Advanced Real Estate Lease Administration and Lease Accounting
Virtual Premise includes AP and AR Lease Accounting, FASB-Compliant Lease Straight Lining, Tenant Income Management, Field-Level Change Tracking and an Expense and Income History Record that will pass any audit.
Real Estate Accounting is different from standard corporate accounting. To accommodate these critical differences, Virtual Premise has developed numerous features that bridge the gap between your ERP / Accounting system and the Lease Administration and Accounting needs of the real estate department. The Virtual Premise Global Real Estate Management System™ will help you improve the accuracy of your real estate information and insure a positive outcome of any audit.
Key Features
- One-Time and Recurring Charge Tracking
- Accounts Payable (AP) and Accounts Receivable (AR) Charge Processing
- Month-to-Month and Holdover Lease Batch Processing
- One-Time Expense Entry
- Invoice Generation
- Post Cash and Check Processing
- General Ledger Setup and Mapping
- Vendor and Customer Management
- Variance Reporting and Filtering
- FASB-13 Rent Reporting – Straight-Line and Minimum Obligation
- Flexible Start Dates for Straight-Line Calculations (Possession, Commencement, Etc.)
- Multiple Adjustments per Lease for Straight-Lining
- Customer Consolidation at the Lease, Location, or Customer Level
- Unlimited Number of Cost Allocations with Up to Four Levels of Sub-Ledgers
- Secure Historical Tracking of Payments and Receipts
- Offline Financial Approval - review and approve payments whether connected to VP or not
To learn how these Real Estate Accounting features are used in specific Virtual Premise Software Editions, follow the links below:
Virtual Premise Software Editions
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