Support for Statement of Federal Financial Accounting Standards 54

This chapter describes Support for Statement of Federal Financial Accounting Standards 54 (SFFAS 54) in Oracle Property Manager.

This chapter covers the following topics:

Overview

SFFAS 54 refers to the Statement of Federal Financial Accounting Standards (SFFAS) 54, which provides a comprehensive set of lease accounting standards established by the Federal Accounting Standards Advisory Board (FASAB). The SFFAS 54 provides guidance on accounting and reporting for federal lease activities in the financial statements of federal entities. SFFAS 54 requires federal agencies to recognize the rights and obligations arising from leases on their balance sheets. This includes recognizing the leased asset and a corresponding liability for the rental payments.

This statement requires the lessees to recognize a lease liability and a lease asset at the commencement of the lease term and the lessors can recognize a lease receivable and unearned revenue. The purpose of SFFAS 54 is to ensure that federal agencies provide accurate and reliable information about their leasing activities in their financial statements. The standard is designed to enhance transparency and accountability in the reporting of leases by federal agencies.

Oracle Property Manager has been enhanced to digitize SFFAS 54 requirement of lease accounting and reporting. Using Oracle Property Manager, the federal agencies can perform following features:

This document describes only the enhancement done to Oracle Property Manager application to accommodate SFFAS 54 accounting and reporting standards.

Refer to Oracle Property Manager Implementation Guide and Oracle Property Manager User Guide for details on lease creation and management.

The subsequent topics list prerequisites and necessary setups to be performed by the Federal Administrators to use the SFFAS 54 feature with the existing Oracle Property Manager.

Prerequisites

Mandatory Requirements

To use the SFFAS54 solution for leases, you must install and implement the following Oracle applications:

Optional Requirements

Required Setups for SFFAS 54

The federal agencies must perform the following setups before initiating the lease creation.

Setting Up a Profile Option

The Federal Agency must set up the following profile option to use Oracle Property Manager.

To set up the profile option, perform the following steps:

  1. Log into Oracle E-Business Suite application.

  2. Click the System Administrator responsibility.

  3. Click Profile and then System.

  4. Query for the FV: Federal Enabled profile option.

  5. Set the profile option value to Yes at the site, responsibility, or user level.

  6. Save.

Setting Up a System Options

The Federal Agency must set up the following system options for the operating unit, which will be used to create leases.

To set up system options, perform the following steps:

  1. In EBS, click the Property Manager US Federal responsibility.

  2. Click Setup, then Options, and then System Options. The System Options page appears.

    Defining System Options

    the picture is described in the document text

  3. Query for the operating unit as shown in the diagram.

  4. Click Create. The Create System Options page appear:

    Create System Options

    the picture is described in the document text

  5. Enter the required values. This document lists the values you must set for some of the options to use Property Manager for SFFAS 54.

  6. Select Yes for the Allow Export of Invoice to Payables option. The payment invoices are sent to Oracle Payables interface tables automatically. If you select No, then you must manually interface the invoices to Oracle Payables or upload or create invoices manually in Oracle Payables.

  7. Select Yes for the Allow Tenancy Overlap Within Lease option. This option lets you use a particular property in multiple lease contracts with overlapping tenure.

  8. In the Compliance Setups region, enter the following values:

    • Enter or select a date in the Transition Date field. The SFFAS 54 accounting considers payments for the remaining lease periods from the transition date specified.

    • In the GAAP Regime field, the system defaults SFFAS54.

    • In the Calculation Frequency field, the system defaults Periodical Amortization. This value determines how amortization expense is calculated. In the case of SSFAS54, the amortization expense is calculated in a straight-line, equally distributed among lease periods.

    • In the Interest Method field, the system defaults Daily Compound Interest. This value determines interest expense calculation method.

    • Select a value for the Lease Expiry Process field. Select Yes to enable and use the lease expiration process for the property or equipment lease. After the initial run of the expiry process, this option is frozen, and you cannot change the value. The Lease status is updated to expired. If you set the option to No, then the lease is not expired, and the status is not updated. You can use the lease expiry process with or without the catch accumulated amortization option.

    • Select a value for the Catchup Accumulated Amortization field. Select Yes to calculate the catchup accumulated amortization. The system generates the catchup accumulated amortizations for all active leases, as a one-time transaction to balance the Right of Use (ROU) with the accumulated amortization. This catchup accumulated amortization is generated in the initial run of the Lease Expiry Concurrent Program for all active leases for the selected operating unit. If you do not want the system to generate Catchup Accumulated Amortization for any active leases, then set the value to No.

