Agreements are the core of your portfolio; they represent the contracts that you've signed with various parties. In an Agreement, you'll record the Agreement Name, your Organisation's Role in the agreement, the contracting Parties, Property or Asset, Rent and other Payments, Events, associated Documents and any Other information you would like to capture!
Whether you're on-boarding an existing contract or have just executed a new one, in this article will guide you through the process of creating a new Agreement in your Organisation.
Video Tutorial: How to Create an Agreement and Set it Up for IFRS 16 Reporting
Check out this video guide on the complete process of creating an Agreement and setting it up for IFRS 16 Reporting, or keep reading below:
How to Enter a New Agreement
- To begin, click on the Organisation you want to create a new Agreement in. You can find the Organisations you have access to in the sidebar on the left side of the screen
If you can't see this sidebar, click on the button with three lines and an arrow in the top left corner to expand it:
- You can create a new Agreement in your Organisation, either by:
- Clicking the Add New button on the Overview page and selecting New Agreement, or
- Navigating to the Agreements page and selecting the green New Agreement button
- Both pathways will open the Nomos One Agreement Wizard which will guide you through the process of creating a new Agreement
- The Agreement Wizard has seven stages through which you'll progress and record information, which will in turn create an Agreement in Nomos One that you can view, report on, and update throughout its lifetime.
For more assistance on entering information at each of these stages, refer to our guides for each of these pages.
Please note: You should use Events on the Agreement Timeline to action updates effective after the Commencement of your Agreement. Updates to the original contract as effective at Commencement can be done in the Agreement Wizard by clicking Action > Repair Data.
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