If your portfolio includes a lease in which you are sublessor and you have a sublessee, you can follow these instructions to set up a Sublease Agreement. Please be aware that Nomos One doesn't have the capability to do sublessor accounting.
- Find your Organisation, click Add New and New Agreement
- On the Settings page select Sublease and select your role as the Sub Lessor
- Record the Agreement name in the File Display Name (Known as). To help you identify the Agreement as a sublease you may want to reference this in the name you choose
- Complete any other relevant details on the Settings page and click Next
- On the Parties page record the entities involved in your sublease and click Next.
Your business should be in the Sub Lessor box
- On the Properties page, create and add the property or asset you are leasing 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, Renewals, and any Rent Reviews you have agreed upon with your Sublessee
- 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.
Otherwise, you can click Finish at the bottom of the page
- On the Agreement Timeline, click on the Commencement Event icon and complete the Commencement Event
- Finish up by Activating your Agreement, and you're done!
You do not need to onboard any IFRS 16 judgments to this Agreement. Given that Nomos One does not currently offer lessor accounting, you will not be able to do any IFRS 16 Reporting for this Agreement. The efficacy of Contractual Reports will depend on how much detail you chose to provide when onboarding the 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.