  9. Click Apply.

Enable the Operating Unit for SFFAS 54 Compliance

The federal agency must run the Calculate Balances as on Transition Date to configure the operating unit. To run the concurrent program, perform the following steps:

  1. In EBS, click the Property Manager US Federal responsibility.

  2. Click Other and then Run.

  3. Click Single Request.

  4. In the Name field, enter Calculate Balances as on Transition Date and tab out of the field.

    The Parameters window appears.

  5. In the Mode field, enter Final.

  6. Click Ok.

  7. Click Submit and No to submit another request.

After the concurrent program completes successfully the Operating Unit is enabled for SSFAS54 compliance features such as Lease Recognition (Booking), Month - End Accruals, Revision and Termination Transactions.

Configure a Property

The federal agency must configure properties to be included in the lease contract. Property Manager includes seeded hierarchies that can be renamed by the agency. The seeded hierarchy is as follows:

To define a new building in Oracle Property Manager, perform the following:

  1. In EBS, click the Property Manager US Federal responsibility.

  2. Click Property.

  3. Click New in the Find Property window. The Property window appears.

    Create a Property

    the picture is described in the document text

  4. Enter the required fields such as the property name, property code, tenure, and the location where the property is located.

  5. Save.

  6. Click New Building in the Property window to define the building details. The Building window appears.

    Create a Building

    the picture is described in the document text

  7. Enter values for the required fields such as the name of the building, tenure from and to date range, and the address where the building is located.

  8. Save.

  9. Click Floor in the Building window.

    The List Floor window appears where you define the floor list details.

    Create Floor Details

    the picture is described in the document text

  10. Click Office in the List Floor window.

    The List Office window appears where you define office list details.

    Create an Office Plan

    the picture is described in the document text

  11. Save your changes.

Refer to “Defining Properties”, “Defining Buildings”, “Defining Floors”, and “Defining Offices” topics in the Oracle Property Manager User Guide for more details.

Define Discount Rate Index (Treasury Rate)

The federal agency must define the discount rate index. The system considers it as the cost of borrowing and uses this rate to calculate the present value. The present value calculated is eventually used to calculate the lease liability and right-to-use. To define the discount rate index, perform the following steps:

  1. In EBS, click the Property Manager US Federal responsibility.

  2. Click Setup and then Discount Rate Index.

  3. Click New in the Find Property window.

    The Discount Rate Index page appears.

  4. Click Create Index.

    The Create Discount Rate Index page appears.

    Create Discount Rate Index

    the picture is described in the document text

  5. Enter the operating unit.

  6. Enter the index name for the selected operating unit.

  7. Specify the effective start date. The discount rate index can only be used in lease contracts that start on or before the specified effective start date specified.

  8. In the Discount Rates region, enter the effective start date for each rate index line.

    The system applies the discount rate on a lease is determined by the effective start date of the individual discount rate index line. For Example, if the lease starts from 01-Jan-2022, then the specified discount rate is applied.

  9. Click Save and Apply.

Define Payment Term Template

The federal agency must define a payment term template. The agency can use the payment term template when defining a payment for a lease contract, to populate the payment term with pre-defined values.

  1. In EBS, click the Property Manager US Federal responsibility.

  2. Click Leases and Document, then Payments, and then Payment Term Template.

  3. Click New in the Find Payment Term Template window.

    The Payment Term Template window appears.

    Creating Payment Term Template

    the picture is described in the document text

  4. Enter the operating unit.

    In some cases, the system defaults the operating unit as specified in the MO: Default Operating Unit profile option.

  5. Enter the name of the payment term template.

  6. Enter the location as one of the locations defined in configure a property.

    You can provide a name from any level of the hierarchy (Building, Floor, or Office). It represents the exact location for which the lease payment is defined.

  7. Enable the ROU Asset and the Liability Flags to classify the payment term as the compliance payment.

    If the ROU Asset and the Liability flags are not enabled, then the payment term is excluded from compliance. Property Manager does not calculate the right-to-use and lease liability for such payment terms.

  8. Enter a supplier name and site for the payment term.

    During lease creation, Property Manager lets you attach the purchase order number or the award document number (from either Oracle iProcurement or CLM) based on the operating unit and supplier name specified on the payment term.

