TUSCON, AZ -- 09/17/07 --
National Retail Tenants Association - Virtual
Premise, Inc. announced today many new enhancements to its
Percent
Rent management, calculation, processing and reconciliation
functionality offered in the VP Retail Edition™.
Designed to meet the needs of its rapidly growing retail real estate
customer base, Virtual Premise completely redesigned its Percent
Rent functionality to accommodate complex retailer percent rent
scenarios and to interface with customer Point of Sale and Accounting
systems.
Some of the enhancements to the Percent Rent functionality include
automatic generation of breakpoint schedules, exclusion tracking with cap
calculations, automatic calculation of state rent taxes, and an intuitive
interface for processing accruals and payments. The enhancements take
advantage of existing accrual and journal entry capabilities of the VP
Retail Edition™ which can be interfaced directly to the corporate general
ledger.
Portfolio settings include percent rent deductions and exclusion types,
sales categories and sales reporting preferences. Lease settings include
calculation frequency, breakpoint pro-ration methodology, and a year end
reconciliation option. By leveraging the security and workflow processing
capabilities of the VP Retail Edition™, percent rent accruals and payments
can be easily processed across the portfolio. The new user interface
presents all of the details needed for validating calculations and
approving payments.
"These new percent rent enhancements give us a significant advantage over
our competitors," says Mike Pascale, Chief Product Officer at Virtual
Premise. "Feedback from our existing customers has been exceptionally
positive. They really like that they can automatically import information
from other systems, that they never have to duplicate data entry, and that
they can rely on the system to automate tasks that must be done manually in
other systems. These new enhancements will generate tremendous savings in
time and money for all of our customers."
About Virtual Premise, Inc.
Virtual Premise, Inc. (www.virtualpremise.com), Atlanta, GA, is the leading
provider of web-based Real Estate Information Management Software for
Corporations, Retailers, Landlords and Commercial Real Estate Service
Providers. Key Products include Portfolio Management, Lease Management, Lease Administration, Project Management, Transaction Management, and Document Management. Virtual Premise also offers a wide
range of supporting services to include Lease
Abstracting, Data Entry, File Review and Organization, Document Scanning and Indexing, Data Integrity Sampling, Due Diligence and Data Audits.
CONTACT:
Ned Walter
Retail Sales Manager
404-267-1730
Email Contact
www.virtualpremise.com
