Skip to main content

Search

Step 3 - Adding a Lease

If you are the administrator and adding the first lease, setup of the application is required. Please review the quickstart guide for setting up iLeasePro: https://ileasepro.zendesk.com/hc/en-us/articles/204435095-Step-1-Administrator-Setup-of-iLeasePro

 

This QuickStart section will help you to get started using iLeasePro.Follow the seven steps below to add a new lease.

 

 

Adding a Real Estate Lease

mceclip0.png

ALL FIELDS ARE REQUIRED

Lease Name: The lease name is used throughout the application to reference the current lease.

Inception Date: This is the date the lease agreement was executed. You can either manually enter the inception date or click in the date field and a calendar popup will be displayed where you can select the date.

Commencement Date: This is the actual start date of the lease defined in the lease contract. You can either manually enter the commencement date or click in the date field and a calendar popup will be displayed where you can select the date.

Payment Date: This is the first day the rent payment is due. The day of this value is used to build the payment dates for the lease term.  You can either manually enter the commencement date or click in the date field and a calendar popup will be displayed where you can select the date.

Expiration Date: This is the actual end date of the lease defined in the lease contract. You can either manually enter the expiration date or click in the date field and a calendar popup will be displayed where you can select the date.

Base Rent: The Base Rent is the amount to be paid back to the Lessor for the use of the asset. Enter in the Base Rent amount specified on the lease.

Rent Per: Select the frequency of the payment or RentPer from the dropdown list to automatically calculate the Base Rent.

The dropdown options for Rent Per are;

  1. Per Year – Select Per Year if the rent payment is made one time per year for each year within the lease term as specified in the lease
  2. Per Month – Select Per Month if the rent payment is made one time per month for each month within the lease term as specified in the lease
  3. PSF Per Year – Select PSF Per Year if the lease type is a real estate lease and the rent payment is based on the square feet of the space being leased and the rent payment is made one time per year for each year within the lease term as specified in the lease
  4. PSF Per Month – Select PSF Per Month if the lease type is a real estate lease and the rent payment is based on the square feet of the space being leased and the rent payment is made one time per month for each month within the lease term as specified in the lease

Property: If the new lease is in an existing property that has been defined in your account, you can select that property.  If not you will need to add a new property.

Property Name: The Property Name defined when the lease was added. This should be a name that you and your team can use to easily recognize the lease.

Address: Enter in the mailing address of the property. Two address lines are available.

City: Enter in the city where the property is located.

State: Select the State or Province from the dropdown list where the property is located.

Zip:Enter in the Zip Code or Zip Code+4 for US States. Enter in the Postal Code for other countries.

Country: Enter in the country where the property is located.

 

Adding an Equipment Lease

mceclip0.png

Lease Name: The lease name is used throughout the application to reference the current lease.

Inception Date: This is the date the lease agreement was executed. You can either manually enter the inception date or click in the date field and a calendar popup will be displayed where you can select the date.

Commencement Date: This is the actual start date of the lease defined in the lease contract. You can either manually enter the commencement date or click in the date field and a calendar popup will be displayed where you can select the date.

Payment Date: This is the first day the rent payment is due. The day of this value is used to build the payment dates for the lease term.  You can either manually enter the commencement date or click in the date field and a calendar popup will be displayed where you can select the date.

Expiration Date: This is the actual end date of the lease defined in the lease contract. You can either manually enter the expiration date or click in the date field and a calendar popup will be displayed where you can select the date.

Base Rent: The Base Rent is the amount to be paid back to the Lessor for the use of the asset. Enter in the Base Rent amount specified on the lease.

Rent Per: Select the frequency of the payment or RentPer from the dropdown list to automatically calculate the Base Rent.

The dropdown options for Rent Per are;

  1. Per Year – Select Per Year if the rent payment is made one time per year for each year within the lease term as specified in the lease
  2. Per Month – Select Per Month if the rent payment is made one time per month for each month within the lease term as specified in the lease
  3. PSF Per Year – Select PSF Per Year if the lease type is a real estate lease and the rent payment is based on the square feet of the space being leased and the rent payment is made one time per year for each year within the lease term as specified in the lease
  4. PSF Per Month – Select PSF Per Month if the lease type is a real estate lease and the rent payment is based on the square feet of the space being leased and the rent payment is made one time per month for each month within the lease term as specified in the lease

Please refer to https://ileasepro.zendesk.com/hc/en-us/articles/25271696751639-Adding-a-Short-Term-Lease to add a Short Term Lease

 

Related articles