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Setup for First Time Use of iLeasePro

Setup for First Time Use of iLeasePro

Welcome to iLeasePro.  If this is your first time in as an administrator or just signed up for the trial of iLeasePro, you will need to perform a few setup tasks in order to get the most out of your first walk through of the iLeasePro solution. Please following the instructions below - this should only take a few minutes.

  1. Linking to the Admin site
  2. Subsidiary Setup
  3. Lease Accounting Setup
  4. Adding a Lease

Linking to the Admin site

From the Lease Landing page click on the Admin link (shown below by red arrow) to begin setting up iLeasePro.

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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

but you will only need to do three things to get going.  

Required Steps before starting to use iLeasePro;

  1. 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.
  2. If you intent to use the Lease Accounting feature;
    1. Setup of the Lease Accounting related values is required.  Please refer to the Lease Accounting setup guidance.
    2. 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. 

 

Subsidiary Setup

Setup and manage any Operating Entities / Subsidiaries.  

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Lease Accounting Setup

Setup the default values for your firm's lease accounting calculations.  These default values are available to be used if all of your leases will use the same value for the field.  It is highly recommended that you specify the Classification and Relevant Borrowing Rate at the lease level.

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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.

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Setup Lessor for Lease

In order to use the iLeasePro Lease Accounting feature you will need to setup a lessor, as a Contact, for the lease.  Click on the Contacts link from the side navigation menu as shown below by the red arrow. 

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To add a new contact, click on the Contacts link in the side navigation bar, shown by the red arrow below.  Click on the Add New button, shown by the red arrow below.

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A popup window will be displayed and to allow you to enter in the contact information. Once the Company Name and Contact information is entered, click on Save to store the contact.

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Once stored, you will be displayed the list of contacts associated with the account. The contact information can be changed by clicking on the edit button (the pencil) or deleted by click on the Delete button (the trash can).

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The initial setup is complete and you can now add a lease.

Adding a Lease

 To begin adding a lease, click on the Leases tab in the side navigation menu.  Once the Lease Landing page is displayed, as shown below, click on the Add New Lease button

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The New Lease window will be displayed. Enter in the key lease information in the fields displayed.  All fields on this page are required.  We entered in a real estate lease as an example.  Select the Equipment radio button if this is an equipment lease. 

 

When all fields are entered correctly, click on the Add Lease button and the Lease page will be displayed with the new lease added.    

Scroll down to the Lessor field, shown below with a red arrow, and click on the dropdown list and select the company that you just entered in the Contacts for the Lessor.

You are now ready to begin your experience with iLeasePro.  You can use the other Help Guides for any feature that you need help with.

 

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