How to Assign a Vendor to an Expense Type in Lease Administration

Overview

This feature allows users to assign specific vendors to expense types, making it easier to manage payments and track expenses related to leases. Assigning vendors to an expense type helps in automating invoice processing, ensuring accurate expense categorization, and improving overall financial management within the lease administration software.

Step-by-Step Guide

Step 1: Navigate to a Lease in Lease Administration and click on the Vendors tab

You will see a list of expense types that have been abstracted from the lease with corresponding drop down menus to the right. This menu will be empty upon initially assigning vendors. 

Step 2: Select Vendors for each Expense Type

By clicking on the drop down arrow in the menu next to the expense type, you will be given a list of Vendors from your master Vendor list from which to choose. You can search the list by typing a Vendor Name, and add a new Vendor. Once selected, this will be your default vendor for the expense type. For example if your landlord is always your vendor for base rent, then your landlord will be assigned to base rent as your Vendor until the vendor is changed. 

Step 3: View Default Vendor in Payables Report

Navigate to the Payables tab in the lease and you will see the default vendor populated in the expense type line item for the current and future periods. You can always change the vendor on the Payables report, but that will not change the default vendor. 

Additional Tips

• Default Vendors Only Apply to Recurring Expenses: you can still apply Vendors to one-time expenses in your Payables report, but default Vendors only apply to the expenses that are added into the lease abstract.
• Vendor Management: Ensure that the vendor has been set up in the system. If not, you’ll need to add the vendor under the Vendors module before assigning them to any expense type.

Frequently Asked Questions (FAQs)

Q1: Can I assign a vendor to multiple expense types?
Yes, vendors can be assigned to multiple expense types if applicable to the services they provide.

Q2: How do I remove a vendor from an expense type?
To remove a vendor, go to the Vendors tab of the lease and click on the X next to the Vendor or choose another Vendor from the list.  

Q3: Why can’t I find a vendor in the dropdown list?
This could be due to the vendor not being set up in the system. Go to the Vendors tab in the Lease Administration module and add your vendor.