Account Setting - Application User Defined Field Values

iLeasePro Admin – User Defined Fields

As the administrator, you will need to set up iLeasePro with default application values in order for your team to get the most out of the iLeasePro solution.

Why? The use of UDFs will allow for drill down capabilities of key data and enhanced reporting across your lease portfolio.

iLeasePro comes with pre-populated User Defined Fields (UDF) values so you can get started right away, but if you find that specific field values that you currently use are missing you can add, delete and edit the Application Values to customize the key lease values throughout the application.

An example of a UDF is Lease Clause that contains the different clause types that you can select from and include during the abstracting process. By specifying the types of Lease Clauses, the users can select from a dropdown list rather than freeform text entries that may be entered differently by different abstractors or even misspelled. Searching and reporting becomes more accurate and efficient because every lease will have consistent Lease Clauses across your lease portfolio.     

Example dropdown list below containing the choices of Lease Clauses for the user.

iLeasePro User Defined Fields (UDF) and examples of values

• Bank – List of banks that your firm uses that may relate to the leases
  • (e.g. Credit Line, Lender)
• Contact Type – List of the different roles that you can link contacts to for each lease
  • (e.g. Property Manager, Lessor/Landlord)
• Document Type – List of different document types that you can link the uploaded electronic documents to. Allows for easy access to document inventory and quick reference when needed.
  • (e.g. Lease, Lease Amendment, Insurance Waiver )
• Lease Clause
  • (e.g. Subletting, Subordination and Non-Disclosure )
• Lease Type – Equipment
  • (e.g. Copy Machines, Computers)
• Lease Type – Real Estate
  • (e.g. Full-Service, NNN)
• Operating Charges
  • (e.g. Utilities – Oil, Roof Repair)
• Option Type
  • (e.g. Termination, Renewal, Expansion)
• Property Type
  • (e.g. Office, Branch, Kiosk)
• Retail Sales Reporting Method
  • (e.g. Monthly, Annual)
• Retail Sales Volume Breakpoint
  • (e.g. Natural Breakpoint)

How to use the User Defined Fields feature

 To update or edit an existing value text to the User Defined Field selected

1. Select the Edit button (shown as Pen)
2. Type in the new value that you would like
3. Click Save button

Adding a new value to the User Defined Field selected

1. Click the Add New button
2. Type in the new value that you would like
3. Click on the Save button

To Delete a value from the User Defined Field selected

1. Click on the corresponding Trash Can button

 

Bank

Define the names of the different banks or lending institutions your company may use.

The bank selections can be made on the Lease screen within the Lease Management feature.

Contact Types

Works in association with the Contact feature of iLeasePro. Allows the association or linking of roles and responsibilities of the contacts you have entered for a specific lease. Allows the ability to create a lease-by-lease contact directory.

Document Types

Works in association with the Document Management feature of iLeasePro. Allows the association or linking of a labeled document type to the electronic documents that are uploaded and associated with a lease. Allows the ability to create a lease document inventory and also allows for reporting of documents across the lease portfolio.

Lease Clause

Define the different lease clauses that are used across the leases in your lease portfolio. Allows for quick and easy access to specific lease clauses and also allows for lease portfolio analysis of lease clauses across all leases in your lease portfolio.

Lease clauses typically represent legal terms in the lease agreement that provide certain rights to either the Lessee or the Lessor. For rights that have specific actionable dates associated, use the Options Type UDF.

Lease Type – Equipment

Define the different equipment lease types that are used across the equipment leases in your lease portfolio. Allows for quick and easy access to specific equipment lease by type and also allows for lease portfolio analysis of lease types across all equipment leases in your lease portfolio.

 

Lease Type - Real Estate

Define the different real estate lease types that are used across the real estate leases in your lease portfolio. Allows for quick and easy access to specific real estate lease by type and also allows for lease portfolio analysis of lease types across all real estate leases in your lease portfolio.

Operating Charge Types

Define the different operating charges that are expensed across your lease portfolio. Works in association with the Lease Management Expense Chargeback feature and allows for quick and easy access to specific expenses across all leases in your lease portfolio.

 

Option Type 

Define the different lease options that are used across the leases in your lease portfolio. Allows for quick and easy access to specific lease options and also allows for lease portfolio analysis of lease options across all leases in your lease portfolio.

Lease Options, similar to Lease Clauses, typically represent legal terms in the lease agreement that provide certain rights to either the Lessee or the Lessor but have an actionable date associated with the right.

Typically a Lessor and Lessee agree that, at the end of the specified lease term for a given asset, the Lessee has the option of making a change. As an example, in a real estate lease the tenant has the option of renewing at a certain rate by a specific date or the lease term will expire.

Property Types

Define the different types of properties that leases are associated with across your lease portfolio. Allows for quick and easy access to specific property types and also allows for lease portfolio analysis of property types across all leases in your lease portfolio.