Sales Category

Defaults to the Sales Category previously selected during the setup process under Leasing—Lease Changes—Tenant Information. A tenant could have multiple Sales Categories (for example a Department Store with Retail, Furniture, Electronics, Cosmetics etc).

First Year

This check box indicates whether or not this is the first year retail sales will be reported. Select this check box to indicate this is the first year retail sales will be reported. Or, clear the check box if this is not the first year retail sales is reported.

When this box is checked, the Prior % Rent drop-down field becomes available. Refer to the field description, below.

Sales Beginning

The date the tenant should begin reporting retail sales.

Sales Ending

The date the tenant should stop reporting retail sales.

Address

Select one of the following address options.

Primary
The address used as the principal address for the current tenant.

Mailing
The address used for mailing labels.

Billing
The address used for invoices, late notices, and special billings.

Statement
The address used in statements.

Guarantor
The individual/company that guarantees that the lease will be paid. May also be a lease co-signer.

Other
Address does not fit into any other category.

Income Code

% Rent

Enter a Percent Rent income code type for the tenant. This is the income code to charge when processing % Rent Billing. This income code is also used to calculate the Previous Billed amounts to this income code during the processing.

Prior % Rent

This field is only available when the First Year option is checked. Enter a Percent Rent income code type for the tenant. This is the income code to calculate the Previous Billed amount when processing % Rent Billing for the First Year. After the first year is run, then the % Rent income code is used during the processing.

Reporting Frequency

Use the drop-down to select the frequency to report retail sales amounts (Monthly, Annually, Semi-Annually, or Quarterly).

Days After to Report

The number of days after the Sales Ending Date the tenant should continue reporting retail sales amounts.

Days to Report (Annual)

Enter any value between 0 and 365 to specify the due date for annual reporting. The system also accepts a blank option. This number is not validated; it is for information and reporting for the Sales section of the Tenant Profile report, and not used for a calculation.

Calculation Frequency

The frequency to calculate retail sales amounts (Monthly, Annually, Semi-Annually, or Quarterly). The Calculation Frequency must be equal to or greater than the Reporting Frequency.

Cumulative

Indicates how to handle breakpoints and calculate sales figures.

Cumulative Monthly
Sales figures are calculated from the beginning of the year to the current date vs. your prorated breakpoints.

Cumulative Annually
Sales figures are calculated in comparison to previously set annual breakpoints.

Non-Cumulative
Sales figures are calculated for each period separately.

Example:

Breakpoint set to $12,000
Sales for Jan – Aug $3,000 each month (total $24,000)
Running % Rent Billing from January - August
 

Cumulative Monthly: (24,000) – (12,000/12 * 8) = 16,000  
(sum of Jan – Aug) minus (Breakpoint divided by 12 times # of months in billing period)
 

Cumulative Annually: (24,000) – (12,000) = 12,000  
(sum of Jan – Aug) minus Breakpoint
 

Non-Cumulative: 3,000 – (12,000/12 * 1)= 2,000   jan

                               3,000 – (12,000/12 * 1)= 2,000   feb

                               3,000 – (12,000/12 * 1)= 2,000   mar

                               3,000 – (12,000/12 * 1)= 2,000   april

                               3,000 – (12,000/12 * 1)= 2,000   may

                               3,000 – (12,000/12 * 1)= 2,000   june

                               3,000 – (12,000/12 * 1)= 2,000   july

                               3,000 – (12,000/12 * 1)= 2,000   aug

                                                         Sum 16,000

Note

Non-Cumulative is designed to be processed every month. The system will process all periods that fall within the processing period that have not previously been processed together.

Billing Frequency

Use the drop-down to select the frequency to bill retail sales amounts (Monthly, Annually, Semi-Annually, or Quarterly). The Billing Frequency must be equal to or greater than the Reporting Frequency and Calculation Frequency. Usually set to the same as Calculation Frequency.

Period Last Billed

System generated field. This date field is auto-populated when the % Rent Billing (Final) process is run.   

Last Offset

System generated field. This amount field is auto-populated when the % Rent Billing (Final) process is run.  

Stated Breakpoint

The stated breakpoint is the amount to be subtracted from reported sales prior to the calculation of % Rent Due. This amount is stated as an annual amount. For Monthly, Quarterly and Semi-Annual billing frequencies, this annual breakpoint amount needs to be adjusted accordingly. For example, for Monthly billing frequency the annual breakpoint amount is divided by 12. The breakpoint represents the “breakeven point” for retail tenants, which means they do not have to pay % Rent on sales less than the breakpoint amount.

Number of Days After to Mail

Enter the number of days grace you have to mail invoices after calculations have been run.

 

 

Copyright © 2018 Infor. All rights reserved. www.infor.com.