  9. Save.

Agencies can optionally capture the POET information for reference in the payment term template. However, in the lease contract’s payment term, the POET information would be overridden based on the PO details that you specify.

You can optionally capture the account distributions on the payment term template. However, in the lease contract’s payment term, the account distributions entered on the template is not displayed. The account distributions entered on the payment term template is retained for reference.

Lease Creation

The federal agency can create lease. Before creating a lease contract, the agency must have created, approved, and reserved funds through a standard purchase order that contains the goods and service lines representing a leased asset.

The lease payments within the lease contract are defined using a pre-approved and reserved standard purchase order.

Prerequisite

The lease payments within the lease contract are defined using a pre-approved and reserved standard purchase order.

Refer to “Purchase Orders” in the Oracle Purchasing User Guide and “Awards” in the Oracle Contract Lifecycle Management for Purchasing User Guide for more details on creating a purchase order or CLM awards.

Refer to “Managing Leases” topic in the Oracle Property Manager User Guide for details on lease creation.

Federal agencies can create leases using one of the following two methods:

Partially Funded Leases

In accordance with the guidance provided by the Federal Accounting Standards Advisory Board (FASAB) in SFFAS 54, federal lessees have the option to include an availability of funds or cancellation clause in lease agreements. This clause permits the lessee to cancel the lease typically on an annual basis if funds for lease payments are not appropriated. The impact of this clause on the lease term should only be considered when it is likely that the clause will be exercised.

When measuring the lease liability, the lessee can calculate it as the present value of payments expected to be made throughout the lease term. This includes additional payments for penalties related to terminating the lease, if such penalties are required in the lease agreement due to the lessee's option to terminate the lease or an availability of funds or cancellation clause.

According to the above guidelines, a federal lessee must segregate the Lease Liability into funded and unfunded portions if a contingency related to the availability of funds exists. Furthermore, the unfunded liability needs to move to funded portion of liability whenever incremental fund is received. In the case when the lessee learns the funding/new appropriation has not been received, the lease contract is fully cancelled.

The SFFAS54 lets you specify partial funding for both property and equipment leases. The following features are provided with this enhancement:

Amending a Property Lease

Incremental Funding

Oracle Property Manager lets you extend funding expiry period using the following amendments:

The Funding Extension Activity triggers the following transactions:

Cancellation Clause

The Options tab lets you define the cancellation clause. The option type must be Cancellation Penalty. The system lets you enter a Cancellation Penalty with the Right of Use, liability and the RFI options enabled.

Lease Detail Report

The Lease Detail Report has been enhanced to include Availability of Fund and the Fund Expiry Period selected for the lease. It also displays the Funded Liability and the Unfunded Liability amount calculated till the lease version. In the Summary region, the following new fields have been included in both the Summary and Details report regions:

Accounting - Source

The system provides a new accounting source, Lease Fund Availability, to distinguish a partially funded lease during accounting derivation.

Subledger Accounting (SLA) Event

The Following SLA event is associated to a funding transaction.

SLA Event
Transaction Type Event Class Event Type Journal Lines Definition Name
Funding Funding Funding Create Property Manager Funding Journal Line Definition

Journal Line Definition

Journal Lines Definition Name Definition Code Journal Line Type
Property Manager Funding Journal Line Definition LEASE FUNDING

  • Funded Liability Cr

  • Funded - Liability Clearing Dr

  • Unfunded Liability Cr

  • Unfunded - Liability Clearing Dr

Create a Lease Contract Using the User Interface

The federal agency must create a lease contract and define payment term details.

Refer to “Entering Lease Elements” topic in the Oracle Purchasing User Guide for details on lease creation.

To create a lease, perform the following steps:

  1. In EBS, click the Property Manager US Federal responsibility.

  2. Click Leases and Documents, then Main Lease, and then Enter Leases and Documents.

  3. Click New in the Find Lease window.

    The Lease window appears.

    Create a Lease

    the picture is described in the document text

  4. Enter the required values.

    This document lists the values you must set for some of the fields to use Property Manager for SFFAS 54.

  5. The operating unit is defaulted.

  6. For accounting method, the system defaults Right-to-Use, which is the only accounting method supported for SFFAS 54.

  7. For the Discount Rate Index, the list of values displays the rate index you had configured.

    The discount rate index is the cost of borrowing used to derive the present value of the future lease payments. The present value represents the right-to-use and the lease liability. Refer to “Defining Discount Rate Index” for more details.

