Welcome to Financial Entries import template training with VLU. This course is designed to give you a better understanding of the Financial Entries import template used within the VL import tool. We will also cover best practices and tips for completing this template to ensure a smooth upload of data.

By the end of this course, you should be able to
• Navigate to the Financial Import Template
• Complete the fields for the template
• And Understand the best practices for completing this template

Please take a moment to review the agenda. To view a particular topic, please jump to the corresponding timestamp.

Completing the Template

In this video, we will complete a Financial Entries template and show you some best practices when completing this import.

On the Import tool page, find the Financial Entries template. This Template is considered a primary template –which can be found here. Click on it to open the workflow in a new window.

Please note: users must have Import Financials permissions in order to access this tool. Contact your Visual lease platform administrator for additional assistance.

As a company, you must decide to use the template, or manually enter the data directly in the platform. In some cases, especially for those with a small amount of entries, it may be better, and even faster to enter them manually inside the platform. However, if you have say, 300 entries to make, then using the template will be the better choice.

As with all our templates, step by step instructions on how to use the template are found here on the template upload page. Make sure to follow these instructions as they will ensure the template will upload without any errors.

First, click the hyperlink to download and open the excel template.

The first tab, labeled Financial Entries, is where you will configure the entries to be imported. The remaining tabs contain reference platform data to assist you. As mentioned in earlier videos, we recommend using the copy/paste functionality from the reference tabs to the financial entries tab to ensure that the data matches exactly.

Let’s quickly review each of these supporting tabs…

The Leases Defined tab provides Lease ID and address for every lease record within your platform. This includes expired and archived records.
Payees Defined by Lease lists all payees currently associated with each record. It provides the lease ID, the payee name, type- if applicable, and address.

The Payees defined tab offers similar details, minus the associated lease ID. This tab is especially helpful for locating existing payee information for payees not yet assigned to a lease record.

Expenses Defined lists all the expense categories within your platform and the associated expense code.

Allocation Groups defined lists the allocation groups assigned to your lease records.

The last 2 reference tabs list the accounting standards defined in your platform for variable payments and the entry types for GASB 87 payment and income disclosures.

Back on the Financial Entries tab, the columns within the template mirror the fields found on the general tab of your platform. Visual lease color codes all templates to easily distinguish between required, optional, and criteria dependent fields. Additionally, some template fields may not be in use on your platform. Be sure to review the template key and instructions found here for more information.

Complete the necessary fields using the reference tabs. Save the excel sheet and return to the platform to upload.

Select the browse button, locate the saved file and click Upload & Process to complete the import.

The results will display below. Any issues requiring your attention will appear here.

This template has many best practices and tips. Some of them are as follows:
First, when there is a planned increase. Everything from the from the first column to column Z must be the same. For example, these rows represent a planned increase for Lease ID 001. For every row that includes this lease, must have matching information. However, you can add multiple leases to the template. In this example, we are also going to add a planned increase for lease 002 as well, where all the information for THAT lease will need to match.

Another tip for planned increases, is that there can be no gaps in dates. This is important for leap years. For example, if row 6 ends on January 31st, row 7 must start with February 1st. Finally one important note regarding dates. All rows within the financial entry must have an end date.

The second tip is in regards to the Subsequent payment on the 1st column. Typically this column defaults to yes if left blank which will impact entries that have mid-period start dates. If this is left blank, and it defaults to yes, and there is a mid-period start date, the system will prorate the amount listed by the number of days left in the month for the first period. So if we start on the 15th, the first period will show the remaining days left in that first period.

If this column is set to ‘no’, and you have a mid-period start date to the financial entry, the system assume you want the period to be of the start date through until one day before the start date in the next month and will prorate the final period, unless you set the end date to be one day prior to the start of the next, for example, the start date is the 15th, and the end date is set to the 14th.

Finally, the variable treatment defaults to the financial category setup in the administrator module. If you are trying to make an entry and have a variable treatment – you will need to list the accounting standard in the Variable Treatment column. For example, if the variable treatment was for FASB 842, you’ll need to include it on the column located here. This would be the equivalent of going to the financial entries section, checking the box to Show Optional Fields, and then checking the box for FASB 842.

– When there is a planned increase variable treatment, everything from the Lease ID to the Frequency sections must be exactly the same. Pay close attention to the dates, because there can be date gaps between the end date of one amount and the start date of the next amount. This is especially important when taking into consideration during Leap Years. (heads up how-to)
o A-Z have to be the same info in the row for increases (001 in 5 rows then 002)
o No gaps in dates – row 6 ends Jan 31, row 7 must start Feb first
o All rows within that entry must have an end date

– The Subsequent payment on the 1st defaults to yes – if this column is left blank, the system defaults this record option to ‘yes’ . This will impact entries with mid period start dates. If the column is left blank and the start date is mid period, the system will prorate the amount listed by the number of days left in the month. If ‘Subsequent payment of the 1st ‘ is set to ‘No’ and you have mid period start date to the financial entry, the system assume you want the period to be of the start date through until one day before the start date in the next month. (Important note)
o Start date 15th and left as yes – expect financial entries in the system view details – first period is a proration of the amount entered in column
o If no and start date on the 15th – schedule date same as start date – proration on the final period. Unless 14th as the end date (one day)

– The variable treatment defaults to the financial category setup in the administrator module. If you are trying to make an entry have a variable treatment – you will need to list the accounting standard in the Variable Treatment column (Important Note)

Key Takeaways

This concludes the Financial Entries Import template training with VLU
Here are a few key things to remember…
– When there’s a planned increase, each lease ID on the template will have to have matching information
– If you have a mid-period start date with regards to a subsequent payment, selecting no in this column will make the system assume you want the period to be the next start the day before the start date of the next period.
And Finally, for variable treatment, make sure you’re adding the correct financial category in the column
Thanks for watching, any questions, comments, or feedback can be sent to support@visuallease.com

Welcome to Document Manager Training with VLU. This training is designed to give you a better understanding of the Document Manager that will provide robust functionality to manage documents for leases and other records.

By the end of this course you should be able to
– Navigate the interface of the document manager page
– Understand how to upload files or folders, and correct any errors that may occur
– And Know how cascading record assignment works and be able to accurately assign and reassign documents to records.

Please take a moment to review the agenda. To view a particular topic, please jump to the corresponding timestamp.

Using the Document Manager

In this video, we will take a tour of the document manager page and its functionality, as well as the different user permissions needed in order to use the document manager.

Before accessing the document manager it is important to discuss the different access types for it. Not all user types can access document manager, so if it does not show up for you, please contact your VL administrator so they can give you the appropriate permissions. Any user that has a lease/edit role can use the document manager in its entirety with some exceptions:

First are the users with a Read-Only role. This role will be able to view and download documents that have been uploaded, but cannot modify them or upload.

The Abstractor role will have access to the document manager where they can edit the document, ONLY if the document is assigned to a record with a pending status. If a document is linked to multiple records, and one of those records is not in pending status, the abstractor role will have ‘read-only’ access to that particular document.

Finally there are those that Lease Security as part of their role. These users will not have access to Document Manager and will not see it in the tools menu. However, this role can still access documents at the lease level via the documents tab, and will be able to edit or download depending if their role has edit or read associated with it.

With an understanding of the user permissions for the document manager we can go ahead and navigate to it.

To access the document manager, head to tools and in the list, select Document Manager.

You will be brought to the document manager page. This page is a comprehensive look at all documents for all records in the portfolio.

First you will see that will list will display all the parent folders and standalone files (or files without a folder). The list will display folders first, followed by files unless filters are applied. The list will display the document Name, Format Type, Document Title, the Record ID it’s assigned to, Document Type and Date, the upload date, who it was uploaded by, and any comments left during the upload. You can sort the list by clicking on any of the header titles.

Here, you can upload a single file, hundreds of files, and even entire folders by clicking here. We will cover more on uploading documents in a moment.

Next, you will see a row of filters. These can be really handy to drill down your documents list to only display certain types or even search for a specific file or folder. You can use a single filter or a combination of them to get the results you need.

First you can use the search function. As you type in the name of the file, the list will drill down to better match what is written. It will display parent files and folders, but will also display documents within subfolders for quick access to edit, download and assignment/reassignment.

When trying to filter via the Document Type, it’s important to understand that it will only display the document types that you have uploaded even though document manager supports a wide range of file types.

Next you can filter by record ID. To do this simply begin to type it in the field here and a dynamic list will begin to populate based on the text written. Select the correct record, by checking the box. You can select more than one record as well. To do this, you will make your first selection, then type in the second selection and check the box, repeating these steps as needed. Please note: the record ID must be already assigned to a document for it to be used as a filter.

Next there is this handy checkbox where you can only display documents and folders that have not been assigned a record.

To clear out the filters you just entered, click here.

You can also sort the list by clicking on any of the header rows.

In the list, you’ll see a checkbox on the left side of the file or folder. Checking this box will open addition options, located here. First, you can assign a record, or reassign a record if one was already associated with the document. We will cover assignments in more details later.

Next, there is the Assign Document Type option. This option will only be available when checking the box for a file, it will not be present for a folder.

Next you download or delete the document.

Note, by checking multiple boxes, you can download or delete up to 100 files at time. When bulk deleting, you will be given this warning before you can proceed in deleting multiple files.

Moving to the right side of the row, you will see up to two icons. The first is an edit icon, which only displays for files, not folders. Clicking this will open a pop up window where you can edit much of the information within the document list.

The next icon is the download, which will allow you to download the file or folder. Note, this will only download the document for the row. If you wish to bulk download, use the check boxes on the left and click download at the top as mentioned earlier.

