Overview
Use Events to track important contractual dates such as renewal options, payment changes and agreement expiry etc.
You can add custom events to specific agreements you want to monitor.
The Events function also helps verify payment dates and amounts.
Events can be run at the agreement, company, and consolidated levels
What is Events?
Events is a report that lists all the key dates and upcoming events in your lease portfolio. For example, Events can show the dates of payment changes, renewal options, and agreement expiries.
How to Run Events?
Here's a video demonstrating how to use the Events function in Cradle:
Video length: 2 minutes
Alternatively, the following steps outline how to use Events.
To view upcoming events across the entire lease portfolio:
Step 1: Navigate to "Events" on the sidebar
Step 2: Select a pre-set date range or enter a custom "from" and "to" date for the period you'd like to review. You can also apply a filter to view specific events. Also, please make sure you select the applicable accounting standard. Click "Run Report" to show Events. Below is an example:
How to Add Events Specific to Your Contract?
To add an event, first navigate to the applicable agreement. Then go to the "Events" tab and select the event that is most applicable to your circumstance:
In this example, we've selected "Renewal Option" as a reminder for upcoming renewal renegotiations on 2020-11-1.
Once created, you will then see the event:
Remember, the events entered here will not impact your numbers. When there have been subsequent changes to the contractual terms that affect payments, you must enter those in the "Modification" tab.
FAQs:
If I want to check the payment schedule, which level of Events should I run? Run Events at the agreement level. This allows you to view events specific to a single agreement, making it easier to check the payment schedule for that particular contract.
Further Reading: