What is a Lease Payable?

Payables are an amount of money owed to a Vendor in Occupier Lease Administration.

A Payable is an amount of money owed to a Vendor in Occupier Lease Administration. In many cases, the Vendor may be a Lessor, in which case your most common Payable would be your Base Rent. You may also owe your Lessor amounts for (CAM) Common Area Maintenance, Taxes, and Operating Expenses, for example, which are also considered Payables in Occupier Lease Administration.

Base Rent and any Additional Rent items that are added to a lease in Lease Administration are considered recurring expenses that need to be reviewed and paid on a monthly basis. There may be other cases, however, where expenses are incurred ad-hoc and are considered one-time Payables. Occupier’s Payables workflow allows you to reconcile and approve each type of Payable, ultimately resulting in a Payables report for your portfolio that can be exported.