  8. Select a value for the Availability of Fund field. The availability of fund has the following options:

    • Full Lease Tenure: When this option is selected, the Funding Expiry Period field remains disabled. The system does not generate funding transaction during a lease booking.

    • Partial Lease Tenure: When you select Partial Lease Tenure as the option for the Availability of Fund field, the Funding Expiry Period is enabled, and you must enter a value. The system generates funding transaction during the lease booking.

      When the Availability of Fund is selected as the Full Lease Tenure, then the Funding Expiry Period is not enabled, and the system does not generate funding transaction during a lease booking.

    • Enter a value in the Funding Expiry Period field. Enter the expiry period used by the system to generate funding transactions. The funded liability amount is generated for the funding transaction. The periods LOV as the period defined in the GL calendar. This field is mandatory when you select the partial lease tenure. Once a lease is active, the funding expiry period can only be modified using the Amend Lease and or Amend Terms.

  9. In the Key Lease Dates region, enter the following:

    • Execution – Enter the date when the lease agreement is signed by the partner agencies.

    • Commencement - Enter the date when the lease agreement is activated.

    • Termination - Enter the date when the lease agreement ends.

      Note: The commencement and termination dates represent the lease period that cannot be canceled.

  10. In the Proration Rule, the system defaults Days/Month.

    The proration rule defines the method to prorate payments or compliance expenses when calculating for partial month.

    For example, if $6000 USD is the full month payment, then the payment for 20 days for a 31-day month is calculated as (20/31*6000).

Attach a Property Hierarchy to the Lease Contract

The agency must attach the property hierarchy defined earlier. Refer to “Configure a Property” topic to see your property hierarchy definition such as building, floor, or office.

Assign a Property

the picture is described in the document text

To assign a property to the lease contract, perform the following steps:

  1. In the Lease window, click the Locations tab.

  2. Enter values in the required fields such as property type, code, usage, and estimated occupancy date and lease expiration date. The agency can attach multiple locations to the lease contract.

  3. Save.

Refer to “Defining Properties”, “Defining Buildings”, “Defining Floors”, and “Defining Offices” topics in Oracle Property Manager User Guide for more details.

Configure Lease Payments

The agency must setup lease payments.

Refer to “Setting Up Payments” topic in the Oracle Property Manager User Guide for details on lease creation.

To set up payment details for the lease contract, perform the following steps:

  1. In the Lease window, click the Payments tab.

    The Payments tab appears:

    Lease Payments Window

    the picture is described in the document text

  2. Enter values in the required fields.

  3. Select the payment term template you had defined earlier.

  4. Enter the location defined for the lease contract.

  5. Select the payment purpose and type. The LOV includes the pre-seeded values, but you can modify them.

  6. Select the frequency of the payment. Property Manager supports Monthly, One Time, Annually, Quarterly, Semi-annually payment frequency.

  7. Click and enable the ROU and Liability checkbox for a compliance enabled payment.

    When these options are selected, the system calculates the right-to-use and lease liability for the payment term and generates the associated interest or amortization expense.

    For an exempt payment, the agency does not need to select the ROU and Liability checkboxes and the right-to-use and liability lease are not calculated.

    Agencies can select the ROU checkbox for one-time upfront prepayments that does not contribute to lease liability but affects the right-to-use asset.

    Refer to “Defining Payment Term Template” for more details.

    Note: Using the payment templates, agencies can define payments faster, error free and implement the corporate-level policies for SFFAS 54.

  8. Scroll to right to access the remaining fields in the Payments tab.

  9. Click and enable the Report From Inception checkbox that determines the compliance calculation starts from the lease start date. If the option is not enabled, then the compliance calculation starts from the day the lease contract is activated.

  10. Enter the schedule day when the payment is due.

  11. Enter the start and end date that determines the tenure of the lease payment.

  12. Enter the supplier to be paid.

  13. Enter the supplier site associated to the supplier.

  14. The Payments tab in the Lease window contains the three new fields PO Number, PO Line Number, and PO Distribution Number.

    Purchase Order Details in Lease Payments

    the picture is described in the document text

    Select the purchase order number. This is a mandatory field.

    The LOV lists all the approved and reserved standard purchase orders or CLM Awards that are associated to the supplier selected on the payment term and the operating unit of the lease contract.

  15. Select the PO line number and the PO distribution number associated with the purchase order. These are mandatory fields.

