Lease Versions

To work on future lease modifications that are not yet active, Nakisa Real Estate allows you to create lease versions.

A lease version is a copy of the active lease at the time it is copied, which you can then modify without altering the active lease. When you are sure you want to keep the changes, the new version can be activated.

When creating a lease version, you must create an activity. When a lease activity that is configured to require finalization is added, the lease will be read-only until the activity is completed or dismissed. Activities with no finalization required are automatically marked as completed and the lease can be immediately modified.

When a lease draft is created and is unfrozen, users can continue to add additional lease activities. To learn how to add a lease activity refer to Activity History.

To navigate through different lease versions, use one of the following options:

  • The navigation tree on the right side of the screen:

  • The lease diagram:

To create a lease version:

  1. Open the desired lease.
  2. Ensure the lease is active. Lease versions cannot be made for leases that are in the draft status.
  3. Under the Actions section, click Create Lease Version.
  4. Select the appropriate Activity Type.
  5. If desired, enter a Code, Name, or Description.
  6. Click Save.

Note: If the activity type is subject to finalization, the lease version will be read-only until the activity is completed or dismissed by a user with the Approver role.

Users can also use lease versions to modify their rent table. Depending on your configured mode of operation (determined by the Accounting setting in the Admin section), there is a specific workflow that must be followed.

ClosedFor modifications made while the application is configured as an IFRS16/ASC 842 compliant solution:
  1. Create a lease version and make the required changes in the Rent Table tab.
  2. After the changes in the Rent Table tab have been made in the lease version, the lease administrator must approve the lease again.
  3. The relevant objects in Nakisa Lease Administration reopen as drafts which must be activated to reflect the changes made in the rent table. For more information on approving and activating objects in Nakisa Lease Administration, refer to the Nakisa Lease Administration User Guide.
  4. Once all objects in Nakisa Lease Administration are active, you can activate your lease.
ClosedFor modifications made while the application is operating as a standard real estate solution:
  1. Create a lease version and make the required changes in the Rent Table tab.
  2. After changes are made in the rent table, the lease can be activated right away.

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