What is the Lease Status Page?

Reviews what each lease status means and their impact on reporting.

The Lease Status Page allows you visualize the status of each lease upload within Lease Accounting. This dashboard will inform users which leases have been approved/completed and which require approvals/edits/changes to attain completion. Note, only "Completed" leases will be populated into the Lease Accounting module reporting (JEs, Trial Balance, Disclosures, Roll Forward).

Why is the Lease Status Page Important?

The Lease Status Page is akin to a checklist/status update for leases being input into Lease Accounting. This page will notify users of how many leases are incomplete, pending changes, pending approval, complete, and derecognized. The goal for every lease input into Occupier is to achieve the "Completed" designation. This can be attained through following the steps outlined in this Playbook. Before closing the books for the respective period, you want to ensure all leases are in a "Completed" state that are active during the period you are closing. If not, you will receive an error message when exporting key reports, like this:

Description of Stages in Occupier:

Incomplete: This lease has been "synced" from Lease Administration module but this initial lease recognition via lease wizard has not yet been completed. This will happen when a new lease is entered into Lease Administration module and initially synced into the Accounting module. Refer to this article on how to recognize a lease.

Pending Changes: This lease has been modified/amended/or terminated within Lease Administration and may need to be remeasured by the accounting team. Refer to this article on how to process a lease modification in accounting.

Pending Approval: This lease's lease wizard has been completed by accounting team member. This now needs to be "Approved and Recognized" by accounting team member. You may "Dismiss" or "Remeasure" this lease. Refer to this article on how to approve a lease.

Completed: This lease has been approved and is now included in all reporting (JEs, Trial Balance, Disclosures, Roll Forward).

Derecognized: This lease's termination date is before the current date.