Lease Item Table
Introduction
The Lease Item is a customizable and interactive component designed for managing lease-related items within the Property Management Solution. This manual provides a detailed description of the fields and their functionalities within the Lease Item DocType.
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Lease Item
The term "lease items" refers to the various assets, properties, or equipment that are leased or rented out under a lease agreement. These items can be anything that is subject to a lease contract, where one party (the lessor) grants the right to use the item to another party (the lessee) for a specified period in exchange for periodic payments. Common Types of Lease Items in Real Estate: Residential Properties: Apartments, houses, or condominiums leased for living purposes, Commercial Properties: Office spaces, retail stores, warehouses, or industrial units leased for business operations, Land: Plots of land leased for agricultural, commercial, or residential development.
Form Fields Explanation
The Lease Item doctype contains several important fields that capture key details about lease items or sevices. Below is a breakdown of each field.
- Lease Item:
Description: The fields allows you to select the specific item or service being leased from the item doctype.
- Frequency:
Options: Monthly, Bi-Monthly, Quarterly, Annually, 6 months
Description: This field specifies how often the payment for the lease item will be charged.
- Amount:
Description: This field captures the amount to be charged for the lease item.
- Currency Code
Description: This field captures the currency in which the lease amount will be charged. the default currency is set to USD but can be linked to other currencies as per the requirements.
- Charge Basis
Options: Built-up Area, Carpet Area
Description: This field allows you to specify how the charges for the lease item are calculated, either based on built-up area or carpet area.
- Charge Rate
Description: This field captures the charge rate for the lease item, which is calculated based on the charge basis.
- Withholding Tax
Description: This field captures the percentage of withholding tax applicable to the lease item.
- Paid By
Options: Customer
Description: The field indicates which customer is responsible for paying the lease item charge.
- Invoice Item Group
Options: 1,2,3
description This field categorizes the lease item an invoice item group, which can be helpful in organizing and grouping items on invoices.
- Document Type
Options: Sales Invoice, Sales Order
Description: This field indicates the type of document where this lease item will appear, either in a Sales Invoice or a Sales Order
Usage Instructions
Step-by-step Usage*
Open Parent Form: The Lease Item doctype doctype is typically embedded in a parent form like a lease agreement or sales invoice.
Add Lease Item:*
In the Lease Item section, click on Add Row*
Select the Lease Item from the dropdown list.
Specify Payment Frequency: Choose how frequently the lease amount will be charges (e.g., monthly, quarterly).
Enter Amount: Input the amount to b charged for the lease item.
Set Currency: Select the currency code for the lease Payment
Select Charge Basis If the charge is based on built-up or carpet area, select the relevant basis.
Apply Withholding Tax: Enter the withholding tax percentage applicable to the lease item.
Assign Payment Responsibility: Select the customer reponsible for paying for the lease item under the Paid By field.
Invoice Item Group: Assign the lease item to an appropriate Invoice Item Group for invoicing purposes.
Select Document Type: Choose whether the lease item will be part of a Sales Invoice or Sales Order