PN - Lease in Property Manager

Property Manager helps to maintain all aspects of managing properties like maintaining 
- lease related information
- recording the lease agreements
- calculating of lease rent
- any additional rent
- common area maintenance and other charges 
to be paid by the Lessee.

Under the Main Lease we have different Modules
- Rent Increase
- Rent Recovery
- Variable Rent
- Operating Expense

 Lets try to understand the Main Lease and Lease Types.

• Expense – When a person hold the lease of property then he has to pay the lease amount to the lesser means owner of the property. Then he will create a Expense Lease in his system as he is paying the rent to supplier so in this case a Person is Our Company and Owner is the Supplier. So our company will maintain a expense lease under property manager lease module.

• Revenue – When a person has given his property to some company or a person then he will collect money from him. In that case it will be income or revenue for the first person. Lets call that first person to Our Company owner of the Property and the second person or company will be customer for us. In this scenario we will create a Revenue Lease in our System.

• Sub Lease – Suppose I am taking a property on lease from any supplier/person/company. And giving the same property on lease to my customer. So in system we will create it as a sublease.

Before Creating the Lease we need to have the pre-requisite setup which is mandatory to create Lease in system.

• Ledger
• Operating Unit
• Define Responsibilities
• Define User
• Setup Multi Org profile options
• Define system options for OU
• Define Supplier in AP
• Complete Setup in Receivables
• Define Employee in HRMS

If you are done with the above steps, You can follow the below steps.

1. Creating Expense Lease
2. Creating Revenue Lease
3. Creating Sub Lease