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LTS Lease Type Settings

Warren Hamilton
Warren Hamilton
  • Updated

Create and set up the classification for each lease type. Fill in the default settings for the lease type for the system to adhere during lease offer. Lease type acts as a template for the lease offer so default settings and charges populate for the user to conveniently continue with the process.   

 

Navigation

1. From the homepage, go to Tenancy module.

2. Navigate to the Lease Setting and select Lease Type Settings.

 

 

Setting Up the Lease Type

 

1. Click the Create New button and set up the following:

  • Lease Type - input your new lease type and and select the space type from the dropdown. You can also add a brief description of the new lease type.

           Example:

           Lease Type: Office Grade A

           Space Type: Commercial

  • Security Deposit - input your security deposit months, term, charge type, tax code and any additional deposit months.

           Example:

           Security Deposit Months: 2.00

           By: month fixed

           Security Deposit Charge Type: Security Deposit

           Security Deposit Tax Code: Out-of-Scope       

  • Lease Offer Template - input your lease offer validity days, extension days, term, fitting out period, advanced payment months, first bill charge setup, recurring bill payment term and late payment interest rate type

           Example:

           Lease Offer Validity Days:

           Lease Offer Extension Days: 14

           Lease Offer Terms: 7

           Fitting Out Period (days): 24.00

           Advanced Payment Months: 0

           Charge in 1st bill?: Yes

           Recurring Bill Payment Term: Due in 7 working days

           Late Payment Interest Rate Type:

 

Make sure to Indicate if advanced payment months are required for this lease type. Note that system will calculate and add into initial invoice if this is defaulted. Put 0 if not applicable.

  • Lease Renewal - input the term (months) for lease renewal. Example: 24.00
  • Monthly Charges Template - create a template by adding the applicable charge types, description, amount and tax code. Example: Charge Type: Office Rental & Service Charge with Standard Tax Code
  • GTO Template - select the GTO payment term and whether if GTO will form part of Rent.

          Example: 

          GTO Payment Term: Due in 30 days

          GTO Rent Component: Yes

  • One Time Charges Template - create a template by adding the applicable charge types, description, unit price, quantity and tax code. The system will compute the total amount and estimated tax amount. Select whether the charges are waived or not and you can include your remarks.

          Example: 

          Charge Type: Admin Fee

          Description: Admin Fee

          Unit Price: 100.00

          Quantity: 1.00

          Tax Code: Standard

          One Time Change Waived: No

         

The one time charges added at the end of the form will populate out by default when a lease offer of this lease type is created.

  • Paid Up Capital Minimum Requirement - select the building, paid up capital option, start and end dates and minimum requirement amount.
  • Fitting Out Deposit - select the charge type, tax code, building and amount

          Example: 

          Charge Type: Fittings Deposit

          Tax Code: Out-of-Scope

 

The charges and setting will apply during the creation of the lease offer and during the lease term.

 

 

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