Adjusting the start date of a payment schedule
IBM® TRIRIGA® Real Estate Manager users who need to make a minor change to an active lease payment schedule, such as a start date change, can adjust the schedule.
Background
Paulina is a real estate contract manager at Company ABC. She is managing a real estate lease for Lessee XYZ, with a two-year lease term, a monthly payment frequency, and a monthly payment of $1000 USD. However, due to recent changes to the contract, she must update the payment start date from January 1, 2013 to January 1, 2014. The payment end date remains on December 31, 2014.
Step 1: Revise the active real estate lease
Paulina opens the TRIRIGA Real Estate Manager application and opens the active Lessee XYZ lease with its scheduled payments and active payment line items. She clicks to make the lease record editable.
Step 2: Adjust the payments
Paulina opens
the Payments tab and clicks the Adjust
Payments action.
- She selects the affected payment schedule.
- She changes the start date from January 1, 2013 to January 1, 2014.
- She keeps the same end date as December 31, 2014.
- She keeps the same monthly amount as $1000 USD.
- She enters the adjustment reason.
- She keeps the Update Action to be Update or Split Payment Schedules.
Step 3: Process the adjustment
When Paulina is finished, she clicks the Process Adjustment action. The
TRIRIGA Real Estate
Manager application generates the following two payment schedules:
- First schedule from January 1, 2013 to December 31, 2013 at $1000 USD.
- Second schedule from January 1, 2014 to December 31, 2014 at $1000 USD.