IBM TRIRIGA Version 10.5.0

Managing leased and owned property contracts

In the IBM® TRIRIGA® Real Estate Manager application, you can manage real estate contracts and asset lease contracts. You can store contract documentation, conditions, clauses, options, and financial transactions in one central repository. The application contains automated notifications and alerts about upcoming lease expirations and other critical dates. The application also shows required actions and contract options to avoid overpayment and late fees. You also use the application tools to create financial reports, maintain payment processes, and satisfy regulatory requirements in lease accounting and allocations.

Overview of contract management
With the IBM TRIRIGA Real Estate Manager application, you can configure the application process flow to fit your business process flow. You can also configure the application roles, form templates, and default settings to fit your real estate contract and asset lease contract management needs.
Setting up contracts
Before the contract process begins, certain activities are necessary to prepare the application for your real estate contracts, asset lease contracts, or both. These setup activities focus on tailoring templates, classifications, lists, locations, and contacts for your organization. These activities also include establishing lease abstract defaults and configuring for the Open Standards Consortium for Real Estate (OSCRE) interface.
Creating lease abstracts
While digitally storing lease data can make updates and queries more efficient, inputting the full contents of a lease contract can also be time-consuming. Instead, you can create lease abstract records to summarize leases through manual data entry, Open Standards Consortium for Real Estate (OSCRE) .xml files, or offline forms.
Creating leases
To make updates and queries more efficient, you can digitally store lease data by creating lease records. You can create real estate lease records through manual data entry, or by approving and completing lease abstract records. Meanwhile, you can create asset lease records through manual data entry.
Creating owned property agreements
To make updates and queries more efficient, you can digitally store owned agreement data by creating owned agreement records. You can create owned property agreement records through manual data entry.
Maintaining contracts
To maintain the accuracy and efficiency of your contracts, you can send and receive notifications about upcoming dates, and revise each contract through proposed changes.
Managing payments
To manage the various forms of payments over the lifetime of your contracts, you can set up scheduled payments, one-time payments, pass-through payments, and payment adjustments. You can also create invoices for "accounts payable" (AP) and "accounts receivable" (AR).
Viewing reports
To view the various forms of reports throughout the application, you can find them in several places. You can find reports in the Home portal, in the My Reports portal, or in the Reports tab of a particular record.
Reviewing lease assumptions
You can review the likely term and assumptions for an individual lease or for multiple leases. These leases can include real estate (RE) leases and asset leases.

Parent topic: Managing real estate and assets

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