Now that we’re more familiar with the workings of document manager, lets go ahead and upload some files.

To upload a single file, or multiple files at once, click here and select File.

A pop up window will open. From here you can drag and drop your file, or browse for it to upload it. Please note, you can upload hundreds, if not thousands of individual files at one. Make sure each one does not exceed 80MB and understand the more you upload the longer it will take to complete.

Once you attach your file it will automatically begin the upload.

You will see the status of your upload here. It will either show as uploading with a counter of the uploaded files, a success message with the number of files successfully uploaded, or an error, which will provide a link that will explain what the error was. For example, I tried to upload an unsupported file tyle, when I click on the error here, it will open a popup window with an explanation, listing all the accepted file types, and here it will show me what file type I was trying to upload.

Uploading a folder is almost the same process with a few things to remember. Note that when uploading a large folder with many subfolders, it will also bring in all the subfolders and files along with it.

Once you attach the folder, it will upload it automatically, much like with the single file. Please note, if using the chrome browser, and because you are uploading a folder, the browser security will trigger a pop up window that will prompt you to click upload if you trust this site. Go ahead and click upload to continue.

The messaging will be the same as the single files where it will display uploading, success, or any errors that occurred during the upload.

Once everything is uploaded, it will display on the list and is ready to be assigned to a record.

Assigning Records

In this video, we will discuss how to assign folders and files to a record from the document manager.

There are two ways to assign a record to a document.

First is within the record itself, and uploading a document to it using the documents tab. Doing this will automatically assign the document to the record and will display as such in the document manager.
Mybe?

The second is manually assigning a document to a record directly from the document manager. This scenario will happen when you upload a file or folder and the and leave this box unchecked, or it does not have the correct naming convention for it to be autoassigned.

When checking this box, it is important to note that in order for the document to be autoassigned, the name of the file needs to be a record ID that is already in the system, and you must check the box for assignment to take place
However, if the box is left unchecked, or the box is checked but file is not named after a record ID in the system, then the system does not know what record you want to assign it to, and you will have to assign it manually. But don’t worry it doesn’t take long. Understanding how assignments work in the document manager is important for organization, as there are various scenarios in which a record assignment can cascade through a folder, its subfolders and files within them.

As we just mentioned, record assignments will cascade through a folder and it’s subfolders and files. What does that mean?

Before we explain assigments, let’s take a quick look at the anantomy of a folder structure. First you have the parent folder, which is the folder that will house all the content for that folder. Once you start adding additional folders and files within the parent you start to create a sort of folder hierarchy consisting of files and subfolders, even sub folders within subfolders, that can reach an infitinite amount of levels.

In the context of cascading assignments, it essentially means that if the parent folder is assigned a record, then all of its subfolders and files are assigned that record as well.

There are many combinations to try, but for the sake of time, we’ll go over some of the more common scenarios for assignments.Let’s take a look at our first scenario. In this scenario, you have uploaded a folder to the document manager. The parent folder and all subfolders and files within it do not have a record assigned. To quickly assign everything to a record, you will need to check the box here at the parent level, then click assign. From here, type in the record ID you wish to assign the parent folder and then click assign record.

Clicking into the parent folder, you see all the files and subfolders have also been assigned that record.

This leads up to our next scenario. As quick and easy it was to get everything assigned, what about if you need to only assign a subfolder and its contents to an DIFFERENT record?

The solution is exactly the same process as you did for the parent, except we do it to the sub folder. First, open the parent folder and check the box next to the subfolder you wish to CHANGE the record to. Next check the box to the left and click “reassign record”. Select the new record and click Reassign Record. Once done you’ll see that the new, record was added to the record ID column, and clicking into the sub folder you’ll see that the new record cascaded into its contents as well.

Note, you can assign as many records as you want at any level of the folder, including the parent folder.

The next scenario is if you don’t want the parent folder to have an assignment, but we want the sub folder and file to have different records assigned.

To accomplish this we need to back up a bit and get to the point we just uploaded our parent folder, and nothing is assigned. To assign records check the box for the subfolder and proceed to move through the assignment steps. Then repeat the same for the file, but with the different record. The result is the subfolder is assigned to one record, and all the contents within that folder had that assignment cascaded. The file on the other hand stays with the separate record you selected.

Note, since cascading takes place at all levels, if the parent folder were to be assigned a record, all the files shown here would have that record added to the list.

By now you get the idea of how adding a record works with cascading assignments. But, what if you have a parent with one record that has cascaded down into all the contents, and the sub folders have additional records assigned and you want to remove the parent record from the file?

The answer is quite simple! You check the box next to the parent folder, then click reassign. Instead of typing in a record ID, just leave it blank and then click Reassign. Once done, you’ll see the original record has been removed from the parent level and all the cascaded levels below it.

The final scenario is bulk assigning or reassigning many documents. To complete this, it is the same steps as a single file or folder, just check the boxes on the left side for all the files or folders you wish to assign, and click on the assign button, or reassign if there is already a record associated with it. Then, it’s the same process as outlined earlier. Once complete, that record will display on the record ID column, or within the list if there are more than two records assigned.

That sums up record assignments, reassignments, and removal of records. Go ahead and try them for yourself and find an assignment system that works best for your workflow!

Key Takeaways

This concludes our training for Document Manager with VLU.

Here’s a few key things to remember…
– You can use the document manager to upload a single file, hundreds of files, and even folders
– Documents uploaded directly to the record will also show in the document manager
– Record Assignments and Reassignments for folders will have a cascading effect and will assign to any subfolders and files within it.
–
Thanks for watching. Any questions, suggestions, or feedback can be sent to support@visuallease.com

Welcome to General Lease import template training with VLU. This course is designed to give you a better understanding of the General Lease import template used within the VL import tool. We will also cover best practices and tips for completing this template to ensure a smooth upload of data.

By the end of this course, you should be able to:

• Navigate to the General Lease Import Template
• Complete the fields for the template
• and Understand the best practices for completing this template

Please take a moment to review the agenda. To view a particular topic, please jump to the corresponding timestamp.

Common Imports: General Lease

In this video, we will complete a General Lease Information template and show you some best practices when completing import.

Visual Lease offers a plethora of import options, but there are some that are used more often than others. Specifically, the Primary and Secondary Import Templates. The General lease import template falls under the Primary template category and is important to the main lease information upload steps.

To begin, click the tools icon in the main menu, then click Import lease information. Once on the page, find the General Lease Information template, located within the primary import template section.

This Basic Lease Information Importer can be used to both add new lease records and update existing ones. As this video is dedicated to new lease record creation, that is where our focus will be.

First, click on the link for General Information. A new tab in your browser will open.

Please ensure that you review the detailed instructions and important notes prior to using this template. This will help to ensure a smooth and successful import.

Next, click the hyperlink to download the pre-formatted Excel template. Please note, selecting a lease filter from the dropdown will prepopulate matching leases from VL into the downloaded template. This is how the support or CSM teams would recommend making updates to the general tab in bulk. Since we are creating brand new lease records, we will leave this blank to download a new blank template.

The columns within the template mirror the fields found on the general tab of your platform. As mentioned earlier, Visual Lease color codes all templates to easily distinguish between required, optional, and criteria dependent fields. Additionally, some template fields may not be in use on your platform. Be sure to review the template key and instructions found here for more information.

It is important that you do not manipulate, move, or delete any columns or tabs within this file, even if they are not in use. This will cause the import to fail.

The reference tabs along the bottom of the worksheet provide you with a list of accepted values for specific columns within the template.

Think about the steps to create new lease records in the platform. Often you must select from a predetermined list of drop downs or tree fields, based on the configuration of your platform. The same is true here.

These tabs are broken into numerous categories including:

– basic values, like lease status, owner type, and currency
– Record types
– Organizations
– Region
– Brand
– And country with state or province

We strongly recommend copying from the reference tabs and pasting into the Lease General tab to avoid typos, errors, or hanging spaces at the beginning or end of a word – as these will result in import errors.

Once you have finished populating the template with the details of the leases you are uploading, save the file and return to the platform. Click the Browse button to locate the saved file and click “Open” to load it into the import tool. Once loaded, click Upload and Process to complete the import.

You do not need to select the “Update Lease Financials for Expiration Date changes” checkbox as this setting only applies when you are updating existing leases.

How about demoing how to use the template to update leases here?

Select a lease filter to download a prepopulated import template. Update the templates as need

Detail the expected behavior of the Update lease financials flag
The import results will be displayed under the Results section. Here, you will see a summary of actions taken as a result of the import including: the number of rows that were processed, unchanged, updated, inserted, and those with errors.

If you use the import tool to add 18 new lease records to your platform, your results should display 18 rows inserted.

The template treats each row as an individual upload. This means only rows that have errors have not uploaded.

Review the error summary here to identify the lease IDs that contain an error and the error message. Open your saved template to correct the leases with errors and re-upload as needed.

If the upload is successful, there will be no errors.
The new lease records are now available in your platform.

If you are unsure of the error, please do not hesitate to take a screen shot or the exported file to support for assistance.

Tips and Tricks

In this video, we will cover some best practices, as well as some tips and tricks to ensure a smooth import of the General Lease template.

When completing the General Lease import template, there are things that should be taken into consideration.

Here are some best practices and tips for completing the General Lease Information template are as follows:

• First, it’s important to copy and paste from the reference tabs to the general import tab. This ensures there are no misspellings or extra spaces in the field when they are inputted.
• Next, it’s important that you need to copy and paste the record types from the ‘Record Type’ column on the reference tab, not the description column
• In the currency section on the Basic Lookup Table, the first currency listed is ‘United States Dollar’. All other currencies are in alphabetical order.
• The Original Commencement Date is intended to capture the lease’s initial start date, the Commencement Date may be the same if this is a net new lease. The Commencement Date will have downstream financial and accounting implications and should house the lease’s current term start date
• The expiration Date is conditionally required, because if the Owner Type is ‘Owned’ there is technically no end date, but to avoid downstream errors on financial entries, we recommend always listing an expiration date – consider using 12/31/2099 as the end for Owned leases
• Rentable area is a numerical field only! The minimum value accepted is 1. 0 is not an acceptable number

– When completing a non-real estate record in the platform, it does not require the rentable area Measurement Unit or Land Unit is not required, but the import template does require this to be entered in order to successfully upload a non-real estate record.

Key Takeaways

This concludes the training for the General Lease import template.

Here’s some key things to remember:

• Always Follow the instructions on the template page
•  Never change or any of the column header names
• Always copy & paste from the reference tab to the template
•  If the owner type is “owned”, enter 12/31/2099 to avoid errors when uploading. If you are unsure of the error, please do not hesitate to take a screen shot or the exported file to support for assistance

Thanks for watching. Any questions, comments, or feedback can be sent to support@visuallease.com

Introduction

Welcome to the introduction to the import tool within the Visual Lease platform. This course is designed to give you a better understanding about the basics of the import tool and how to complete an import template at a high level.

By the end of this course, you should be able to:

– Navigate to the Import Tool
– Understand the different sections of the import page
– How to read and utilize a basic lease template for import
Please take a moment to review the agenda. To view a particular topic, please jump to the corresponding timestamp.

Access and Tour of the Lease Information Import Tool

Visual Lease provides a variety of Import tools & templates that allow you to bulk upload data into the platform using pre-formatted Excel templates.

In this video, we will discuss what an import template is, and how to access the Lease Information Import Tool in the Visual Lease platform.

An import template is an excel or CSV file that allows a user to add or update information in bulk and then upload it into the VL Platform. These sheets consist of a color code that makes it easy to determine what information is mandatory, and what is optional, as well as providing reference information that can be copy/pasted into certain fields, when applicable.

When you have hundreds of inputs to enter into the VL Platform, the Lease Information Import Tool is a real timesaver and is well worth the work up front.

Should this information come from another system, VL can integrate with software products that might provide the data such as ,allocations sales, percent rent, which can prepopulate the template

To begin, click on the tools icon to view the list of tools and select Import Lease Information.

Please note: Import Permissions are needed to access the lease and financial import functionality. If you are unable to access this dropdown, or do not see the Import Lease Information option in the list, please contact your platform administrator for assistance.

Once on the Record Information Import Tools page you will see that it is separated into three sections, Primary, Secondary, and Supplemental.

A very important note: If you have records that exist in the platform, and you are using the template to update them, the template will override any data that is already in the system. It is important to ensure the data is correct before uploading.

First is the Primary Templates. These templates are used when trying to complete all of the mandatory Lease Administration and Lease Accounting functions for the record within the VL Platform. To complete this, you must complete the following templates in order: General Lease Information, Lease Financial Entries, and Lease Accounting.

By completing these three templates you will have populated a basic record. We will walk through how to complete these templates later in the video.

Next we have the Secondary Templates. These templates are not mandatory to the Admin and Accounting aspects of the record, but they are still very important. Completing these three templates may provide deeper insight that could assist in completing the primary templates. These templates are Contacts, Options, and Clauses.

Please note, that while an Option is technically a clause, it is important to complete the option template for options only. You should never complete options using the clauses template.

Finally there is the Supplemental Templates. These are typically used for specific workflows within an organization. Please contact VL Support to discuss and decide if any of these templates would benefit your organization.

So there are a lot of templates listed here. And that may seem a bit overwhelming. Understand though, that while each template may require different types of data, the overall anatomy of the templates is relatively the same.

First, the headers of the template will mirror what you’d see in the platform when filling out the information in there.

Visual Lease color codes all templates to easily distinguish between required, optional, and criteria dependent fields. Additionally, some template fields may not be in use on your platform. Be sure to review the template key and instructions found on each template page for more information.

It is important that you do not manipulate, move, or delete any columns or tabs within this file, even if they are not in use. This will cause the import to fail.

Next, if applicable, the template will have one or more reference tab. These tabs will provide you with accepted values that you should copy/paste into the appropriate column in the template. These tabs will vary depending on the template you are filling out.

Think about the steps to create new lease records in the platform. Often you must select from a predetermined list of drop downs or tree fields, based on the configuration of your platform. The same is true here.

Completing an Import Template (Walkthrough)

In this video we will walk through the completion of a general lease template to give a better understanding of the overall process from start to finish.

First, navigate to the import template tool by clicking here and selecting Import Lease information from the list.

Once on the page you will be presented with the list of templates that can be used. We will be working with the “General Lease Information” template which can be found here, in the primary template section.

The General Lease Information Importer can be used to both add new lease records and update existing ones. As this video is dedicated to new lease record creation, that is where our focus will be.

First, click on the link for General Information. A new tab in your browser will open.

Please ensure that you review the detailed instructions and important notes prior to using this template. This will help to ensure a smooth and successful import.

Next, click the hyperlink to download the pre-formatted Excel template. Please note, selecting a lease filter from the dropdown will prepopulate matching leases from VL into the downloaded template. This is how the support or the CSM teams would recommend making updates to the general tab in bulk. Since we are creating brand new lease records, we will leave this blank to download a new blank template.

The columns within the template mirror the fields found on the general tab of your platform. As mentioned earlier, Visual Lease color codes all templates to easily distinguish between required, optional, and criteria dependent fields. Additionally, some template fields may not be in use on your platform. Be sure to review the template key and instructions found here for more information.

It is important that you do not manipulate, move, or delete any columns or tabs within this file, even if they are not in use. This will cause the import to fail.

The reference tabs along the bottom of the worksheet provide you with a list of accepted values for specific columns within the template.

Think about the steps to create new lease records in the platform. Often you must select from a predetermined list of drop downs or tree fields, based on the configuration of your platform. The same is true here.

These tabs are broken into numerous categories including:
– basic values, like lease status, owner type, and currency
– Record types
– Organizations
– Region
– Brand
– And country with state or province

We strongly recommend copying from the reference tabs and pasting into the Lease General tab to avoid typos, errors, or hanging spaces at the beginning or end a word – as these will result in import errors.

Once you have finished populating the template with the details of the leases you are uploading, save the file and return to the General Lease Import page. Click the Browse button to locate the saved file and click “Open” to load it into the import tool. Once loaded, click Upload and Process to complete the import.

You do not need to select the “Update Lease Financials for Expiration Date changes” checkbox as this setting only applies when you are updating existing leases.

The import results will be displayed under the Results section. Here, you will see a summary of actions taken as a result of the import including: the number of rows that were processed, unchanged, updated, inserted, and those with errors.

If you use the import tool to add 18 new lease records to your platform, your results should display 18 rows inserted.

The template treats each row as an individual upload. This means only rows that have errors have not uploaded.

Review the error summary here to identify the lease IDs that contain an error and the error message. Open your saved template to correct the leases with errors, delete the rows that do not have any errors and re-upload as needed.

If the upload is successful, there will be no errors.
The new lease records are now available in your platform.

Key Takeaways

This concludes the Introduction to VL Imports Training

Here are some key things to remember….

– The Import Template tool has many different template types, make sure to follow the instructions on the specific template page to complete it
– Use the reference tabs to accurately input certain data into the template. Using copy and paste is a best practice for this.
– Review the template for accuracy and upload. If there are errors, they will display on the template upload screen. Only correct the rows that had the error and delete the remaining rows, and then re-upload.

Thanks for watching. Any questions, suggestions, or feeback can be sent to support@visuallease.com

Intro to Course

Welcome to Connector training with VLU. This course was designed to give you a better understanding of the various connectors that can be made withing the visual lease platform.

By the end of this course, you should be able to:

• Access and navigate the connectors tab in Visual Lease
• Install, map, and manage the SFTP connector
• How an admin can set up users to access the connector functionality

Please take a moment to review the agenda. To view a particular topic, please jump to the corresponding timestamp.

Intro to the Connectors Tab

In this video, we will discuss the connections in the main menu and the different tabs within the connections page for companies that have this functionality active.

Before we get started, please contact support if your company does not have the Connectors menu option available but are needing the functionality.

Connectors are Pre-built integrations that are designed to make projects easier with a standardized recommendation for data transfer.

On the main menu you will see the Connectors option located here. Clicking into the Connectors page there will be three tabs located here.

The first is the Marketplace, which will contain a list of all the connectors that work with the visual lease platform. Note, based on your company needs, not all connectors will display. On this tab, you can choose to install a connector by clicking on the install button located here.

The next tab is Installed Connectors. This will display all installed connectors, and allow you to access them in order to edit, import, or delete data being brought in by a connector. Note, the data will vary based on the type of connector being accessed.

Finally, there is the API Settings tab. This tab houses the API documentation for the various API’s that can be set up within the Visual Lease platform.

APIs can send real time data bidirectionally between your key systems. Custom and flexible API integrations help guard operational controls and give you better data insights across your organization. When clicking on “learn more” you will have a way to get more information on the different API’s offered as well as scheduling a demo for them.

Installing & Connecting SFTP

In this video, we will discuss the User setup, configuration, and instance creation of the SFTP Connector in the Visual Lease platform.

The SFTP connector streamlines importing and exporting Visual Lease data, saving companies time by not having them entering data, or exporting standard or adhoc reports. The SFTP Connector allows you to set rules for recurring import and export jobs as well.

