Adding a Lease

Overview

Creating a lease in SIRE creates the corresponding lease in Intacct.

A lease must be associated with an existing property. You can also add tenants, units, recurring charges, deposits, late charges, percentage rent settings, checklists, insurance, clauses, and attachments.

Access Lease Setup

Go to Tasks > Manage Leases > Leases.

Select Create to create a new lease.

Complete The General Tab

The General tab is organized into the following sections:

• Lease

• Lease Details

• Units

• Dates

Lease

Complete the main lease information:

• Property: Select the property associated with the lease. The property must already exist in SIRE.

• Lease Name: Enter a unique lease name. The name cannot exceed 100 characters.

• Level of Care: Complete this field when required for applicable Senior Care configurations.

Lease Details

Add the tenants associated with the lease.

• Select + Add New.

• Select a tenant.

• Mark one tenant as Primary.

• Repeat for additional tenants.

When tenants are added, one tenant must be marked as primary.

Units

Add the units associated with the lease.

• Select + Add New.

• Select a unit associated with the property.

• Enter the unit's Move In Date.

• Mark one unit as Primary.

• Repeat for additional units.

Each unit has its own Move In Date. For leases with multiple units, enter the appropriate date for each unit.

The unit-level Move In Date is separate from the Lease Move In date in the Dates section. It does not replace or change the Lease Move In date.

Unit Move In Dates are used for charge proration, Reconcile Charges, Escalation, Unit Occupancy, and reporting.

When units are added, one unit must be marked as primary.

Dates

Complete the applicable lease dates:

• Lease Start: The date the lease begins. This field is required.

• Lease End: The date the lease ends, when applicable. It cannot be earlier than the lease start date.

• Lease Move In: The date associated with the lease move-in.

• Certificate of Occupancy: The certificate date, when applicable.

• Lease Execution: The date the lease was executed.

• Month to Month: Indicates whether the lease is month-to-month.

Add Recurring Charges

The Recurring Charges tab is used to configure rent and other charges billed through scheduled charge processing.

For each recurring charge:

• Select the Item ID.

• Select the associated Unit.

• Open Charge Amounts and enter the effective date, amount, and frequency.

• Select the Bill To Tenant.

• Enter the Next Date.

• Enter a Terminate Date, when applicable.

• Select the applicable Square Footage type.

• Configure Recovery Settings or CPI Settings, when applicable.

The recurring charge's Terminate Date cannot be earlier than its Next Date.

Configure Percentage Rent

The Percentage Rent tab is used to calculate rent based on tenant sales.

General

• Store Type

• Tenant Fiscal Year End

• Overage Start Date

• Overage End Date

• Sales Category

Billing

• Frequency

• Last Date

• Next Date

• Sales Type

• Item ID

Calculation

• Overage Calculation

• Breakpoint Method

• Rounding Option

• Breakpoint tables, including sales category, effective date, breakpoint type, and overage percentage.

• Sales Base, including amount-based or charge-based calculations.

• Cap, including cap amount and comparison method.

When charges are used as the sales base, at least one recurring charge must be marked as subject to percentage rent.

Configure Late Charges

The Late Charges tab is used to configure fees for overdue tenant balances.

You can configure:

• Description

• Minimum Lease Balance

• Suppress Charge Under

• Late charge steps, including Frequency, Repeat Factor, Calculation Type, Flat Amount or Percentage, and Grace Days.

Late charges are processed separately through Tasks > Manage Charges > Process Late Charges.

Record Deposits

The Deposits tab is used to record tenant deposits associated with the lease.

• Select the Deposit Type.

• Select the Tenant.

• Select the Unit.

• Mark the deposit as refundable when applicable.

Use Create Invoice to create a deposit invoice. Complete the transaction date, GL posting date, item ID, and amount.

Create Lease Checklists

The Checklist tab allows you to create tasks related to lease activation and termination.

• Start Lease for tasks to complete before activating the lease.

• Term Lease for tasks to complete before terminating the lease.

Add a description for each checklist item.

Record Insurance

The Insurance tab allows you to record insurance policies associated with the lease.

Complete the applicable policy information:

• Insurance Type

• Company

• Effective Date

• Expiration Date

• Policy Number

• Agent

• Phone Number

• Insurance Value

• Liability

• Deductible

• Premium

You can add multiple insurance records when needed.

Record Clauses

The Clauses tab allows you to record lease-specific clauses and related information for reference and reporting.

Clause categories are obtained from the values configured in Company > My Preferences.

Add a clause and complete its applicable category, property, unit, description, notes, and contact information.

You can add multiple clauses to the lease.

Add Attachments

The Attachments tab allows you to store supporting lease documents, such as floor plans, insurance documentation, or executed agreements.

Select + Add New, choose a file, and upload the document.

Save The Lease

Before saving, verify that:

• The lease name is unique.

• The property is selected.

• The lease start date is entered.

• Added tenants and units reference valid records.

• A primary tenant and primary unit are selected when applicable.

• Recurring charges have valid required fields.

• Optional tab information is complete when used.

When you save the lease, SIRE validates the information, creates the lease in Intacct, and stores the Intacct lease reference in SIRE.

Frequently Asked Questions

Does Creating A Lease Send It To Intacct?

Yes. When a new lease is saved successfully, SIRE creates the corresponding lease record in Intacct.

Can I Create A Lease Without A Tenant Or Unit?

The lease information can be entered before tenants or units are added. Tenants and units should be added before using the lease for billing or other lease processes.

Can I Add More Than One Tenant?

Yes. You can add multiple tenants, but one tenant must be marked as primary when tenants are added.

Can I Add More Than One Unit?

Yes. You can add multiple units associated with the property, but one unit must be marked as primary when units are added. Each unit can have its own Move In Date.

Can I Add Recurring Charges Later?

Yes. You can add or update recurring charges from the lease's Recurring Charges tab after creating the lease.

Where Do Clause Categories Come From?

Clause categories are configured in Company > My Preferences.

What Happens If The Lease Name Already Exists?

SIRE prevents the lease from being saved when the name already exists in SIRE or Intacct.

What Happens If A Required Field Is Missing?

SIRE displays a validation message and prevents the lease from being saved until the required information is completed.