Editor’s note — here are all the posts in this series for easy reference:
- Real Estate Management Overview, Part 1
- Real Estate Management Overview, Part 2
- Real Estate Management Overview, Part 3
- Real Estate Management Overview, Part 4: Creating Leases
- Real Estate Management Overview, Part 5: More Leasing Details
- Real Estate Management Overview, Part 6: Lease Administration Walk-Through
- Real Estate Management Overview, Part 7: Site Acquisition & Lease Controls
- Real Estate Management Overview, Part 8: More Lease Controls & Options ()
- Real Estate Management Overview, Part 9: Payables/Billing, Expense Audits and Security Deposits
- Real Estate Management Overview, Part 10: Reporting & Analytics, Plus Closing Comments
This week’s Real Estate Management overview post (part one here; part two here) will focus on the “Built-in Integration” between Real Estate Management and the other PeopleSoft applications listed below. With this integration, PeopleSoft provides a single source data entry point that eliminates redundant data entry, reduces the opportunities for late payments, enhances internal controls, enforces approval policies and allows for enhanced reporting capabilities. The integrated applications are:
- PeopleSoft General Ledger
- PeopleSoft Asset Management
- PeopleSoft Payables
- PeopleSoft Contracts and Billing
PeopleSoft General Ledger
If your organization is using separate systems to manage its leases from its General Ledger system this will result in extra effort if journal entries from lease payments need to be manually keyed in to the ledger system. The automated journal entry integration includes recurring rent amounts, taxes, operating expenses and miscellaneous expenses and is fully supported by a chartfield default hierarchy built-in to the Real Estate Management application.
As with all financial applications, PeopleSoft General Ledger provides the foundation for how information is processed financially. Additionally, because organizations are required to account for lease obligations based on compliance standards, PeopleSoft Real Estate Management provides straight-line accounting that integrates directly with PeopleSoft General Ledger to facilitate entries for compliance.
(click to enlarge)
PeopleSoft Asset Manager
By utilizing existing functionality in your PeopleSoft system, Real Estate Management allows you to quickly store your lease information in the PeopleSoft Asset Management application. Whether your lease properties are entered directly in PeopleSoft, built from construction projects in Project Costing, created from a Site Acquisition Request (SAR) or imported from a third party CAFM application, Real Estate Management integrates with PeopleSoft Asset Management to store your leased asset information.
Other data stored in the asset repository includes: location of the property assets, measurement of site, building, floor, area or space, location of assets, and the department or employee assignments as well as property tax information. Additionally, this data can be used for allocations, tracking and statistical reporting.
(click to enlarge)
When leasing property as a tenant, Real Estate Management reduces redundant data entry by integrating directly with PeopleSoft Payables. This will help to make your organization more efficient, reduce bottlenecks that can cause late payments and will also reduce data entry errors by eliminating the need to enter the same data multiple times in different subsystems. From PeopleBooks: Recurring rent, security deposits, operating expense reconciliations, percent rent sales reports, and manual fees are sent from PeopleSoft Real Estate Management to PeopleSoft Payables for payment. PeopleSoft Payables then generates vouchers for the payments and sends information regarding the payments back to PeopleSoft Real Estate Management.
To support and enforce your organization’s policies and procedures, the Accounts Payable integration also includes PeopleSoft’s optional built-in approval process.
(click to enlarge)
PeopleSoft Contracts and Billing
When leasing property as a landlord, PeopleSoft Real Estate Management integrates with PeopleSoft Contracts to automatically generate invoices in PeopleSoft Billing for recurring rent, security deposits, operating expense audits, percent rent sales reports, and manual fees. US Florida Property Management will find a rental place that meets your demands.
This integration, just as with tenant leasing with accounts payable, also provides for journal entries to the general ledger. This in turn provides for enhanced reporting capabilities across the entire business process from Real Estate Management to Invoicing to the General Ledger providing detailed analytical information.
(click to enlarge)
Summing up, PeopleSoft Real Estate Management integrates with your other PeopleSoft applications creating true end-to-end system capabilities. The front end of Real Estate Management allows your Facilities Team to focus on their primary duties which is managing their lease portfolios. The integration points also provide your other departments with the information they require to process lease transactions while eliminating the burden of redundant data entry.
As we move forward with the Real Estate Management overview series, next we will take a deeper look at creating, maintaining and amending leases over the next few weeks.
Thanks for reading, and see you guys next week.