If your portfolio includes a lease in which you are sublessor, you can follow these instructions to set up an Agreement to reflect the lease in Nomos One. Please note that Nomos One does not offer IFRS 16 accounting for sublessors.
- In your Organisation, click “Add New”, then “New Agreement”.
- On the Settings page, select the type “Sublease”, and select the role “Sub Lessor”.
- Record the Agreement name in the Known As field. To help you identify the Agreement as a sublease, you may want to reference this in the Known As.
- Complete any other relevant details on the Settings page and click “Next”.
- On the Parties page, record the entities involved in your sublease. Your organisation record should be in the Sub Lessor box. Click “Next”.
- On the Properties page, create and add the property or asset you are subleasing out, then click “Next”.
- On the Rent and Payments page, enter in the details of the rent payments and click “Next”.
- On the Events page, add in your Commencement Date, the Initial Term, and any Renewals and Rent Reviews you have agreed upon with your Sublessee. Click “Next”.
- On the Document page, upload any relevant documentation and click “Next”.
- On the Other page, you can add any additional details you would like to capture, and fill out any Custom Fields you've set up. Once done, click “Finish” at the bottom of the page. Close the pop-up window that appears after creating the Agreement.
- On the Agreement Timeline, click on the Commencement Event icon and complete the Commencement Event.
- Finish up by Activating your Agreement.
You do not need to record any IFRS 16 judgments for this Agreement. Given that Nomos One does not currently offer IFRS 16 reporting for lessors, you will not be able to utilise the IFRS 16 functionality for this Agreement. You can still use the Contractual Reports for this Agreement.
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.