A Few of My Favorite New Lease Administration Features Released in v9.2
PeopleSoft Lease Administration will soon be completing the final changes for ASC 842/IFRS 16 compliance and I will be covering that topic in later blogs. In the meantime, I would like to do a quick take and point out a few of my favorite features that PeopleSoft Lease Administration has released along the way with v9.2.
My first favorite feature is Related Lease Types. In prior versions, Related Lease functionality was limited to linking leases thru a Parent Lease field only. In v9.2, an additional Related Lease field was added that allows for leases to be linked together with user defined Related Lease Types. This provides an additional reporting element for linking and tracking leases.
Displayed below is a screen shot of the new Related Leases page. At the top is the Parent/Child section and at the bottom is the new Related Leases section. As illustrated, leases can now be linked together using multiple criteria – a big plus for reporting purposes.
My next new favorite feature is the Payment Group feature. This now provides the capability to control how vouchers & invoices will be grouped together and displayed on the payment & invoice advices. Prior to this recent v9.2 update, the payment detail was not available at the advice level and this new feature now automatically provides landlords & tenants with that important payment breakdown directly on the advice.
Below is a screen shot of the Financial Terms page with 3 terms: Base Rent, Misc Rent – Storage Fees and Operating Expenses. By using the 2ndcolumn for Payment Groups, additional payment breakdown can now be provided on the advice. This provides a good foundation when tailoring payment advices & invoices to meet your requirements.
Lastly, my next favorite feature that was just released is the Integration Check Box. Often times a lease may not be setup in Lease Administration until several months after the lease has been active and payments have already been made. This new feature allows you to add those financial terms to your leases, keep all your lease data intact and prevent those previously made payments from being interfaced to accounts payable (or invoices for accounts receivable).
The screen shot below shows the Base Rent Details page. For any amounts that have already been paid, simply turn off the check box. Then for all future payments keep the check box on. This makes accommodating those previously made payments easy to manage and keeps your lease data complete. The best part is no technical assistance required! It is all user controlled.
Whether you are on an early version of 9.2 or on v9.1 or 9.0, I just wanted to take a few minutes to discuss a few of my favorite new Lease Administration features. Overall, PeopleSoft Lease Administration has released many new features in v9.2. I certainly could have mentioned a dozen more but this blog is just a quick take on a few of my favorites. In my upcoming blogs, I will begin to take a deeper dive on the new upcoming accounting lease standards so stay tuned.
Thank you for reading,
Steven Brenner, CPA
Senior Principal Consultant