    The System pulls the associated POET and PO Account Descriptions related to the PO distribution number selected.

    The Project Name, Organization, Expenditure Type and Task (POET) are optionally attached to a PO in PO Distribution. If the POET details are attached to the selected PO when defining the lease payment term, then the system pulls them into Property Manager. Similarly, the accounting distributions are attached to the PO distribution that are pulled into Property Manager as well.

    The PO distribution and POET information are used to account for allocations. Both Propriety and Budgetary accounting is achieved using this contextual information.

  16. Enter an actual or an estimated amount for the payment term.

    The amount specified represents the payment calculated for each payment frequency per payment item. For example, if the payment tenure is for 5 years, and the frequency is Monthly, then the system creates 60 payment items, one for each month during the 5-year tenure.

    If the estimated amount is specified, then the system overrides the amount with an actual amount at the time of approving the payment item. If the estimated amount is provided, the agency can modify the actual amount while approving the payment item.

  17. Click Open to view the project details.

    If the project details exist, then they are pulled into the payment term.

  18. Save.

Generate Lease Balance and Review

  1. Click the Details tab on the Leases window.

  2. Click the Generate Balance option.

    The generate balance runs several concurrent programs to generate the balance. These programs generate draft payment schedules, draft compliance balances and attaches them to the lease contract for review. The system updates the lease status to Complete – In Progress. The lease contract is in the read only mode.

  3. After the system generates the draft schedules and compliance balances, the lease status is updated to Complete.

  4. Click the Schedules tab to review the draft payment schedules and compliance balances generated. You can also click the lease details report draft (.xls) to view the amortized schedule of lease.

    The Lease Details Report provides period-wise schedules for ROU, Liability, Cash and Expenses. During an amendment, this report also provides details on the numbers before and after amendment and quantifies the impact of an amendment.

Activate the Lease Contract

  1. In the Leases window, click the Finalize Lease option.

    The finalize lease updates the lease version to Final.

    Any changes to the final lease are allowed by using the Lease Edit or Amendment functionality, which increments the lease version.

    After the lease is activated, the system creates booking transactions with ROU and liability that indicate the present value of all payments.

    The system calculates the right-to-use and lease liability using the present value of lease contract's future payments discounted using the cost of borrowing specified during lease creation.

  2. SFFAS54 solution has out of box multi-level workflows for Lease Activation and amendments flows. If you have enabled workflows, then the approver can approve or reject the lease activation after reviewing the schedules. If the lease is approved, the lease status changes to Active. You can only update the lease by using the lease amendment or edit feature.

Import Existing Lease or Create Lease Using APIs

The federal agencies can create leases or import existing leases using the following APIs.

Note: Ensure you have addressed all the required prerequisites and setups completed before initiating the lease creation.

You can use the following APIs to migrate leases into Property Manager:

Lease Creation APIs
Action API Name Technical Name Comment
Lease creation pn_lease_pub.create_lease Lease_creation_api.sql

  • Enter D for status_code parameter of p_lease_rec record to initiate a draft version.

  • Enter F for status_code parameter of p_lease_rec record to directly activate the initial version.

  • Enter values for the following parameters to pass purchase order or CLM award details for payment terms:

    • pn_lease_pvt.lease_terms_rec.suppl_po_header_id

    • pn_lease_pvt.lease_terms_rec.suppl_po_line_id

    • pn_lease_pvt.lease_terms_rec.suppl_po_dist_id
Updating a draft lease to final pn_lease_pub.update_status Finalize_Draft_Lease.sql

  • Enter F for p_new_lease_status

  • Enter UPDATE_STATUS p_operation
Amend a lease pn_lease_pub.update_lease Lease_amend_terms_api.sql

  • Enter D for p_amend_status to initiate a draft version.

  • Enter F for p_amend_status to finalize the amendment.

  • Enter Y for p_extend_terms to extend the lease payment terms during the lease renewal.

  • Enter values for the following parameters to pass purchase order or CLM award details for payment terms:

    • pn_lease_pvt.lease_terms_rec.suppl_po_header_id

    • pn_lease_pvt.lease_terms_rec.suppl_po_line_id

    • pn_lease_pvt.lease_terms_rec.suppl_po_dist_id
Finalize a draft amendment pn_lease_pub.update_amend_status Finalize_Amend.sql Enter F for the p_new_approval_status_code to finalize a draft amendment version.

