How are lease payments processed?
Lease payments are handled by the Real Estate Services Office. RES will initiate the necessary Purchase Order (PO). At the time of initial setup of the PO, RES will e-mail the Tenant Department all of the relevant information (scheduled payments, voucher numbers, associated PO#, and chart string charged). Payments are vouchered and approved for the full term of the lease, but not to exceed the current fiscal year. Example: If your lease expires on 30 September of the following fiscal year, payments for the current fiscal year would be vouchered and approved from the present day’s date through July of the following fiscal year. (July lease payments are always released on the 25th of June so as not to delay payment to Landlords due to the University fiscal close process.) While all payments are approved at the time of initial vouchering, they do not actually expense on the leasing department’s GL until such time that the payment is actually released (typically the 25th day of the month p