Before installing the SFTP connector, it is important that the Visual Lease platform admin for your company goes into the admin page and give users specific types of permissions for it.

Click here, then select administrator from the list, to open the page. Next, select Manage Users from the list and then select the user you wish to give the SFTP Permissions to and select, Edit User. A pop up window will display. Click here to open the dropdown and select yes, or no to give or revoke SFTP permissions to the user then click save. Please note, this setting defaults to “no”. So permissions must be given to those user than require the use of the SFTP connector.

The admin will also have to set up the SFTP configuration within the platform before the connector can be utilized.

To do this, navigate to the administrator page and click SFTP Configurations. The page will open where you will see a list of your SFTP designations. Please note, if this is the first time setting this up, this list will be blank.

To add a new designation, click Add. A pop up window will display. Enter the designation type, the SFTP Name, Host URL, user name and password of host, and the port number.

Once the information has been entered, click save.

Please note, one designation type can only be assigned, either import or export. A single designation cannot include both, even if the SFTP credentials are the same. If the SFTP instance. Therefore, if an SFTP Connection requires import and export, two separate designations will need to be created.

Now you will see the new SFTP Designation listed, along with the information we just entered when creating it. On the options column, you have the ability to edit or delete a Designation. Note you cannot change the Designation Type once it is saved the first time. If the designation type needs to be changed, delete the current configuration and create a new one with the correct designation type.

Once the user permissions are set and the configuration complete by the admin, users can install the SFTP connector, which will allow users to set up schedules for their SFTP import or export.

To do this, click on Connectors in the main menu. On the marketplace tab, you will see all available connectors for the company. Find SFTP and click Install.

Once installed, click on Installed Connections, find SFTP and click View Connection.

Please note, if this is the first time creating an instance, you will be brought to the Create page instead of the dashboard.

On the Create instance page, you will first need to select the instance type. Either Import, Export or ERP Export. Please note, in the settings section, the values will change based on the Instance type selected. For this training, we will select import.

In the settings section, enter the information required for the Instance type selected. For this training we will enter a name, file, and SFTP Designation.

Next, create the schedule for the import. You can include a cadence, specific time to run the instance, and a date or date range depending on the cadence selected.

Once all the information is entered, click Save and you will be brought to the SFTP dashboard.

Here, you can view the documentation regarding SFTP connections, view a list of SFTP Connector instances, and view the Event Log.

On the list you will see columns that include the instance name, the connector type, status, Frequency, and date created.

You can also search for instances if your company has a long list of them as well as filter by Connector Type, Status, and Frequency.

You can view a specific instance by clicking on the name which will open that instance’s page. From here you can edit, pause, or delete the instance. You can also view it’s event log which will display a history of SFTP events for the instance.
Once complete, you have successfully setup the SFTP instance and designation.

Key Takeaways

This concludes our video on the Connector Tab and SFTP Connector with VLU.

Here are some key points to remember…

• Admins must give specific permissions to users for the SFTP connectors.
• The connector module will display all available and installed connectors from within the VL Platform.
• To change a SFTP designation type, the designation must be deleted and a new on created with the correct type selected.

Thanks for watching. Any questions, suggestions, or feedback can be sent to support@visuallease.com

Intro to Course

Welcome to Sale-Leaseback training with VLU. This course is designed to give you a better understanding of a sale-leaseback is.

By the end of this course, you should be able to:

• Understand the difference between a Sale-Leaseback and a financial arrangement
• Account for Sale-Leaseback gains or losses
• How to determine if it is a sale lease back or financial agreement

Please take a moment to review the agenda. To view a particular topic, please jump to the corresponding timestamp.

Sale – Leaseback

In this video, we will discuss what a sale-leasback is and how it is different than a financial agreement.

To understand what a sale lease back is, it is best to provide a scenario regarding real estate.

In our example, a company owns the building their headquarters is located in. The company needs to free up capital and decide to sell the building they are located in to an investor. The company then will turn around, and lease it back from the from the investor. Hence the name ‘Sale Leaseback’.

The result of doing this frees up money that would have been otherwise tied up in the ownership and maintenance of the building.

So how is a sale leaseback different than borrowing against the property? Sometimes, the difference is minimal. A sale leaseback may not be as favorable in opening up extra money versus borrowing against the property, and vice versa.

Accountants are asked to determine if what is trying to be done is a true sale leaseback through a series of external tests, which are done outside the Visual Lease Platform.

An example of this would be a company that sells its headquarters facility and then leases that facility back for 20 years. The sale price and the lease rate are both reflective of actual market conditions.

Almost everything else about this transaction classifies it as a sale-leaseback. However, say at the end of the 20 year term they are given the option to buy the property back for $1, which is a bargain purchase option. That is probably enough to fail the sale-leaseback test, as the lessee has a significant economic incentive to repurchase the property, Accountants, however, would need to determine if the leaseback passes or fails. Failing would just make it a financial arrangement.

A company may have a gain or a loss from a sale leaseback, at the time of the sale. This will need to be recorded in the Visual Lease platform.

To accomplish this, first, navigate to the admin tool located here. Next, select financial categories and then select, Add Category.

A popup window will display. Give it a name, code, and abbreviation. Next, select the Rollup Category name, then select GL Entry for the type.

In the subtype, select Gain or Loss on Sale-Leaseback located toward the bottom of the list.

Once the information is entered. Click Save, to save the new financial category.

Next, navigate to the lease record. Select financials, then select Entries. Here, you will create a financial entry on the gain or loss on the sale-leaseback. Please note, the frequency of this entry should be for a one time, GL only, entry. This will cause it to flow to the proper place on line 6 of the disclosure report which will indicate the gain or loss on a sale-leaseback.

After the sale, the company will now be in a lease for the facility, and it should be managed just like any other lease they have.
The example we just gave is for a successful sale-leaseback. But, what if it is considered a failed sale-leaseback?

It is important to note, if a sale-leaseback fails the accounting tests to be considered on, that does not mean that legally the company does not have a valid lease, or a valid sale. The difference is when it fails, the company will account for the transaction, payments, and cashflows as if it were a mortgage loan and will be paid back over time.

The key in a failed sale-leaseback is that it should not appear in the financial statements as a lease and should not be included on the disclosure reports.

The best way to handle this in the Visual Lease platform is to create a lease record. This will allow the company to manage the terms of the contract, manage the payments, as well as everything else. However, an accounting schedule should not be created since the data should not flow through to the reports.

If the company wants to track everything in Visual Lease, it is recommended that when creating the record, it is created to make it something other than a “real estate expense lease”. They can create a new category title “leaseback” to help isolate the record from everything else and make it stand out.

If the company wants to create a schedule, it is recommended to set it up as a hypothetical schedule and set it up as a finance lease in order to not have it feed to journal entries or disclosure reports.

Key Takeaways

This concludes Sale-Leaseback and Exercise Options training with VLU.

Remember…

• Companies typically complete a sale-leaseback to raise cash for company.
• A sale-leaseback should go through a series of tests to determine if it is a true leaseback or a financial arrangement.
•  Account for gain or loss of a sale during a sale-leaseback

Thanks for watching. Any questions, suggestions, or feeback can be sent to support@visuallease.com

Intro to Course

Welcome to Partial Abandonment Training with VLU. This course is designed to give you a deeper understanding of what a partial abandonment is, when to use it over an impairment and how to one.

By the end of this course, you should be able to:

•  Know the difference between abandonment, impairment, and termination
• When to choose an abandonment vs. an impairment
• And how to split lease data in preparation for the partial abandonment.

Please take a moment to review the agenda. If you’re looking for a specific topic, please jump to the corresponding timestamp.

Abandonment Differences

In this video, we will discuss what an abandonment is and how it is different from a termination and an impairment

Before determining the differences between abandonments and terminations or impairments, we need to define what an abandonment is. In essence, it is when a company is going to cease use of a particular asset either partially or completely.

Two terms are introduced that are not used elsewhere in lease accounting: Decision Date and Cease Use Date.

The decision date is the date on which the entity determines the asset is to be abandoned. This decision necessitates changes in the accounting of the asset. The decision date will be the starting date of the new accounting schedule.

The Cease Use Date is the last day the entity will use the asset. This date is critical, as the Right of Use Asset will be fully amortized by this date, save any residual value.

We should also mention the end date is the end of the contractual obligation. This will remain the original lease expiration date, unless the lease contract is modified.

An abandonment is different from a termination because a termination will relieve the lessee of the obligation for future payments, whereas the abandonment will continue to be obligated to make all future rent payments. The company will not be utilizing the asset though, which means that it no longer has the value that was once recognized. Therefore, the value needs to be removed as an asset from the books.

The difference between an abandonment and an impairment is primarily one of timing. An impairment is a recognition that this asset no longer has value to the organization, so it gets written off. The difference is that an impairment happens today. So if we were to run an impairment with today’s date, the full value of the impairment is written down this month.

An abandonment also removes the value of the right of use asset, but it does so between the decision date and the cease use date.
A partial impairment means that only a portion of the value of the asset is going to be written down, and the rest of the value will remain in place.

For example, a tenant leases two floors of an office building, but now they only want one floor.

The landlord will not relieve the tenant of the obligation to pay, but if they are not going to use one of the two floors, the value of the floor being given up by the tenant needs to be removed, which happens immediately. Essentially, if the tenant impairs an asset today, it will be written off today as well.

The difference between an Abandonment and an Impairment or Partial Impairment in this example, is that an abandonment can remove the value of that unwanted floor between the decision date and cease use date, not immediately like an impairment.

For example, let’s say today is March 1st, and the tenant wants to cease use of one of the two floors they lease on September 1st . The tenant will take the full value of that abandoned floor and write it off over the 6 month period between March 1st and September 1st so that the right of use asset ends up being zero.