Running Period End Accrual

To generate period end accrual transaction, perform the following steps:

  1. In EBS, click the Property Manager US Federal responsibility.

  2. Click Others, and then Run.

  3. Click Single Request.

  4. In the Name field, enter Transfer Normalized Lines to GL and tab out of the field.

    The Parameters window appears.

  5. Enter the journal category. Enter All to generate compliance accrual numbers for SFFAS 54 lease contracts. All the other values are not relevant for SFFAS 54 compliance accrual numbers.

  6. Enter the Lease Number Low and Lease Number High values to run the process for a single lease contract or for a range of lease contracts within an Operating Unit.

  7. Enter the period name, supplier name, and or customer name.

  8. Click Ok.

  9. Click Submit and No to submit another request.

After the concurrent program runs successfully, the system generates the accrual transactions. The transaction type is generated as accrual which is generated for each period. The associated PO with the reference data is interfaced with Oracle Payables. Commitment and allocation details are reused from PO when accounting for Invoice or Debit Memo.

Each period's accrual line contains the Interest accrued for the period and the amortization expense incurred.

During create accounting, the system accounts for the transaction lines as shown:

Payment Approval

To approve payments, perform the following:

  1. In EBS, click the Property Manager US Federal responsibility.

  2. Click Leases and Documents, then Payments, then Authorize.

  3. Select the lease name and click Find.

  4. Select the line in the Authorize Payments window and click Approve.

    Lease payments can be exported to Oracle Payables only after they are approved.

    • Oracle recommends that you approve payments and the invoice management in Oracle Property Manager regardless of payables integration enabled with Property Manager. As the input is required by Property Manager to compute credit memos for over-payments during lease terminations.

    • To approve or cancel multiple pay items that are yet not invoiced, in Property Manager click Leases and Documents and then Approve or Cancel Approval of Schedules.

Manage Invoices

After the payment is approved, agencies can generate interface invoices and export them to Payables. The Manage Invoices Processing generates interface invoices and exports them to payables when the Allow Export of Invoice to Payables on the Systems Option is set to Yes. If Allow Export of Invoice to Payables is set to No, then the manage invoice process marks the approved payment item as invoiced in Property Manager to be used in further processes. For Example, these invoices can be used when computing credit memos for overpayments during lease terminations.

To load invoices manually to Payables and creating PO matching, then disable the Allow Export of Invoices to Payables on the Systems Options window.

Refer to “Setting Up a System Options” for details on setting this option.

To manage invoices for approved payments, perform the following steps:

  1. In EBS, click the Property Manager US Federal responsibility.

  2. Click Leases and Documents, then Payments, then Manage Invoice Processing.

  3. Enter the search criteria and click Find.

  4. Select the line in the Export Payments to Payables window and click Manage Invoice.

    The concurrent program is submitted.

Payable Interface Invoice Import

When the Manage Invoice process in Property Manager generates interface invoice and exports it to Oracle Payables, then the agency can view these invoices in the Payables Open Interface Invoice window. The interface invoice imported to payables contains the purchase order or CLM award number entered in Property Manager in the Payments tab in the Lease creation window.

To view the interface invoice in Oracle Payables, perform the following steps:

  1. In EBS, switch responsibility to Oracle Payables.

  2. Click Invoices, then Entry, and then Open Interface Invoice.

  3. Query for the invoice.

  4. Select the invoice and click Lines.

The open interface invoice lines window displays the details along with the PO Header ID, PO Number, PO Line ID, PO Line Number, PO Distribution ID, and the PO Distribution Number.

The payables open interface import program uses these details to retrieve account details of the Purchase Order or the CLM Award Document into the invoice workbench.

The PO details on the invoice makes more information available in payables for configuration of accounting for AP transactions like Invoice or Debit Memos sourced from Property Manager.

Refer to “Open Interface Invoices” topic in the Oracle Property Manager User Guide.

Equipment Lease Creation

The federal agency can create equipment lease and associate a purchase order with it. Before creating a lease contract for an equipment, the agency must have created, approved, and reserved funds through a standard purchase order that contains the goods and service lines representing a leased asset. The lease payments within the lease contract are defined using a preapproved and reserved standard purchase order.

Prerequisite

Create Equipment Lease

Import Existing or Create Equipment Lease Using APIs

The federal agencies can create equipment leases or import existing equipment leases using the following APIs:

Note: Ensure you have addressed all the required prerequisites and setups completed before initiating the lease creation.

Refer to "Equipment Leases" topic for more details.