Single Form Contract Creation (Beta)

The single form contract creation feature allows you to create a location, premises, contract, and rent terms simultaneously. Locations and premises are automatically activated, while the contract remains in Draft status. This feature is available to lease administrators and managers.

Note: This feature must be enabled in the Admin section before use.

The single form creation process generates only the required information for each object. To add additional details, such as areas or operating costs, to a location, premises, or contract, open the specific object directly and make the necessary modifications.

To use the single form creation:

  1. On the Nakisa Portfolio Management landing page, click Create Contract (Beta).
  2. The page provides three options to create a contract:
  3. In the Single Form (Beta) section, click Start Manual Entry.
  4. Fill out the required fields in each of the sections.
  5. Once complete, click Save at the top of the page. The objects are created.
ClosedIn the Location section, enter the following information:
  1. Enter a Name for the location.
  2. Enter a Store Number.
  3. Enter the File Number.
  4. Select the location Type. Select "Owned" if your company owns the property, or select "Leased" if your business is leasing the property from an external company or from a different internal division of your company.
  5. Select your Business Unit.
  6. In the Legal Entity field, select the company code to which this location is associated.
  7. In the Currency field, set the currency that will be used for the location. This currency is also used for entering operating costs and sales.
  8. Set the location's Unit.
  9. Enter the address of the location in the Address section.
ClosedIn the Premises section, enter the following information:
  1. Enter a Name for the Premises.
  2. Enter a File Number.
  3. In the Occupancies field, select all the options that will be used for the head premises, as well as any sub-premises attached to this head premises.
  4. Select the Usage for the premises.
  5. Select a Cost Center.
  6. If there are required user defined fields for the premises, fill out the fields in the Premises User Defined Fields section.
ClosedIn the Contract section, enter the following information:
  1. Enter the File Number.
  2. Select the contract Type. The available contract type depends on the premises occupancy.
  3. Select a State for the contract.
  4. Select a Category such as Contract, Monthly Contract, or Seasonal. Note that the category is only for reporting or informational purposes.
  5. Select the date range for the contract with the Date From and Date To fields.
  6. The Indexations section allows you to define indexation fields separately for lease and non-lease terms:
    • Indexation Type (Lease) and Indexation Type (Non-Lease): Set these fields to determine the CPI type for indexation for lease and non-lease terms:
      • None: The term does not use CPI Indexation rates.
      • CPI Local: The indexation values (CPI) are defined manually by the user by setting the Current Index Level.
      • CPI Global: The Current Index Level field is set according to the set CPI Global Category and the Reference Date.
    • Conditional indexation allows you to set limits on CPI rate changes. To enable conditional indexation, click the Conditional Indexation checkbox. The following fields are shown:
      • The Applicable Current Index Level (Lease)and Applicable Current Index Level (Non-lease) fields are automatically set to the values defined in the Current Index Level (Lease) and Current Index Level (Non-lease) fields, respectively.
      • If required, enable the Minimum Percentage Change field to set the minimum percentage the Applicable Current Index Level can be increased by (relative to its latest value). This value can be modified in an indexation plan if needed.
      • If required, enable the Maximum Percentage Change field to set the maximum percentage the Applicable Current Index Level can be increased by (relative to its latest value). This value can be modified in an indexation plan if needed.
    • After the contract is created and is still in Draft status, you can set the Maximum Date To. This date cannot be greater than the latest end date of a critical clause or the contract end date, whichever is greater.
  1. Enter the File Number.
  2. Select the contract Type. The available contract type depends on the premises occupancy.
  3. Select a State for the contract.
  4. Select a Category such as Contract, Monthly Contract, or Seasonal. Note that the category is only for reporting or informational purposes.
  5. Select the date range for the contract with the Date From and Date To fields.
  6. The Indexations section allows you to define indexation fields separately for lease and non-lease terms:
    • Indexation Type (Lease) and Indexation Type (Non-Lease): Set these fields to determine the CPI type for indexation for lease and non-lease terms:
      • None: The term does not use CPI Indexation rates.
      • CPI Local: The indexation values (CPI) are defined manually by the user by setting the Current Index Level.
      • CPI Global: The Current Index Level field is set according to the set CPI Global Category and the Reference Date.
    • Conditional indexation allows you to set limits on CPI rate changes. To enable conditional indexation, click the Conditional Indexation checkbox. The following fields are shown:
      • The Applicable Current Index Level (Lease)and Applicable Current Index Level (Non-lease) fields are automatically set to the values defined in the Current Index Level (Lease) and Current Index Level (Non-lease) fields, respectively.
      • If required, enable the Minimum Percentage Change field to set the minimum percentage the Applicable Current Index Level can be increased by (relative to its latest value). This value can be modified in an indexation plan if needed.
      • If required, enable the Maximum Percentage Change field to set the maximum percentage the Applicable Current Index Level can be increased by (relative to its latest value). This value can be modified in an indexation plan if needed.
    • After the contract is created and is still in Draft status, you can set the Maximum Date To. This date cannot be greater than the latest end date of a critical clause or the contract end date, whichever is greater.
ClosedIn the Rent Table section, enter the following information:
  1. Click Add Term.
  2. Select an Expense Category Type. If the Contract Type is an Other Agreement created from an owned location, only the"Non-lease" expense category type is available.
  3. Select an Expense Category for all the payment terms under this rent.

