Creating a MISC lease

Purpose of the MISC lease

Each property in Cirrus8 should have a MISC lease set up. This is a dummy, vacated lease used to support transactions such as:

• Recording/receipting Owner Contributions

• Recording/receipting Insurance Claims

• Journalling funds from one property to another (same owner)

• Calculating owner contributions to VO’s for budgeting purposes

Steps to create the MISC lease (Trust Accountant)

1) Open the New Lease screen

1. Go to Leases

2. Select Manage Lease

3. Click New Lease

2) Select the Property

1. In the property selection field, select the property that needs the MISC lease.

3) Enter the lease details

Fill the fields exactly as follows:

• Lease Code: MISC

• Lease Name: Miscellaneous Property Income

• Tenancy Location: Property Address

• Tenant Company: MISC (must already exist as a company in Cirrus8)

4) Save the lease

1. Click Save (the Green Tick)

Quick check (recommended)

After saving, confirm:

• The lease appears against the correct property

• The Lease Code is exactly “MISC”

• The Tenant Company is “MISC” (not a newly created tenant)