Choosing Abandonment vs. Impairment vs. Partial Abandonment

In this video, we will discuss examples of when to choose an abandonment over an impairment or partial abandonment.

Deciding to choose Abandonment versus Impairment has to do with the timing of the event.

As stated in the previous video, an impairment takes place immediately whereas an abandonment can take place in the future, therefore recognizing a future event to take place.

So the question asked is “why not just wait until the lease is abandoned and run an impairment the month it is given up?”. The short answer to this question is that it is not proper accounting. When it is known that the asset will be abandoned, the asset must be written down during the time leading up to the abandonment. Those expenses need to be on the books instead of all of it being accounted for immediately when the asset is abandoned.

It is more appropriate to modify the lease until the abandonment date so the right of use is written off to zero. Doing it in this manner will allow the company to disclose to investors or even the public, of their intentions.

So what about only giving up part of an asset or a partial abandonment?

Before we get into the portfolio approach, it is important to note that technically each identifiable asset should be identified and accounted for separately. For example, leasing 100 cars for a fleet. Each car will be its own leased asset. However, the accounting standards permit us to use the portfolio approach, that is, to treat the group as a single asset, if doing so yields the same results as measuring each asset individually.

When using the portfolio approach, those 100 cars will be grouped together as one entry with all the payments recorded together but are still treated as individual assets.

Please note, if using the portfolio approach, the asset needs to be substantially the same. For example, you can use the portfolio approach with 2 floors of an office building but not one fleet vehicle, one floor of an office building, and a transport ship.

In essence, if the assets were treated as individual leases or treated together as a single lease, the results would be the same. The portfolio approach is typical for companies that lease out facilities.

Splitting Lease Data for Partial Abandonments

In this video, we will discuss how to split lease data in preparation for partial abandonments.

In cases where part of an asset is going to be abandoned, and another part will be retained but they can’t actually be segregated, they will need to be disaggregated and treated as two separate entities before a partial abandonment can take place.

To do this, we will need to split the data in the portfolio.
On the entries page, we can see the lease was originally set up with the initial entries as base rent as seen here. So we are taking 33250 a month and taking 3% increases beyond that.

On the lease accounting page we see that is the methodology we applied and the appropriate payments are continuing throughout remainder of the lease.

Do complete a partial abandonment we will need to split this lease up into two components. Back on the entries page we’ve set up a second component with a portion of the payment which is effective 1/1/2023, located here.

Since we are splitting the payments we will need to modify the initial entry. We will add an unscheduled increase on 1/1/2023, it does not repeat and the base amount will be $20,000 which is the remainder of the amount that wasn’t split off into the other payment.

By inserting that amount you will see that the reduced amount is still increasing by 3% annually and the payments are still on track but now they’ve been split where both payments equal what the original one was.

Once the changes are made, click save.

The next thing that needs to be done is splitting out the lease accounting schedule, creating a different schedule for what is being kept, and what is being abandoned.

Before we move forward with a modification of the initial calculation, you will want to take note of the interest (or discount) rate of the initial calculation. To do this, click “Show More” located here, and scroll down until you see the interest rate, located here.

On the lease accounting page, select the initial calculation that was created and click here. Then select Remeasurement Calculation. In the wizard window, select Modification and enter the effective date of the split.

It is important to note the date we input here, is NOT the date the partial abandonment will take place. This is because we cannot do two things in sequence on the exact same date since the system looks to the date preceding to get opening balances for that particular day.

So for this example, instead of January 1st 2023, we will enter February 1st, 2023.

Move through the wizard and on step 4 you will have to use the same discount rate for both schedules. In this case, it is an 8% incremental borrowing rate.

On step 5 you will see both entries are listed as lease payments. For this calculation, we will want to exclude the payment that we will be abandoning.
Please note, the scheduled amount listed here is the amount from day one of that financial entry, not the amount going into the calculation.

Finish the calculation and click save.

So now we have the modification of the initial calculation. On the schedule we can see the new remaining amount and the right of use asset is somewhat decreased. The schedule now shows the appropriate changes to take what I’m keeping.

The journal entries bring everything down.

For the portion that is being abandoned, we will need to create a NEW calculation, not a modification of an existing calculation.

To start, click on New Calculation, here and the wizard will open. For the calculation name, name it something that will help you identify it. In our case, we will name it Abandonment Portion and use the start date as 1/1/2023 and the same end date.

On step 4, you will want to use the same discount rate that was used in the modification calculation. In our case, it is 8%.

On step 5 you will see both entries are listed as lease payments. For this calculation, we will want to exclude the payment that was kept in the modification and keep the amount we are abandoning.

Save the calculation and return to the lease accounting page.

So now, the two schedules can be seen here; the modified portion of the original schedule, and the abandoned portion. Both of them add up to the amounts from the initial schedule, but now are separated out into two distinct schedules.

We are now ready to perform the actual abandonment calculation.

It is important to note: when creating the split, take care to ensure there is no gain or loss event for the user concerning the right of use asset that is pushed off into the abandonment portion.

To create an abandonment calculation you must create a recalculation of the New “Abandonment” Calculation we just created by clicking here, and selecting Remeasurement calculation.

The popup wizard will open. From the dropdown, select Abandonment. After making the selection, there will be three different dates that need to be entered.

The decision date, which is the date that the new schedule will commence. This is essentially the same thing as a commencement schedule. For this example, our decision date will be 2/1/2023.

Select “No” for Asset Previously Impaired.

For Go Forward Accounting, select “Loss of Straight Line Lease Cost”, which will typically be the case since the asset will be written down in equal amounts over the remainder of the use.

The cease use date is the last date that the occupier is going to be utilizing the premises. For this example, we will enter August 31st, 2023 then click Create remeasurement.

Note: We will discuss Salvage Value later in this video.

On step two it is important to point out that the cease use date we entered is located here, the decision date is also the start date which is seen here. The assumed end date however will reflect the end date of the original value. This is because abandonments do not relieve any future rent payments.

Once everything is entered, click save.

Please note: an abandonment recalculation will not require you to fill out the additional steps in the wizard since there is no discount rate nor change in the payment throughout the remainder of the lease term since an abandonment is not a remeasurement. Everything is based off the original values, but the results will be different.

Checking the Abandonment calculation and scrolling down, you will see on the schedule we will see the part that we are abandoning and what the payments are.

You will also see that the right of use asset if going to amortize in equal steps down over the period of time up until the cease use date that we entered and will be zero from that point forward. The liability continues to burn down over time because payments will continue to be made throughout the life of the lease.

Please note, the results displayed are for a partial abandonment since we split the asset data. For a regular abandonment we would just create the abandonment remeasurement on the entire lease instead of the abandoned portion we just walked through.

So what about salvage values in abandonments?

When creating the abandonment calculation, there is a field to enter a salvage value. A salvage value isnt something typically seen in real estate, but instead with fixed assets. In real estate, salvage will deal with subleases.

For example, a $500,000 lease is abandoned at some point in the future but it is anticipated that there is enough of the lease term left that some income can still be made from it. Therefore, we do not want the asset to burn down completely to zero. Instead, we only want to burn the asset down whatever amount we anticipate, for this example, we think we will get $100,000 in subleased income from the asset. We will only abandon $400,000, leaving that $100,000 income.

A company wants to recognize that they want to have an expense to measure against that sublease income but they do not want to take the expense right up front as if it were an impairment. Doing the abandonment will allow them to properly time the cashflow.

Key Takeaways

This concludes the partial abandonment course with VLU.
Remember…

• Abandonments are meant to write off the right of use asset over time, not immediately.
• For partial abandonments, you will need to split the lease data for what is kept, and what is abandoned
• Salvage Value for real estate allows companies to estimate an amount of subleased income from an abandoned amount.Thanks for watching, any questions, suggestions, or feedback can be sent to Support@visuallease.com

Intro to Course

Welcome to Percent Rent training with VLU.

This course is designed to introduce you to the percent rent module in the Visual Lease platform. By the end of the course, you should be able to:
– Navigate the percent rent module
– Add, edit, and delete formulas
– Configure the formula to meet your requirements
– Create, read, and edit worksheets related to the formula
– Create and manage payments for your records using the import and Multiple Lease Update tools

Please pause here and take a moment to review the agenda. If you are looking for a specific topic, feel free to navigate to the corresponding timestamp.

Creating a Formula

In this video, we will walk you through the process of creating a percent rent formula inside the VLU platform.

Although rare, some lease contracts include payments that are calculated as a percent of the income of the business. Typically, this would be a percentage of the sales from a retail business.

The exact details will be contained within the lease. The percent rent module provides the tools necessary to abstract the details, calculate the amount owed, and add these items to relevant reports.

Before we begin, it is important to note that each lease can have multiple percent rent formulas and worksheets. For the following example in this video, we will create a single formula and worksheet.

To begin, open a lease and Navigate to the Financials Tab then select Percent Rent and click Create Formula.

This opens the Create formula pop-up. Here, you can add the details to create the formula to calculate the amount owed.
First, a name is required for the formula. The name can be anything that makes sense for your company.

Select the payee from the dropdown menu. The menu is populated with payees added in the payees module. A payee will need to exist in the record for one to be selected here.

Select the reporting period. This is how often the amount is to be recorded.

Note, ensure the recording period is not confused with the reporting period on a lease.

Also NOTE: this option does not describe how often the obligation is to be reported, only how often the amount is to be calculated. Typically, the amount is recorded monthly, but quarterly and annually can be selected as well. Selecting monthly will allow for an appropriate fiscal year calculation by establishing exactly when those month beginning and end period occur.

