Sub-Leasing in Lucernex
Sub-leasing in Lucernex follows almost the exact same procedures as managing your regular contracts. There are only two differences between a sub-lease and a regular contract: you must select a Master Contract when creating your sub-lease, and you can pass responsibility for a payment from a master contract to a sublease using the Pass-Through Payment functionality.
Creating a sub-lease in Lucernex follows the same procedures as creating a contract, with one additional step. In step 1 of the Contract Setup Wizard, you must select a master contract from the Master Contract field. This field appears to the right of the Contract Name field.
To learn how to create a contract, follow the Add Real Estate Contract procedures.
The pass-through payments functionality is used to pass responsibility for a payment from a master contract to a sublease.
Important!
In order to create pass-through payments, you must complete the following criteria:
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The Master Contract must have an expense setup complete with an expense schedule.
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Each sublease must have their master contract set on the Contract > Details > Summary page.
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Each sublease must have their Pro Rata Share defined at the expense setup level.
Pro Rata Share refers to a proportionate share of an expense. For example, many contracts for tenants of indoor malls stipulate that each tenant pay a pre-determined percentage of common area maintenance (CAM) expenses.
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You must generate rent for the master contract.
To create pass-through payments:
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Navigate to Contract > Payment Info > Transactions.
Use the links in the Navigation Pane on the leftmost side of the page.
Important!
Pass-through payments can only be created at the master contract level. Make sure that you are viewing your master contract.
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Click Pass-Through Payments.
This displays in the Actions menu on the right side of the page.
The Create Pass-Through Payments window opens.
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Select the check boxes next to the sublease contracts for which you want to create pass-through payments.
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Click Create Pass-through payments.
A success message appears at the top of the window.
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To view the pass-through payments, click the name of the sublease you want to view.
The contract name in the success message is a link to the transactions page of the sublease.
The pass-through transaction appears in the Transactions List.
Create a Sub-Lease