Step 1 - Administrator Setup of iLeasePro
iLeasePro Admin – Account Settings
As the administrator, you will need some preliminary set up of iLeasePro in order for your team to get the most out of the iLeasePro solution. In addition to some required setup, the administration features allow you to customize the key selections that your users will use when adding and referencing your lease information.
iLeasePro offers customizable account settings to align your firm’s processes with the iLeasePro features. The iLeasePro Administrative features are only accessible by users designated as “admin” or "owner" of the account.
Setting Up iLeasePro
From the Lease Landing page click on the Admin link (shown below by red arrow) to begin setting up iLeasePro.
The iLeasePro Admin – Account Settings site offers access to;
- Application Values - Customize the lease dropdown values throughout the solution
- Users – Add new and maintain existing users of iLeasePro. Add/Delete or modify user permissions and access entitlements to the features and data within your account
- Subsidiary - Manage Operating Entities / Subsidiaries
- Lease Accounting – Set default lease accounting values, select Integrated Accounting Software partner and manage general ledger accounts by subsidiary
- Portfolio – organize and group your lease portfolio to ensure secure user access to specific leases – perfect for access by remote employees to remote location leases, increase accuracy of reporting to dive down into specific groups you have created and have the ability to consolidate your leases to create lease accounting amortization schedules and general ledger entries
- Company Info – general company information for continuous communication with iLease Management
Required Steps before starting to use iLeasePro;
- Define a Subsidiary. At least one Subsidiary/Operating Entity is required for every account. A default Subsidiary is generated once an account is created but you should review and change the name. Review the Subsidiary guidance in the document.
- If you intent to use the Lease Accounting feature;
- Setup of the Lease Accounting related values is required. Please refer to the Lease Accounting setup guidance.
- You will need to assign a Lessor to the lease. The Lessor dropdown uses the contact list so you will need to add a new contact and assign as Lessor for the leases you enter.
The Application Values section is used to customize the key lease values throughout the application. iLeasePro has several User Defined Fields (UDF) that the Administrator can add to. The UDFs cannot be changed, but the underlying application values can be added, modified or deleted.
Manage Users - Access Permissions & Entitlements
To add, delete or edit user information. This includes the selection of the information the user can access like features, screens and lease data, as well as, setting up the groups and subgroups the user will have access to.
Adding a new user. Set up the user as an admin with full access rights or as a user then define the access rights.
Setting User Access Rights and Entitlements
When designating as a User, the admin can restrict a user to access specific lease data and/or specific features to ensure data security.
Setup and manage any Operating Entities / Subsidiaries.
Setup the default values for your firm's lease accounting calculations. Refer to our blog blog.iLeasePro.com for more information on the FASB/IASB Lease Accounting Standards change.
Setup the general ledger accounts for each Subsidiary.
Note: Each general ledger account must be entered for each Subsidiary in order to use the lease accounting feature within iLeasePro.
iLeasePro offers the ability to setup and apply cost centers to each general ledger account in each lease. We refer to this as Dimensions.
To Add a Dimension (or Cost Center) click on the Select Dimension Type dropdown button and select the type of dimension you would like to add.
In the example below, we selected Location. Once a dimension is selected, the Add New button will be displayed as seen below.
Click on the Add New button and the row will be displayed with open fields. Enter in the dimension code and the dimension description, then click on Save.
Once Saved, the dimension will be stored under the type selected. The dimension values can be changed by clicking on the edit button (pencil) or deleted by clicking on the delete button (trash can).
if your subscription include the Portfolio feature, you can organize your lease portfolio using groups and subgroups. You have total control over how you can group your leases to take advantage of the powerful portfolio level features and allow of consolidated lease accounting.
Managing Groups or SubGroups
Click on the Manage Leases button from the Portfolio Setup screen to add or delete leases from a Group or SubGroup
Click on Add Lease to include a lease in the selected group or subgroup.
Note: This is a good way to evaluate each lease and associated Subsidiary. There should be only one Subsidiary defined for the leases in a group or Subgroup.
Adding a lease to a Group or SubGroup
The Settings page offers the ability to customize iLeasePro for your company.
iLeasePro Account Settings
- Opt In to Email Notification. Select this checkbox if you are interested in offering the critical date notification email option to receive emails on up coming critical dates that have been defined to the users of the account.
- Select Lessor Source. Select either Contact (the default) or Vendor from the dropdown list to indicate which listing that you would like to use to identify the lessor of each lease.
Note: The Save button must be selected to store any change made on this page.
Account Company Information
The Account Company information fields are populated automatically when you subscribe to iLeasePro. Any of these fields can be updated. Note that the Company Name is used as the Account Name within iLeasePro.
