How do I add/change Legal Entities in Occupier?

Given that we already synced the Legal Entities within Occupier to your internal organization structure in the earlier article, "Confirm your Legal Entity Set Up" this task should already be completed. All that is left to do during the Account Set-up phase is conducting a final review of the Legal Entity set-up in Lease Accounting.

To conduct a final review of your Legal Entity set-up please follow the below steps:

Step 2- Navigate to Account Settings (on the top right-hand corner).

Step 3- Click on Legal Entities.

When you navigate to the Legal Entities page in Lease Accounting for the first time, you will see the Legal Entities you added/confirmed during the Lease Administration completeness and accuracy review.

Step 4- Confirm that the Legal Entity structure in Occupier is correct.

The Parent entity (the highest entity) will be denoted on the top of the page.

The subsidiaries of the parent entity (if any) will be listed here:

Given that we have already reviewed our Legal Entity structure in Lease Administration, further edits should not be required (assuming everything on the Legal Entity screen looks correct).

If minor edits are required, all Legal Entities on this page can be edited using the three ellipsis beside the Legal Entity name. When clicked on you will be prompted to:

1) Edit- This will allow you to chang whether this Legal Entity consolidates with parent, follows IFRS 16 or ASC 842 and which reporting currency it follows.

2) Change Parent Entity- this will allow you to change who the ultimate parent of this Legal Entity is.

3) Delete- this will remove the Legal Entity entirely- note you cannot delete a Legal Entity that has leases assigned to it.

Some helpful terms:

Consolidates with Parent- This will tell Occupier whether or not this subsidiary consolidates into the Parent Entity designated on the account. If this entity consolidates with parent, they will not get their own reporting (disclosures or trial balance). Instead, all leases associated with this lease will be included with the parent's reporting.

Accounting Standard- This will tell Occupier which accounting standard this subsidiary abides by.

Reporting Currency- This will tell Occupier which reporting currency this subsidiary uses.