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PLM New Lease Wizard

Use this wizard to follow a step-by-step process for creating a basic expense or revenue lease or to add property levels or charges to an existing lease. The steps in the wizard simplify the process of creating a lease by ensuring that you complete the most common and necessary information for the lease. If you need to add more information that is not included in the wizard, create the lease first, and then open the lease in the PLM Lease page.

Note icon. Note: If you want to create multiple leases or more complex leases, use the PLM Lease page. This wizard only includes the basic steps for creating a single lease.

Step 1: Lease Information

Specify the customer, lease type, and other base values for the lease. These fields correspond to the header of the PLM Lease page.

Lease Information Table
Field Description
Name Specify the lease name.
Type

Select the lease type you want to create: Revenue or Expense.
Category Name

Select the category for the lease. Required.

Account No. Select the customer or vendor account number. The accounts available depend on the type of lease being created.
Lease Accounting Standard

For the lease accounting standard, select the lease classification: 

  • Financial Lease: The lease is a financial (or capital) lease.
  • Operating Lease:  The lease is an operating lease.
  • Short Term Lease: The lease is for a period of 12 months or shorter.
  • Non-Lease: The lease is similar to a Short-Term Lease, except that the Non-Lease Type is not available for any of the reports except the PLM Non-Lease Summary Report.
Discount Rate

Specify the rate used to calculate the present value of future lease payments.

Only available for financial or operating leases.

Lease Commencement Date

Specify the start date for the lease.

Step 2: Lease Terms

Select terms for the lease. After a term is selected, the start and end date are automatically updated based on the lease commencement date and number of periods. If needed you can review and modify the terms on the PLM Lease page at a later time.

When adding terms, ensure that the terms do not have overlapping dates. However, a date gap can occur between terms. For example, one term has a start date of January 1, 2020, and an end date January 15, 2020. The following term cannot have a start date on or before January 15, 2020. However, it can have a start date on January 16, 2020, or later.

Field Description
Code Select a term code.
Start Date

Specify the start date for the term. The default date is the lease commencement date.

For the first line, specify the start date. For subsequent terms, the default date is the next date after end date of the previous term. If you change the start date, the date must be later than the end date of the previous term.

Frequency Select a frequency for lease term. The options are: Monthly, Weekly, Bi-weekly, Quarterly, Annually, and One Time.
Number of Periods Specify the number of periods for the term when a lease is created. The default value is from the PLM Property Lease Management Setup.
End Date Specify the end date for the term. The date is automated updated based on the start date and the number of periods.

Step 3: Lease Levels

Specify the levels for the lease. These fields correspond to the Level and the Lease Line (Lowest Level) FastTabs of the PLM Lease page.

Depending on the Category selected in the previous step, select the levels for the lease.

  • If the Category selected in Step 1: Lease Information has no required levels, this step is automatically skipped.
  • If the Category selected has required levels 1, 2, or 3, specify the level details of the category.

The labels that appear in this step are based on the labels entered on the on the PLM Categories Setuppage. Also, the number of required levels that are visible depends on the required levels for the category.

Step 4: Lease Charges

Select the charges for the lowest level. This page is divided into the following lists.

  • The top list shows the list of lowest levels that were added in the previous step. Select a line from the list to add charges.
  • The lower list is for adding charges for the selected lowest level line. These columns for each line are the same columns when adding charges to a lowest level line on the PLM Lease Charges page.

After the lease is created with the wizard, the PLM Leasepage appears with the newly created lease where you can make other changes as needed.