    Note: For Free Rent / Reduction terms, the amount (entered as a negative value) reduces the base rent or extension amount, but cannot result in an overall negative value. The First Payment Date should be on or after the Contract Start Date and payment dates should match those of Base Rent terms.

    Note: For Cash Incentive terms, the Amount Frequency and Payment Frequency are automatically set to "One Time", and the First Payment Date can only be prior to or equal to the Contract Start Date.

  4. Set the Payment Frequency, which indicates how frequently payments are made.
  5. Set the Currency for the rent.
  6. Set the Amount Frequency to indicate how frequently the total amount is applied (e.g., daily, monthly, annually). Note that selecting "One Time" means that the even if there is a partial month (due to the Start Date and First Payment Date not being on the same day), the payment amount is always equal to the Total Amount.
  7. Set the Payment Mode to one of the following values (unless the Amount Frequency is One Time):
    • Advance: The rent amount paid on a given date will be used to cover the interest expense generated since the beginning of the previous payment date until the beginning of the current payment date.
    • Arrears: The rent amount paid on a given date will be used to cover the interest expense generated since the end of the previous payment date until the end of the current payment date.
  8. Under Payment Terms, click .
  9. Set the date range for the payment term with the Date From and Date To fields.
  10. Enter the Amount.
  11. Set the Term Indexation Type.
    • If "Flat Increase" is selected, indexation will not apply to this term.
    • If "Apply CPI" is selected, indexation will apply to this term.
  12. Optionally click the Hold switch if you would like to prevent this term from generating scheduled payments. If the application is configured as an IFRS 16/ASC 842 compliant mode of operation, and this switch is enabled, the term does not generate payments and is unexercised in Nakisa Lease Accounting Suite.
  13. In the Vendors section, select the vendors associated to this rent. Click to add any additional vendors.
  14. In the Percentage (%) column, enter the ownership for each vendor.
  15. If you wish to calculate taxes for a specific vendor, click the Calculate Taxes checkbox next to the vendor. This option is only available for vendors with configured Tax Code Determinations.
  16. The Tax Jurisdiction is set automatically based on the configuration in Financial Organization Structure, but can be changed if needed.
  17. The Tax Exemption Percentage is set automatically based on the configuration in Financial Organization Structure, but can be changed if needed.
  1. Click Add Term.
  2. Select an Expense Category Type. If the Contract Type is an Other Agreement created from an owned location, only the"Non-lease" expense category type is available.
  3. Select an Expense Category for all the payment terms under this rent.

    Note: For Free Rent / Reduction terms, the amount (entered as a negative value) reduces the base rent or extension amount, but cannot result in an overall negative value. The First Payment Date should be on or after the Contract Start Date and payment dates should match those of Base Rent terms.

    Note: For Cash Incentive terms, the Amount Frequency and Payment Frequency are automatically set to "One Time", and the First Payment Date can only be prior to or equal to the Contract Start Date.

  4. Set the Payment Frequency, which indicates how frequently payments are made.
  5. Set the Currency for the rent.
  6. Set the Amount Frequency to indicate how frequently the total amount is applied (e.g., daily, monthly, annually). Note that selecting "One Time" means that the even if there is a partial month (due to the Start Date and First Payment Date not being on the same day), the payment amount is always equal to the Total Amount.
  7. Set the Payment Mode to one of the following values (unless the Amount Frequency is One Time):
    • Advance: The rent amount paid on a given date will be used to cover the interest expense generated since the beginning of the previous payment date until the beginning of the current payment date.
    • Arrears: The rent amount paid on a given date will be used to cover the interest expense generated since the end of the previous payment date until the end of the current payment date.
  8. Under Payment Terms, click .
  9. Set the date range for the payment term with the Date From and Date To fields.
  10. Enter the Amount.
  11. Set the Term Indexation Type.
    • If "Flat Increase" is selected, indexation will not apply to this term.
    • If "Apply CPI" is selected, indexation will apply to this term.
  12. Optionally click the Hold switch if you would like to prevent this term from generating scheduled payments. If the application is configured as an IFRS 16/ASC 842 compliant mode of operation, and this switch is enabled, the term does not generate payments and is unexercised in Nakisa Lease Accounting Suite.
  13. In the Vendors section, select the vendors associated to this rent. Click to add any additional vendors.
  14. In the Percentage (%) column, enter the ownership for each vendor.
  15. If you wish to calculate taxes for a specific vendor, click the Calculate Taxes checkbox next to the vendor. This option is only available for vendors with configured Tax Code Determinations.
  16. The Tax Jurisdiction is set automatically based on the configuration in Financial Organization Structure, but can be changed if needed.
  17. The Tax Exemption Percentage is set automatically based on the configuration in Financial Organization Structure, but can be changed if needed.

See also:  

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