch payments and accruals by Country.
10. Master Lease ID/Number: Select the identifier or description of the master/parent agreement that the Lease ID is associated to.  Example: if entering a sublease agreement, the Master Lease would be the lease between the Head Landlord or property owner and the Sub Landlord or the original tenant of the Head Lease agreement.

 *Note: Blue asterisk (*) denoted in each field is mandatory.  User must enter a value to move to the next tab.

1. Lease Rentable Area: The actual area being occupied in a leased space upon which the Minimum rent and Additional rent are computed.
2. Total (Centre) GLA: The gross leasable area of the Center/Building which is the total floor space available to be rented in a commercial property.
3. Pro-rata Share: The proportionate allocation of the s leased to a tenant divided by the total Center GLA. *Note: The system will automatically calculate and populate this field only if the Lease Rentable Area and Total (Center) GLA fields are entered; otherwise the user will be required to calculate and manually input this value.

2. Click the Next command button. The screen will move to the next page: Critical Dates and Options.

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