Entering and Maintaining Payments
Help Page Summary
This tutorial page will instruct you on all of the Lease tab fields and options. For iLeasePro general navigation instructions, please visit the QuickStart General Navigation page.
Page Sections
The Lease tab contains general lease information and is separated into four sections;
Help
Every page with Sections offers you additional help for that Section. This help information can be accessed by clicking on the question mark in the Section header bar.
Notes
Notes: Every tabbed page under the Leases selection offers you the option to make annotations for the current lease. When the notepad icon shown above is clicked, a new page will be displayed where you can add notes that you would like to make to help you or others in your team identify key dates/reasons, etc for the lease information entered.
Payments Info
The Lease Payments are automatically generated from the Rent data that has been entered. The table below allows for payment additions, modifications or deletions based on the lease agreement. Additional payments and receipts can be added to the monthly payment when needed. It is important to specify whether the payment is made at the beginning of the day, BOD, or at the end of the day, EOD
IMPORTANT NOTES:
(1) When the Rent is modified in any way, this payment data will change accordingly.
(2) Prorated payments will be required to be added in manually on the Payment tab.
(3) If any modifications to the Payment Table where made (prorations, etc), they will need to be added back to the Payment Table after any change to Rent data.
(4)The Payments are used to calculate the Present Value (XNPV) and Amortization Schedule.
(5) If the lease initial payment date is on the 31st day of a month, manual additions will be required to the Payment table to add payment entries for the months that have less than 31 days.
(6) If the last payment for a lease ends on the expiration date, the EOD radio button must be selected for that last payment. (see note below)
(7) There can be only one payment row for a date. Do not create multiple rows with the same payment date.
Payment Date: The date the payment will be made on
Payment Timing: Specify whether this payment is made at the Beginning of Day ("BOD") or End of Day ("EOD). Beginning of day is the same as the payment being made at 00:00:01am while End of day is equivalent to 11:59:59pm. BOD is assumed for the lease accounting XNPV calculations. Additional details on the ASC 842 calculations can be found in the iLeasePro ASC 842 Lease Accounting Assumptions and Inputs.
Paid to Lessor: Additional rent payment amounts paid to the lessor on the payment date
Receipts from Lessor: Any allowances or concessions paid by the lessor on the payment date
Initial Direct Payments: We cannot foresee a scenario in which you can have IDC payments before commencement. The system allows for an unusual fact pattern that we may not have foreseen. Please double-check to ensure that you have the correct facts if you decide to input IDC payments before lease commencement.
Other Expense: Any payments that will be treated as other expenses on the payment date
Please note that you should discuss with your lease accounting team and/or auditor on which amounts to enter in these fields.
Note: If the last payment for a lease ends on the expiration date, the EOD radio button must be selected for that last payment as show below. In this example the expiration date is 6/7/2022.
Adding additional payments outside the rent steps specified
To add new payments to the Payment table simply enter in the payment date and the amounts in the available fields on the first line of the table and click on Save to store the details. A new payment will be created.
Uploading Documents
For detailed explanation on uploading an electronic document into iLeasePro please reference the Upload Document Help Page.
R2022.02.02