The Lease/Recurring Payments Management module is used for requesting, approving and managing all leases and recurring payments.
The module includes uploading the agreement, which can be linked to other tracts, landowners and agreements.
The landowner(s) and tract information entered for the agreement then auto-populates for the lease/recurring payment record.
Users can then enter the agreement terms, set up landowner pay status, specify the assets for which the landowner(s) will be paid and designate the percent of ownership for each landowner associated with the payment.
The module allows for setting up the appropriate payment terms and identifying any errors before payment processing.
These payments can be made at set frequencies, with the ability to establish the first, next and last payment dates.
Reminders can be set before the established expiration date for renewal.
Payments can be routed for approval to the appropriate individuals based on approval limits that can be optionally inherited from in-house financial systems.
The module also includes running an audit of all payments made for a certain period of time to ensure compliance.