You can also add comments about the formula for your convenience.

In this section, you can add breakpoints and enter the percent rate rent.

If a natural breakpoint is selected, the platform will automatically calculate the breakpoint based on the rate entered. The breakpoint is the amount of sales made at which the payor must start paying or accruing percent rent.

For example, if there is a 1 million dollar annual breakpoint, then all sales that happened early in the year will not have any percent rent obligation, until the point in time where sales exceeds 1 million dollars. At that point you apply your rate to the amount that are above that 1 million dollars. So if the company sells 1.1 million dollars and the percent rent rate is 6%, the company will pay 6% on the 100,000 dollars above the 1 million dollar breakpoint which would equal $6,000.

By default, the expense includes only base rent, but it can be customized to include any necessary expenses.

If unnatural breakpoint type is selected, the amount must be entered here. An unnatural breakpoint is different because it does not follow the formula of the natural breakpoint which is the base monthly rent divided by the percentage rate. If the formula determines the breakpoint to be $6,000, any other amount is given, it would be considered an unnatural breakpoint.

If the unnatural breakpoint changes at any point in time, an individual formula will need for each new breakpoint amount.

When using a breakpoint of any kind, an additional option will appear for you to select how often the breakpoint is to be applied. Typically they are applied over the entire worksheet, but Monthly or split over period can be selected as well.

Although rare, some lease agreements apply a different percent rent rate over multiple tiers. You can add multiple tiers by clicking the Multiple Tiers button, here. New buttons will appear allowing you to save the settings for each tier or return to Single Tier.

In these fields you can enter the minimum and maximum sales amounts for that tier. Once saved, each tier will appear in a list here. You can delete a saved tier using the X button located to the right.

The next section contains additional options you may need depending on the specifics of the contract, including a cap amount and additional offset. Leave these set to zero if there is no cap or additional offset. If your contract does include them, you can set how often they are applied.

You can also enter a net effective base rent percentage here, if necessary; and, select whether you will accrue the payments or make cash payments.

Here, you can select whether or not negative percent rent should be allowed. When allowed, negative percent rent owed will be recorded as a credit towards the next period of percent rent owed.

Finally, there is the option to process automatically. When this option is selected, this percent rent calculation will be included in the Multiple Lease Update tool.
When your formula is configured correctly, click Save.

A saved formula can be deleted or edited using the links here.

Creating a Worksheet

In this video, we will discuss how to create a new worksheet and how to navigate it on the Percent Rent module.

Once a formula has been saved, you have the option to create a new worksheet for it. Worksheets allow you to view and edit financial entries related to the percent rent formula. In this video, we will show you how to create, navigate, and export a worksheet.

Clicking the button will prompt you to enter a start and end date for the worksheet.

Note: the date options available when creating worksheets will reflect the recording period selected when creating the formula.

For example, if the formula calculates monthly, the start and end date to create a worksheet will prompt you to enter the month and year.

If the recording period is annually, you will only be asked for starting and ending years to create the worksheet.

Once the start and end dates are selected, click Save to generate the worksheet. VL will then display a worksheet table below.

The worksheet table contains rows for each month and year. The columns display the amount for Gross Sales, Exclusions, Percent rent due, outstanding liability, and more. By default, the platform shows only the details typically needed.

Additional details related to breakpoints can be viewed by selecting Show More to the top-left of the table, or hidden again by selecting Show Less.

Note: If you need to edit or delete the formula for this worksheet, click here. This will open the option to edit the formula, or to delete it.

Additional worksheets can be created with a different date range as necessary. You may also delete a worksheet if necessary, by clicking here. Also, you can select the worksheet you wish to view opening the panel.

To edit the entry for that period, click the pencil icon located here.

In this window, you can edit the gross sales, exclusions, and offset amount.

When manually entering the first sales amounts you will see the “net sales in excess of breakpoint running” change to a negative number. This number is the amount left until the breakpoint is reached and a percent rent is due.

Adding a couple more months worth of sales and we will reach our breakpoint. When this happens, there will be a percent rent due and an outstanding liability. Once the Rent is paid and recorded, the outstanding liability will drop to $0 and the amount will be reflected in the Payments Made column. More will be discussed on recording payments and managing leases with percent rent later in this video.

You can also click here to create a non-recurring payment entry, which we’ll go over in detail in the next section of this video.

At the bottom right of the section there are links to export the selected worksheet to Excel. You can export all of the details entered, or only a monthly sales report.

Payment Entries

In this video, we will walk you through the steps of creating a payment entry related to the percent rent module.

To access a payment entry from the percent rent module, click the magnifying glass icon on a worksheet to open details for that period, and then clicking Create Non-recurring Payment. This navigates to a new page where you can configure the payment entry.

To create a non-recurring payment entry, while in a worksheet, click here, and select it. This will open a window where you can configure the payment entry.

On this page, the required fields are marked with a red asterisk. To view optional fields, you can check the box located here.

For the category, be sure to select the category created for percent rent payments. The other required fields will populate automatically based on the data entered and calculated by the platform. Check each field before saving to ensure that it is correct.

As with other payment entries, you can select to send this payment to your accounting feed or identify it as a variable payment for FASB and IFRS reporting. You can also choose to have the platform automatically add details related to this payment to a clause by clicking here.

Once the payment is configured correctly, click Save. You will be navigated back to the Percent Rent module, and the payment will appear in in your financial entries module.

Managing Payments

In this video, we will discuss how to manage payments for all leases by using the import sales information tool and processing the payments with the multiple lease update function.

In many cases, there are sales figures that will need to be updated for multiple leases or multiple months of sales within the same lease, instead of manually updating each one individually.

To accomplish this, navigate to the tools icon, located here. Then select import lease information. With the import lease information window open, scroll to Import Supplemental Templates and select Percent Rent Sales.

A new window will open where you can download the template here, or upload the template. For now, we will click the link to download the template.

With the template downloaded and opened you will see three tabs at the bottom.

The first is Percent Rent Sales import. This tab will be used if you only have one formula for and no exclusions when applying percent rent. Use this simpler tab to input your gross sales using the month and year. Please note, if there is more than one formula, using this tab will cause an upload error.

Next you have Percent Rent Sales Import Advanced. Use this tab if there is more than one formula for defining percent rent for the lease. Here you will enter the lease ID, the percent rent formula name associated with the lease, the month and year, gross sales and any exclusions.

Once the information is entered, save the file.

Back on the percent rent sales import window, click browse and select the template you just saved. The file name will display, here. Next, click Upload and Process to upload the data into the platform.

Please note, do not click the upload and process button again until the results section populates and the import has finished. Clicking the button while the import is still taking place may result in duplicate uploads.

Once the import is complete, the results will display, here. This will display the number of rows from the spreadsheet that were processed, unchanged, updated, inserted, and had errors.

If any rows from the spreadsheet fail the validation, the data from that failed row will display here. Note, if you refresh the page, or navigate away from it, the error log from this upload will no longer be available. To preserve the error list, click here, to export the grid for reference while correcting the rows in the spreadsheet.

So, what if you have an error? To correct an error first export the grid as noted before. Then open your import template and remove any rows that were successfully uploaded, leaving only the failed rows visible. Make the corrections needed for the problem rows.

Then, make sure there are no blank rows above the edited date. You can either cut and paste the edited row to the top blank row, or remove any blank rows so the data is populated at the top with no gaps above it. This is important because if there are blank rows above the data, the upload will display an error.

Next, save the temple with a different name. Once saved with a different file name, navigate back to the Percent Rent Sales upload page, and upload the corrected spreadsheet to the platform, repeating these steps until no more errors are displayed in the results.

Two common errors that are seen when uploading are, Formula “Value” was not found for Lease ID “Value”, and More than one formula was found for Lease ID “Value”. Unable to decide which formula to use.

The solution to these two errors are as follows:

For Formula “Value Not Found for Lease ID “Value”, this means you used the wrong formula name, or misspelled it. You should refer to the Formulas Defined tab of the import spreadsheet which will give you all the formulas created for leases within the platform. Copy and pasting the formula name from this tab into the advanced tab.

For More than one formula was found for Lease ID, you should cut the data from the PercentRentSalesImport tab and paste it in the PercentRentSalesImportAdvanced tab. Then populate the Percent Rent Formula Name column.

After uploading it, when we navigate back to the lease, you can see the payments we filled out in the template have been recorded here.

Now that the sales information has been uploaded, it is time to process the payments to the leases with this data using the multiple lease update tool.

This can be done manually through each lease as we showed earlier, however that can be cumbersome and there are easier ways complete this task. Please note, the following example is the recommended way to complete this but you are not restricted to this method. Create a setup that will work best for your company. Please contact your Customer Success Manager for assistance in configuring your platform in this way.

To begin, it is important to understand that the multiple lease tool can use filters that are created and tied to clauses which will help us quickly process payments for a particular month or quarter, or even annually. There are instances where multiple months need to be processed at once and it is important that we filter so only the leases that require the processing of payments for percent rent are filtered in.

In order to set up the filter, we will first need to open the administrator panel and select Clauses in the Lease Setup list.

Once open, select Percentage Rent to open the list then select Add Clause. Fill in the name, code, and for the type, select “list”.

Type in each month and click add, to add it to the list. After adding the list, click Save.

Next, we will need to add the clause we created into a lease. Navigate to a lease record that has percent rent in the clauses. Select Manage clauses and find Percent Rent. Here you should see the clause we just created, but it is unchecked. Check the box to add it and click save.

Open the new clause we just activated. Here you can see the list of months we created. You can check any number of months to apply the payment to. When selected, click Save & Close.

