Create Leases

You can start the lease creation from the Lease landing page.

You can start by using one of the following three ways:

1. Click New from the Actions menu to open the Create Lease page.

2. Click (+) from the menu.

3. Click Create Leases from the side panel.

Create Lease Page:

You need to enter the following information on the Create Lease page:

Field	Description
Business Unit	Select the business unit of the lease.
Lease Type	Select the type of lease that you want to create.
Legal Entity	Select the legal entity.
Lease Number	Enter the lease number.
Lease Start Date	Select the start date of the lease.
Lease End Date	Select the end date of the lease.
Party Name	Select the party name.
Asset Type	This field is only for an expense lease. Select the type of asset. Your choices are as follows: Equipment Lease Property Lease
Accounting Classification	Select the accounting classification. For expense lease, your choices are as follows: Operating Lease Finance Lease Exempt For revenue lease, your choice is only: Operating Lease
Discount Rate Index	This field is only for an expense lease. Select the discount rate index for the lease.

Click Save and Continue.

Oracle Lease Accounting displays the entire lease contract, and you can include information about the lease in the various tabs.

Expense Lease: Overview Tab:

You can add or update the following lease information in the Lease Details section:

Field	Description
Lease Name	You can retain or change the lease name.
Party Name	You can view the party name.
Asset Type	You can view the asset type of the lease.
Options Class	You can select whether the options on the lease are at Lease level or Asset level.
Accounting Classification	You can view the accounting classification.
Description	You can enter a description for the lease.
Payment Increase Applicable	Select Yes or No to enable Payment Increase for the lease. You must save the lease if you select Yes. The Payment Increase Agreements tab is now available.

In the Overview tab, you can view or add the notes for the lease in the Lease Details section.

1. Click the Note icon.

2. Click New (+) to display the Create Note page.

   The following fields are available as part of the note creation for a property lease asset:

   Field	Description
   Type	Lease Accounting selects the Leasing Activities note type by default. Your choices are as follows: Compliance General Leasing Activities Legal
   Private	Select the check box to make the note private and only visible to you.

   Click Save and Close.

   Click OK.

You can add the following lease term information in the Term Details section:

Field	Description
Lease Start Date	Retain or change the lease start date.
Lease End Date	Retain or change the lease end date.
Lease Term	Lease Accounting displays the calculated lease term in Years, Months, and Days.
Date Signed On	Enter the signing date of the lease.

You can view or add the following amortization information in the Amortizations section:

Field	Description
Amortization Start Date	Select the amortization start date of the lease. The default date is the lease start date.
Amortization End Date	The amortization end date is the same as the lease end date.
Proration Method	Select the amortization proration method. Your choices are as follows: Days/Month 360 Days/Year
Discount Rate Index	Retain or change the discount rate index.
Discount Rate	Lease Accounting displays the discount rate based on the selected discount rate index.
Rate Adder	Enter the rate adder for the amortization, if required. The rate adder gives an additional discount more than the provided discount rate in the discount rate index.

The amortization start date can be after the lease start date. If there are options on the lease, the amortization end date can differ from the lease end date. In this case, Lease Accounting derives the schedules and runs them between the amortization start and end dates.

The document details for a lease include who you assign to and who abstracts the lease.

You can view or add the following document information in the Document Details section:

Field	Description
Document Start Date	Select the document start date of the lease. The default date is the lease start date.
Document End Date	Select the document end date of the lease. The default date is the lease end date.
Abstracted By	Select who has abstracted the lease.
Assigned To	Select the lease assignee.

You can view or add the following migration information in the Migration section:

Field	Description
Migrated Lease	Select the check box if it is a migrated lease. You must calculate and enter the migration balances for operating and finance right-of-use amounts in the Migration Balances section.
Migration Date	The date of migration for the lease.

Note: Mark your lease as 'Migrated' if you're migrating the lease midlife. You can provide the carrying values of right-of-use balances, and Lease Accounting amortizes these balances on a going-forward basis. Lease Accounting calculates the lease liability, and you have to provide the right-of-use balances for initial measurement.

Revenue Lease: Overview Tab:

You can add or update the following lease information in the Lease Details section:

Field	Description
Lease Name	You can retain or change the lease name.
Party Name	You can view the party name.
Account Number	You can view the account number of the party.
Options Class	You can select whether the options on the lease are at Lease level or Asset level.
Accounting Classification	You can view the accounting classification.
Description	You can enter a description for the lease.

In the Overview tab, you can view or add the notes for the lease in the Lease Details section.

1. Click the Note icon.

2. Click New (+) to display the Create Note page.

   The following fields are available as part of the note creation for a property lease asset:

   Field	Description
   Type	Lease Accounting selects the Leasing Activities note type by default. Your choices are as follows: Compliance General Leasing Activities Legal
   Private	Select the check box to make the note private and only visible to you.

   Click Save and Close.

   Click OK.

You can add the following lease term information in the Term Details section:

Field	Description
Lease Start Date	Retain or change the lease start date.
Lease End Date	Retain or change the lease end date.
Lease Term	Lease Accounting displays the calculated lease term in Years, Months, and Days.
Date Signed On	Enter the signing date of the lease.

You can view or add the following amortization information in the Amortizations section:

Field	Description
Amortization Start Date	Select the amortization start date of the lease. The default date is the lease start date.
Amortization End Date	The amortization end date is the same as the lease end date.
Proration Method	Select the amortization proration method. Your choices are as follows: Days/Month 360 Days/Year

The amortization start date can be after the lease start date. If there are options on the lease, the amortization end date can differ from the lease end date. In this case, Lease Accounting derives the schedules and runs them between the amortization start and end dates.

The document details for a lease include who you assign to and who abstracts the lease.

You can view or add the following document information in the Document Details section:

Field	Description
Document Start Date	Select the document start date of the lease. The default date is the lease start date.
Document End Date	Select the document end date of the lease. The default date is the lease end date.
Abstracted By	Select who has abstracted the lease.
Assigned To	Select the lease assignee.

You can view or add the following migration information in the Migration section:

Field	Description
Migrated Lease	Select the check box if it is a migrated lease.
Migration Date	The date of migration for the lease.