In this article we're sharing with you our glossary of terms used throughout the application, our knowledge base and by our teams. Read or heard us say something that you can't find below? Send our Support Team a message.
A
Agreement - We use the term "Agreement" to refer to one of your leases/licences/contracts that you create in Nomos One. When we talk about an Agreement, we aren't just referring to a specific clause or term in your contract, we use this term to broadly refer to your leasing arrangement in its entirety (its contractual and financial data).
Asset Class - A category you can apply to specify the type of asset contracted for under your Agreement.
B
Backend - This refers to the back of Nomos One I.e. the coding behind the front facing system. Only our Development Team can access this and pull information from here.
Bug - A technical error in the system where something is not working the way it should be.
Bulk uploading - The process by which we can put information into Nomos One using a pre-designed template with defined columns and rows. We are able to bulk upload Agreement sections, Custom Data Field content, and your assumptions for the Initial IFRS 16 Questionnaire. All other inputs need to be done manually, by you.
C
Custom Fields - Data fields unique to each customer that are not already found inside of Nomos One. Custom fields can be used for various types of reporting.
Contractual Reports - Customisable reports that allow users to keep track of Portfolio, Agreement, Property, Entity and Event information. Contractual Reporting doesn't refer to our special IFRS 16 Financial Reports (these are coded separately and differently).
D
Dev - Dev is shorthand for Developers. If we've told you we've escalated something to Dev, or that Dev are pushing a fix, we mean our awesome Development team are helping out!
Doc Gen - Doc Gen refers to the Document Generator Tool in Nomos One. This tool allows you to create your own deeds of lease, renewal, rent review documents and more!
Dismissed Event - An event that has had its reminder alert removed, indicating that the event was never completed and that the Agreement's data stayed the same as the data immediately before the dismissed event date.
E
Effective Date - The date at which for IFRS 16 reporting purposes, the impact of a change will show on the IFRS reports.
Event - We use the term "Event" in Nomos One to refer to all of the milestones/activities (or Lease Modification as referenced in the IFRS 16 Reporting standard) that might occur across the life of your Agreements, such as the Commencement, Renewals, Market Rent Reviews, CPI Rent Reviews, Surrenders/Terminations, Variations.
Event Date - The Date that an Event is scheduled to occur.
Event Completion - The act of completing a scheduled or unscheduled Event or reminder on the Agreement Timeline. This is generally a four step process which involves 1) starting the Event 2) updating the Agreement data 3) adding supporting documentation 4) completing the Event.
F
Financial Allocations - Groups defined by you to represent where different GL accounts are allocated within your GL Template.
Followers - Refers to the Users who are subscribed to an Agreement to get email notifications and reminders when upcoming events approach in time.
Full Retrospective - One of the three transition approaches under IFRS 16. The Right of Use and Lease Liability report from the commencement of the lease.
G
General Ledger Template (GL Template) - A template you must apply to your Agreement to generate Journal Reports in Nomos One. This template can be populated with GL codes and Financial Allocations to reflect your organisation's chart of accounts.
Global Reports - Reports that can be run across multiple Organisations at a time. Global reporting is currently limited to our Contractual Reports.
I
IFRS 16 - The global commercial lease accounting standard that many of our customers are required to report in accordance with.
IFRS 16 Accounting Compliance Questionnaire - Also known as "IFRS Settings", these represent the financial assumptions made by your organisation at the Commencement (or Transition, if the Agreement existed at your organisation's transition date to IFRS 16) of an Agreement. These assumptions inform the IFRS 16 calculator what discount rate to apply as well as other selected considerations.
IFRS Settings Changes - This is where you record a change to your initial IFRS Settings which were applied at Commencement or Transition. These changes will be effective from the Event Date they are assigned to.
Interest Rate - Also known as the lease's "incremental borrowing rate" in the IFRS 16 standard, or as "discount rate". This is the rate applied to each lease to mark the amount of interest that would be paid if the lessee was borrowing the asset.
K
Knowledge Base - The home to all of our "how to" articles to support you when you're using Nomos One. Not only are these full of step-by-step instructions, but many are filled with GIFs and pictures too.
L
Lock Date - The date that is used for defining Open and Closed periods for Journal entries. Users won't be able to manage Events on the Agreement Timeline, or manage IFRS 16 Component Payments prior to or on the Lock Date stated in your Organisation settings. Find out more in this article!
Locked Period - The period of time that Agreements are locked, up to and including the Lock Date
M
Modified Retrospective - The Modified A transition approach defined under the IFRS 16 standard. The Right of Use Asset reports from the commencement of the lease, and the Lease Liability will from your organisation's Transition Date.
Modification - A change to your initial IFRS assumptions. Modifications are actioned through step 5 of an event, "IFRS Settings Changes" and will modify the initial IFRS judgements placed by a User, causing a change in the Right of Use and Lease Liability from the Effective date of change indicated.
O
On-Boarding - A paid service whereby the On-Boarding Team enters your organisation's data into Nomos One during your implementation.
OneLease - The future version of Nomos One that is currently in Open Beta, designed to solve customers' unmet needs and enhance user experience. Currently released on OneLease are the IFRS 16 Reports. These are hosted by a different application but still utilise the New Engine database, making the calculations between the New Engine and OneLease (Beta) the same. More features will be released in due course. Click here to know more.
Organisation - Also known as Org, this is where your Agreement data is loaded into. Each Organisation allows for independent Users, and independent reporting. You may want to onboard your portfolio into one Organisation, or you might like to break your portfolio up into multiple Organisations e.g. by currency, by entity, or other common feature that may be present between your Agreements.
P
Property - When we use the term "Property", we're using this broadly to capture the property or asset that you're leasing. Each Agreement will have a unique Property structure created in Nomos One.
S
Simplified - Simplified is the name we've given to the Modified B approach defined under the IFRS 16 standard. Both your Asset and Liability will report from your organisation's Transition Date to IFRS 16.
T
Timeline - The Timeline refers to the Agreement Events Timeline that is visible on an Agreement Overview after you've created an Agreement. We call this a timeline because it displays your Events in chronological order on a timeline moving left to right, with a dotted line down the centre showing present day.
Time Travel - refers to something we can't do (yet!)
Transition Date - The day and year that your organisation transitioned to IFRS 16 (if applicable).
V
Variation - A Variation is a type of Event in Nomos One. We use these to time stamp and record changes to your Agreement after it commenced that you didn't schedule to happen (contrast with a Rent Review that was scheduled to occur from the start of your Agreement!)
W
Work around - An alternative way to using a Nomos One function if it is not working as expected. These are intended as temporary actions to help you achieve the same result until the primary issue is resolved.
Nomos One does not provide or purport to provide any accounting, financial, tax, legal or any professional advice, nor does Nomos One purport to offer a financial product or service. Nomos One is not responsible or liable for any claim, loss, damage, costs or expenses resulting from your use of or reliance on these resource materials. It is your responsibility to obtain accounting, financial, legal and taxation advice to ensure your use of the Nomos One system meets your individual requirements.