Editor’s note — here are all the posts in this series for easy reference:
- Real Estate Management Overview, Part 1
- Real Estate Management Overview, Part 2
- Real Estate Management Overview, Part 3
- Real Estate Management Overview, Part 4: Creating Leases
- Real Estate Management Overview, Part 5: More Leasing Details
- Real Estate Management Overview, Part 6: Lease Administration Walk-Through
- Real Estate Management Overview, Part 7: Site Acquisition & Lease Controls
- Real Estate Management Overview, Part 8: More Lease Controls & Options ()
- Real Estate Management Overview, Part 9: Payables/Billing, Expense Audits and Security Deposits
- Real Estate Management Overview, Part 10: Reporting & Analytics, Plus Closing Comments
We’re continuing our exploration of lease administration in PeopleSoft Real Estate Management from last week.
Today, we’re going to do a walkthrough on amending a lease by navigating to the Lease Administration Center and clicking on the Maintain Lease link under Payables Leases. Then from there we will open a lease and select Manage Amendments from the Action menu and click the Go button which opens the Amendment History page.
Here we can see all the amendments for this lease and by clicking on any of the amendment link numbers, and you can drill down to see further detail of each amendment. To continue, let’s add another amendment by clicking the Add button which opens the Edit Amendment Details page. On this page you will fill out the fields Amendment Type, Reason and Notes. Please note that the Amendment Type and Reason are both user defined fields where you control all the values.
When you have competed filling out this page, click the Continue button and this will open the Maintain Lease page In the ***Editing Pending Amendment*** mode. For our amendment, let’s change the Termination date to 07/31/2015 and then click on the Financial Terms tab.
On the Financial Terms tab we have many options, and for the purposes of this discussion, we will click on the Base Rent link to change the Base Rent amount which opens the Base Rent Details page. This is where you can change the rent amount per the new terms. Once you have the new base rent amount ($12,500.00) in place, click the OK button to return to the Financial Terms tab.
Once back on the Financial Terms tab, you can see the new End Date and the new Base Rent amount. To accept the new amendment click the Save button and click the Return to Amendments History link which brings you back to the Amendments History page. Here you will see your new amendment which will be in pending status with available options to edit, delete or activate. Once the amendment has been activated, the amendment process is completed and your changes will be reflected in all future transactions. Also note that in the status field any amendment that is superseded by another amendment will have the status of replaced.
To review (and summarize) our last two weeks’ worth of Real estate Management discussion, PeopleSoft allows you to control your lease changes in two ways while provide effective safeguards:
- In Maintenance mode, Real Estate Management allows you to only change certain non key financial fields while protecting all fields that affect the financial obligations of the lease.
- In Editing Pending Amendment mode, Real Estate Management allows you to change fields that do affect the financial obligations of your lease while providing an activation process that controls your changes. In addition the system provides a Lease Amendment History page for each lease which allows you to track all your amendments.
Next week, in the next installment of this PeopleSoft Real Estate Management series, we will be take a deeper look at configuration options.Tags: lease administration, lease amendment, lease maintenance, PeopleSoft, real estate management, rem Posted by