Creating new leases

You can manually create new lease records.

1. Go to Contracts > Leases.
2. In the Related Links section on the left panel, expand RE Contracts and click Leases.
3. Click the Add action to create a new lease.
4. In the Real Estate Lease form, specify the Name, Lease Type, Commencement Date, Base Lease Expiration Date, Business Unit, Payment Timing, and other information.
   Note: If it is a gross lease, set Lease Category to Modified Gross or Full Service Gross. If it is a prepaid lease, enable Prepaid Lease check box. The Prepaid Lease check box cannot be unchecked once the Lease is activated.
   Note: For GASB standard lease, if the Accounting Type is selected as Accounts Receivable (AR) and the Lease Type field value is Expense Lease or Expense Lease - Master Sublease or it can be kept as blank, then such lease will be considered as GASB 87 Lessor accounting standard lease.
5. Go to the Contact Details tab to assign users to Contract Administrator and Lease Accountants roles.
   1. Under Contacts, click the Contract Administrator role.
   2. Click the Contacts section Find action, select a name, click OK, and save the role.
   3. Click the Lease Accountant role.
   4. In the Contact section, click the Find action, select a name, click OK, and save the role.
   5. Click Save & Close.
6. In the Real Estate Lease form, enter the information required in the different sections, and click Create Draft.
   The status of the lease is now Draft.
7. For a real estate lease, go to the Locations tab and specify a premise location and the rentable and usable area.
8. For an asset lease, perform the following steps:
   1. On the Related Links panel, expand Asset Leases and click Asset Leases.
   2. Click Add to open the Asset Lease form.
   3. On the Assets tab, click Find under Leased Assets.
   4. On the Clauses, Options & Terms tab, add the lease clause, options, and information about terms in their respective tabs. See Creating an index clause and Creating options
9. For Subscription Based IT Arrangements (SBITA), perform the following steps:
   1. In the Related Links section, click Subscription Based IT Arrangements (SBITA).
   2. On the Subscription Based IT Arrangements (SBITA) page, click Add.
   3. In the Subscription Based IT Arrangements (SBITA) form, specify Name, Subscription Type, Commencement Date, Base Subscription Expiration Date, Business Unit, Payment Timing, and other information.
   4. On the Contact Details tab, specify a person for the Contract Administrator role and another person for the Lease Accountant role. Also, enter the information required in the Subscriber, Vendor, Management Company, and Default Remit To sections.
   5. Click Create Draft.
10. On the Payments tab, in the Payment Schedules section, click Generate Payment Schedules to create a payment schedule. See Creating payment schedules.
    Note: If it is a gross lease, the Rent Component Assumptions section is visible. The percent component can be specified. Only the % Rent is included in the accounting schedule.
11. Review all the information. Once the lease is reviewed and ready, click Submit for Accounting Review.
    The lease is sent for review to a lease accountant, and the lease accountant is notified to review the lease.