Once closed, go to the main menu and select Leases, then list. This will open up the list of leases in the platform.

On the left hand side, open the panel Create New Filter. Next, select the field “Contains Clause” and a popup window will open. Here, type in the name of the clause we created in the administrator panel. As you type, the list will narrow down. Select the clause, check the month or months to be automatically selected, and click Save. Next, you must save the filter and name it. In this case we will select one month and name it accordingly. Repeat these steps as necessary for additional months, years or quarters.

Once complete, navigate to the multiple lease update tool again. Ensure the Lease Selection section is Based on Criteria then select, Load Saved Filter and find the filter you just saved. As a result, the filter will bring over all leases that need to process a payment for the month or months selected in the filter.

Next select the action “Process Percent Rent Payments/Accruals”, enter the process as of date, which in our example will be for March, and the effective date, which is typically when the payment is made and should be a date any time after the processing as of date.

If you wish to process net effective base rent, keep this box checked. Otherwise it can be unchecked.

Next, check the box to “Apply to accounting feed”, select your recording period, which will typically be monthly, then select the first radio button in the Actions section to Process Percent Rent Payment/Accruals.

Please note, if you elected to “Process Percent Rent payments from Accrued Balances, the system will start accruing monthly payments until the payment is processed. For example, you process Payments in April for the quarter. You will accrue Percent Rent Payments for January through March, then process the payment for those months in April.

Double check the selections and click Perform Action on Specified Leases to process the payments. Let the process run until it is complete.

Next, you can head to a lease that contains percent rent and check the entries to ensure the processed payments are logged and accounted for.

Key Takeaways

This concludes our course on Percent Rent.

Remember:
– You can create necessary percent rent formulas in the percent rent module
– You can configure the formula as necessary to match the terms of your lease
– Worksheets are edited to contain the data used in the formula to calculate the percent rent amounts
– One-time payment entries can be created within the module
Thanks for watching. Questions, suggestions, or feedback can be sent to support@visuallease.com.

Intro to Course

Welcome to Sublease training for FASB 842, IFRS 16, and GASB 87 with VLU. This course is designed to give you a better understanding of the accounting treatment of subleases under FASB 842 within the Visual Lease Platform

By the end of this course, you should be able to:

• The difference between Master Lease, Overlease, and Sublease
• Understand the accounting treatment of subleases in FASB 842/IFRS 16
• Understand the accounting treatment of subleases in GASB 87

Please take a moment to review the agenda. To view a particular topic, jump to the corresponding timestamp.

Master Lease vs. OverLease

In this video we will discuss the differences between a Master Lease and an Overlease.

There are differences between a master lease, an overlease, and a sublease, and it is important to note the are not interchangeable words.

An overlease is a lease that is superior to a sublease, and a sublease is sometimes referred to as a subordinate lease. Together, they set up a chain of ownership.

For example, in real estate, there is a company who owns the land and the building on it. That company chooses to lease their assets to another party who becomes the subtenant. If permitted, the subtenant may have the right to sublease all or part of their asset to another entity. When they sublease a portion of their leased asset, they become the overlease. So the flow of ownership will look something like this: Fee holder (or the land and building owner) or the master lease, to a lease holder which is the overlease, to a sublease holder that is being sublet by the overlease holder.

All of them rank in terms of interest from one superior to another inferior.

**Master lease change to fee holder
** Fee Holder > Lease holder
**when subletting > change lease holder to overlease

Subleases are always part of an overlease.

As explained a moment ago, the overlease entity may not own the property but can lease some or all of their portion of the lease out all or part of the asset to another entity.

For example. Company A leases 6 floors of a 10 story office building. They can sublease out all 6 floors, or 1 floor, or any amount in between so long as they do not rent out more than the 6 floors they have the agreement for. The company that leases the 6 floors would be the overlease. Company B rents, say, 2 of those 6 floors would be the sublease and sub tenant.

A master lease, on the other hand, is a lease that encompasses more than one asset.

For example, a company can have master lease agreements with real estate developers with one legal document that includes properties in Iowa, Kansas, Kentucky, and Florida. They are all different real estate, but under a single lease agreement. Since the lease includes multiple assets it becomes the master lease

ACS 842

In this video, we will discuss how subleases are treated under FASB 842 standards.

When subletting under FASB 842, the standards indicate that the treatment is to book all leases, including subleases.

So, what does this mean? Because the overlease and sublease are two separate documents, with different parties, terms and conditions, they should be entered into the Visual Lease platform as two records. They are treated as two distinct accounting schedules. Neither ASC 842 nor IFRS 16 permits the sublease income to be treated as an offset to the overlease expense. The reason is simple; if the subtenant fails to make their payments, the tenant/sublessor is not relieved of their obligations under the overlease.
**PPt change (sublease to sublessor)

It is important to note, the company will need to make one of the two records an income record, and the other should be an expense record.

To set this up, we need to go to the contacts tab as there are some differences that need to be noted.

First, if it is an income lease, the company should put their own information in as the landlord and put their sub-tenant in the tenant field and then the payor.

Next, the company will need to navigate to the financials tab and open the Payees window. Here, the company will need to add the tenant from the contacts tab as the Payee, which will be listed here. We know the tenant is the payor, but this crucial step is important for the platform to create the appropriate financial records.

On the entries page, the category should show Base Rent Income and the record will need to be changed from “payable” to a “receivable” which will change this drop-down from “Payment-To” to, “Payment-From”, and will create the proper schedules.

Why base rent income? This is to be consistent with the underlying accounting that will need to be done, as well as remain consistent with the overall treatment under FASB 842. Under 842, sublease income is treated as income, not as a reduction in the overlease’s rent payments.

We have also added a one-time lease commission as noted here. This amount will be used when creating the schedule.

Once the entries are set up and consistent with the accounting treatment, the best practice is to create the lease accounting schedule to be associated with it.

To create the new schedule, we will need to create a new calculation on the lease accounting page.

Go through all the steps of the wizard to create a standard calculation.

In step 3, it is much simpler due to it being an income record, and only have the Accrued Rent Receivable field to complete. It is important to note that the accrued rent is the impact of straight lining on the schedule.

Just as the difference between the cash paid and straight-line rent expense is called “Deferred Rent”, the difference between cash receipts and straight-line rent income is called Accrued Rent Balance.

So, if there is a balance the company wants to bring forward, just enter it in the field in step 3. For this example, we will leave this a zero.

In step 4, ensure the Treatment is lease payment and the category reflects the Base Rent Income.

Also, check the box “Show Excluded”, then include the lease commission entry as a lease payment since it’s a one time payment and happens at the very beginning of the lease.

Once complete, click save and the platform will create the schedule.

Please note, there is no lease type test since the platform only supports operating leases from an income perspective.

Also note that with income leases, there are no transition or remeasurement options like you would normally see on an expense lease.

Instead, if for example, we wanted to shorten the lease by a year, we would have to create a new calculation with the same effective date, but for the end date, we will enter it a year earlier which is March 2025 instead of 2026. (14:00) Move throughuntil you get to step 3.

On step 4, check the box “Show Excluded”, then include the lease commission entry as a lease payment since it’s a one time payment and happens at the very beginning of the lease.

Under both ASC 842 and IFRS 16, operating income leases do not have an asset or liability associated with them the way expense leases do. In fact, if there is no straight-line rent impact, there is no impact on the balance sheet. Without that balance sheet impact, we therefore do not have a remeasurement option in Visual Lease for income leases in these standards.
That doesn’t mean that the leases never have to be modified, though. The lease term may be extended or shortened if the terms of the underlying lease change. The process for these changes is simpler than for expense leases. In fact, if there is no straight-line impact, there isn’t a need to change the schedule at all. To extend the term, just add on an additional schedule after the current schedule expires. This can be done ahead of time, just give the schedule a commencement date in the future. To shorten the term just end the schedule early using the End Calc function.

Note, though, that you should end the calculation in the final period. Using the End Calc function changes the status to Historical, even if the expiration date is in the future. That would preclude the appropriate journal entries from being posted in the final months of the lease.
If there is a straight-line impact to the income lease, then the schedule should be modified when the change is recognized.

Whether the change is an increase or reduction in the term or a change in the payment schedule, the process is the same. First, make the necessary changes throughout the lease record. Then end the existing calculation. It is usually cleanest to end the schedule on the last day of the month recognizing the change. Take note of the accrued rent receivable balance in the schedule being ended. You will need to enter that in the new schedule.

Now create a new schedule, starting on the next day (usually the first of the following month). In step 3 of the wizard, enter the accrued rent receivable. In step 5 of the wizard, be certain that only the lease payments and associated expenses within the new schedule dates. For example, the leasing commission we included in the earlier example is now outside the revised dates. That is not included in the new schedule; its impact is already factored into the accrued rent receivable balance. The resulting new schedule will have an adjusted straight-line rent, which amortizes the accrue rent receivable to zero at the new expiration date.

A quick note about IFRS 16. The process is very similar to that of FASB 842 since IFRS 16 includes public and private companies under the standards.

GASB 87

In this video, we will discuss how subleases are treated under GASB 87 standards.

GASB will be different that FASB since it will not treat subleases as straight lining exercise.

In the lease accounting window, when creating a new calculation, in step 3 of the wizard, we will see the field for “Initial Prepaid Income”, instead of “Accrued Rent Balance” like we saw in the FASB calculation. The reason for this field is that with GASB, they will have to set up balance sheet items and will need to know if income has come in ahead of time.

In step 5 of the wizard, we will have the ability to identify the lease commission as a lease payment, and will be reflected in the schedule.

