Automatically Expire Leases Past End of Life

Automatically Expire Leases Past End of Life automates end-of-life lease expiration and related closure accounting for ROU asset and accumulated amortization balances.

This release adds federal lease accounting and operational controls for SFFAS 54, including lease lifecycle management, accounting, expiration, purchase order and project references, and Payables invoice generation control.

Steps to enable and configure

  1. Apply the Release 12.2.14 Property Manager update that delivers Expire leases that are past the end of life.
  2. Review SFFAS 54, Payables, Purchasing, and project-related setup with accounting and procurement teams as applicable.
  3. Configure the relevant system options, payment references, accounting rules, and invoice generation choices.
  4. Run representative lease creation, schedule generation, accounting, Payables interface, amendment, termination, or expiration scenarios and reconcile the results.

Tips and considerations

  • Validate setup and processing with representative leases before enabling the feature broadly.
  • Capture setup, lease transaction, schedule, accounting, and report views for rollout training where applicable.