Alternate Rent - Contract Module

To add an alternate rent record, click Add Item.

This displays in the Actions menu on the right side of the page.

The Alternate Rent Wizard opens. Follow the Alternate Rent Wizard procedures below.

To edit an alternate rent record:

1. Select the alternate rent record you want to edit from the Alternate Rent Schedule List.

   The alternate rent data fields populate.

2. Make your changes using the fields provided in the page.

3. Click Save Changes.

   This displays in the Actions menu on the right side of the page.

   The page refreshes. Your changes are saved.

To delete an alternate rent record:

1. Select the alternate rent record you want to delete from the Alternate Rent Schedule List.

   The alternate rent data fields populate.

2. Click Delete Item.

   This displays in the Actions menu on the right side of the page.

   A dialog opens, asking you to confirm your choice.

3. Click Yes.

   The page refreshes and a message appears, confirming your alternate rent record has been deleted.

To set up alternate rent using the Alternate Rent Wizard:

1. Click Alternate Rent.

   This displays in the Actions menu on the right side of the page.

   The Alternate Rent Wizard window opens.

2. Enter the begin date in the Begin Date field.

   You can also click Calendar to open the Date Picker and select the appropriate date.

   Note:

   Typically, you will not know when an alternate rent scenario will end. For this reason, your End Date is not required.

3. Enter the description of the alternate rent scenario in the Description field.

4. Enter notes in the Notes field.

5. Select one of three options from the Alternative Rent Options field:

   • Pay Both Recurring and Percentage Rent

   • Pay Greater of Recurring or Percentage Rent

   • Pay Lesser of Recurring or Percentage Rent

     Important!

     This field is for record keeping purposes only. It has no functional impact on the generated payment. Once you generate alternate rent, you will need to approve or reject the appropriate payments from the Approve Payments window.

6. Select the Changes in Recurring Expenses? check box if you want the alternate rent record to impact changes in recurring expenses.

7. If the Changes in Recurring Expenses? check box is selected, select one of the four following option bullets:

   • Continue To Pay: Changes to your recurring expenses are paid as entered into the system. For example, you could keep the original schedule but mark all transactions with the Hold flag while in alternate rent.

   • Stop Payment: Places a stop payment on the selected expenses.

   • Reduce by % Amount: Reduces the amount of a generated transaction by a percentage amount. Enter the percentage amount in the Reduction Percent (this field does not appear until the Reduce by % Amount option is selected).

   • Reduce by Fixed Amount: Reduces the amount of a generated transaction by a fixed amount. Enter the fixed amount in the Reduction Amount (this field does not appear until the Reduce by Fixed Amount option is selected).

8. To set a Hold flag on all transactions generated while the contract is in alternate rent:

   1. Ensure that the Put on Hold Recurring Expense Payment Transactions? check box is selected.

   2. Select the check box next to the expense setup you want to place on hold in the table below the Put on Hold Recurring Expense Payment Transactions? check box.

      Only one expense setup can be selected per alternate rent record.

      The Hold flag flows from the recurring expenses to the transaction record to show that the payment is on hold. The Hold flag will NOT prevent rent from being generated. To learn more about the Hold flag, see our article Hold and Processed Flags.

9. If your alternate rent scenario is specific to changes in the percentage rent schedule:

   Note:

   Sometimes a simpler treatment of percentage rent applies in alternate rent scenarios. This means that there might be no breakpoints, caps, or floors.

   1. Select the Changes in Percentage Rent? check box.

      Additional fields appear.

   2. Select the appropriate sales group from the Sales Group field.

      In alternate rent scenarios, different sales figures can apply.

      Any percentage rent schedules with this sales group will be affected if they fall within the time range of the alternate rent schedule.

      To add a sales group, follow the Add a Sales Group procedures.

   3. Select one of three options:

      • Continue to Pay: Continue paying the recurring expenses at the amount specified in expense schedule.

      • Stop Payment: No transactions are generated for the time in which the contract is in alternate rent.

      • Pay X% of Gross Sales: Calculate your percentage rent based on gross sales rather than breakpoints:

        1. Select the Pay X% of Gross Sales option.

           Two fields appear.

        2. Enter the percent rent rate to pay in the Percent Rent Rate field.

        3. Select Deduct Exclusions to continue to deduct exclusions from your percentage rent.

   4. Enter the minimum, or floor cap in the Monthly Min Cap (Floor) field.

   5. Enter the maximum, or ceiling cap into the Monthly Max Cap (Ceiling) field.

10. If you would like to set a Hold flag on all percentage rent transactions generated while the contract is in alternate rent, ensure that the Put on Hold Percentage Rent Payment Transactions? check box is selected.

11. Click Create Alternate Rent.

    The alternate rent schedule is created. It appears in the Alternate Rent Schedule List.

12. To add another alternate rent record, repeat steps 1 – 11.

13. To view your alternate rent scenario in the Contract Expense Forecast:

    1. Navigate to Contract > Payment Info > Recurring Expenses.

       Use the links in the Navigation Pane on the leftmost side of the page.

    2. Select Contract Expense Forecast from the field to the left of the Actions menu on the right side of the page.

    3. Select the expense type that is in alternate rent from the for Expense Type field.

    4. Find the month and year when the begin date of your alternate rent scenario occurs in the Contract Expense Forecast table.

       The change in alternate rent appears in the cell.

To stop using alternate rent:

1. Select the alternate rent record you want to stop using from the Alternate Rent Schedule List.

   The alternate rent data fields populate.

2. Enter the end date for the alternate rent record in the End Date field.

3. Click Save Changes.

   This displays in the Actions menu on the right side of the page.

   The page refreshes. Your changes are saved. As of the end date you specified, your contract will no longer be in alternate rent.

4. To view the change to your alternate rent:

   1. Navigate to Contract > Payment Info > Recurring Expenses.

      Use the links in the Navigation Pane on the leftmost side of the page.

   2. Select Contract Expense Forecast from the field to the left of the Actions menu on the right side of the page.

   3. Select the expense type that was in alternate rent from the for Expense Type field.

   4. Find the month and year when the end date of your alternate rent scenario occurs in the Contract Expense Forecast table.

      The change in alternate rent appears in the cell.