Once the calculation is complete, we will see a present value of the lease payments, but you will also see something called deferred inflow. This is basically where the Right of Use would be for FASB. We also see a total ending receivable, which is where the Total Ending Liability would be in FASB. The treatment of these will be similar as FASB as well. The receivable will burn down based upon cash received, less the interest expense, and the deferred inflow is going to be based on the lease revenue, which is straight lined, less the deferred expense.

Related Leases: Connecting the Sublease

In this video, we will discuss the process of connecting a sublease to a main record through the related tab.

When a sublease is created, it will be affiliated with another lease record. Subleases always imply that there is a relationship between the sublease record and the main record and it can easily be managed in the Related Tab.

On the related tab, click Add Related to open the popup window.

From the dropdown, select a lease type relationship which can be an Overlease, Sublease, Master Lease ID, and Location ID. Then, enter the lease ID number to make the connection.

Please note, as you type the lease ID a list will populate. The more you type in the field, the narrower the list will become.

Once complete, click Link Record and you will see the related sublease connected to the lease we are currently working which is the overlease.

Please note, if we are working inside of the sublease and wish to connect it to the overlease, follow the same process, but instead of selecting “Sublease” like we did in the previous example, just select “Overlease” to connect it to the main record.

The result of making either type of connection is that it will create an independent record.

A question we may ask is “where do I see the reduction in my expense for the overlease?” The answer is you will not see this.

For example. If a sublease tenant defaults and stops paying the lease, the sublandlord is not relieved of obligations to the superior landlord. As a result, that liability cannot be reduced, the payments cannot be reduced, and 100% of the original payments to the superior landlord must still be made.

Key Takeaways

This concludes our video on Subleases for FASB 842, IFRS 16, and GASB 87.

Remember…

• Companies will need to have 2 separate records of the overlease and sublease.
• The related tab can quickly connect leases together as an overlease and a sublease
• Sublandlords over the overlease are still obligated to the superior landlord if a sublease tenant defaults, so payments cannot be reduced.
• It is important to understand the chain of ownership and the differences between a master lease and an overlease is important

Thanks for watching. Any questions, suggestions, or feedback can be sent to support@visuallease.com

Intro to Course

Welcome to Non-Continuous Lease Terms and Fund Accounting Training with VLU. This course is designed to give you a better understanding of the accounting treatment for non-continuous (or seasonal) use of an asset, as well as Fund Accounting methods in the VL Platform.

By the end of this course, you should be able to:

• Set up an asset for non-continuous lease terms
• How to correctly edit the template to account for non-continuous lease terms
• How to include Fund Accounting into journal entries if you are a GASB client.

Please Take a moment to review the agenda. If you are looking for a specific topic, feel free to jump to the corresponding timestamp.

Non-Continuous Lease Terms

In this video, we will discuss the treatment of the schedule upload for the rare instance where a non-continuous lease term is required.

It is important to note, the most common type of non-continuous lease term is a seasonal rental, though this process can apply to any non-continuous term.

With seasonal rentals, there is a minimum guaranteed rent, but only while the property is made available .

So how does one account for that? To answer this question, let’s walk through an example.

Here is a seasonal rental lease we created. On the general tab, we created this lease for five SEASONS, which starts on November 1st, and ends on March 30th, which ends up being 5 in-season months every year, for a total of 25 months after the commencement of the lease

On the entries page, it was determined that it was going to be rented, in season, for $2000 a month, which would be the guaranteed rent. There may be a percentage on top of that while it is occupied, but remember that’s considered a variable payment and is therefore not used in our lease accounting schedule. We’re going to start here by entering the payments as continuous for 25 months, disregarding the irregular nature of the actual periods.

Next, create a new calculation and set it to active. The next step is important. Check the box “Use Schedule Upload”. Once complete, move through the wizard as normal until step 6 is reached. On step six, there will be a spot to upload the schedule as well as download the template. For this case, we’re going to download the template.

A popup window will display. Make sure to check the box “Schedule Information Populated”, then click here to download.

Once the template is downloaded, it is important to cancel the calculation. We will be doing another one with an edited template to account for the offseason periods.

Opening the schedule, we will need to modify it in order to reflect those off-season periods.

Please note, depending on the lease, some columns may not require data and can be left blank.

Enter the appropriate dates in the column if they did not export automatically. (18:35). Enter the additional months to the template to ensure the schedule foes to the actual lease expiration.

Next, find where the dead, or off-season, periods are and remove the data from the rows. The quickest way to accomplish this is to cut the information in the off-season periods, and paste them at the beginning of the in-season period for the duration of the lease. So it will look something like this <Show image>.

Repeat these steps until you reach the end of the term.

Once complete, you will see that there are gaps with no data in the off-season periods.

Please note: Any column that contains data during live periods must either have the balance brought forward or as zeros. The following example is to give you an understanding of the process of editing the template.

We will need to account for this by filling in information for balance sheet columns and placing zeros in the columns that deal with income, such as lease payment seen here.

Why zeros? Because there are no cash payments being made during those off-period months.
To complete the rest of the schedule for the off-season you will need to do the following:

1. In the columns for Lease Payment, Straight-Line E Expense, deferred rent and deferred running balance and amortization (calculation), enter zero dollars, since as mentioned a moment ago, there is no payments received during the off-period months.
2. The balance sheet items will need to be treated differently. We will need to take the balance on the account at the end of the in-season period and bring them forward with the same values for the off-season period.
a. To complete this, take the numbers from the last month during the in-season for Accumulated Amortization. Right of Use Asset. Gross Liability, and copy the data into the blank off-season months.
b. Now you can see for example, that the ROU Asset holds until payments begin again in the next in-season period (image 22:07)
c. Repeat this process for the liability schedules at the end of the spreadsheet (Image 22:15)

Once the changes to the schedule are made, save the schedule and close it. Then you can create a new calculation and schedule where we can upload the template on Step 6 in the wizard, the same spot we downloaded the template from.

The final step is you must first go back to the financial entries. Remember we had set the payments up for 25 consecutive periods. We must change that to reflect the actual timing of the payments. Therre are two ways you can do this.

You can modify the existing payment line by first changing the END DATE of the entry to be the lease expiration date, or if you leave it blank, the entry will assume the expiration date on the General tab. Then use the Planned Increases section to reset the amount to zero or regular payments on the appropriate dates. Be sure to save each increase, then save the entire entry.

Alternatively, you can create a separate line for each in-season period. The choice is yours; the platform can accept either method.

Fund Accounting for GASB 87 & 96

In this video we discuss what a fund is and the type of accounting treatment for the more typical entities of GASB 87 and GASB 96.
Please note, the following are examples of the many variations of Funds. Recognizing that there are many ways Funds to be recorded, the VL platform provides a simple way to account for them in the Journal Entries with interest and principle only.

A fund is like an accounting entity, similar to a subsidiary, which will have its own set of financial statements.

An example of entities that may use fund accounting can be a hospital or a school. However they are typically government entities.

While there are various fund types out there, we will discuss two common types of funds. The first is a general fund which will use a Modified Accrual basis. The second is a capital project will use a full basis accrual.

Before we move into the examples it is important to understand the difference between a Full Accrual Basis and Modified Basis since there are some differences.

Full accrual is when the revenue recorded is measurable and the expense is recognized when it occurs, or when the service was used. These tend to be companies that are for-profit. For example, when a company knows they will be paid at a later point, they can start recording that revenue. An example for expenses is when a company sends an invoice for a service rendered, even if it is a NET 30, the company will have to record that expense when service was completed, not when the invoice is due. In some instances, the company will need to estimate the expenses when services are rendered

Modified basis is when revenues are recorded when they are available, and expenditures are recorded when the fund liabilities are incurred or the assets are expended. These tend to be government entities and non-profits that are more focused on budgets. For example a company will be receiving a grant. When it is ready to be received, they will record the revenue, or in the opposite manner, the company will record the expense when they have incurred the expense. they are ready to pay.

Since a fund is a separate entity, they will have specific accounts related to the funds that don’t relate to the consolidated financial statements.

For example, if thinking about a government entity, when they go to report on their financial statements, they add all the funds together and create their comprehensive financial report.

The VL platform allows to record the funds as well as record the consolidated numbers.

Here you can see a sample journal entry. For GASB 87 journals, you can see this is a typical Journal Entry for the consolidated numbers. This Full Accrual side will show interest and amortization expense.

However when we show a Modified Accrual journal entry for a Fund, it will show the capital outlay, and will not show the amortization information but will display interest and principle.

There will still need to be some manual adjustments. For example, the AP Cash Fund is on both consolidated and Fund Journal entries and will need to be adjusted accordingly.

Creating these journal entries is easy. First, navigate to the lease accounting page and create a new calculation for GASB 87.

On step 2 there will be a checkbox for Fund Journal Entries. If left unchecked, the entries will only include the consolidated information. However, by checking this box, the Fund Journals (also known as modified accruals), will be included. After checking the box, continue through the rest of the wizard as normal. (34:16 image of checkbox)

After completing the wizard, scroll down to the journal entries and take a look at the first month. From here to here will be the standard consolidated GASB 87 journal entries.

The rest of the entries are for the fund including the Capital Overlay.

In the second month it will look a little different. All that is really needed is the interest and principal deduction from the liability which offsets the AP Cash fund.

Key Takeaways

This concludes our video on Non-Continuous Payments and Fund Accounting.

Remember…

• For seasonal payments it is important to properly edit the template before uploading it to the VL Platform.
• Payments should be zero during the off-season
• To view Fund Accounts, make sure to check the box in the wizard in order to include them in the journal entries.
• The information given for fund accounts is only the overlay, interest, and principle deductions.Thanks for watching. Any questions, suggestions, or feedback can be sent to support@visuallease.com