Create Options
After adding the payment details on the Payments tab, you might enter the details for options on the Options tab.
Options Tab
Click New (+) to display the Create Option page.
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The following fields are available as part of the option creation:
Field
Description
Payment Template
Select the payment term template.
Supplier
Select the supplier.
Supplier Site
Select the supplier site.
Option Type
Select the option type.
Your choices are as follows:
- Adjustment
- Allowance
- Bargain Purchase
- Construction Warranty
- Early Termination
- Expansion
- Fair Market Value
- Holdover
- Purchase
- Renewal
- Residual
You can add more values for option type.
Start Date
Select the payment start date.
End Date
Select the end date, if required.
Amount
Enter the payment amount.
Arrears
Select arrears if the payment is made at the end of the cycle.
Payment Purpose
Select the payment purpose.
Your choices are as follows:
- Base Rent
- Cleaning
- Depreciation
- Insurance
- Operating Expense
- Rent
- Percentage
- Allowance
- Purchase
You can add more values for payment purpose.
Frequency
Select the frequency of payment.
Number of Payments
Enter the number of payments.
Currency
Select the currency of payment.
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Click Save and Close.
You can view or add the following payment information in the Overview section:
Field |
Description |
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Payment Template |
You can view the payment template name. |
Number |
You can view the payment number. |
Payment Purpose |
Retain or change the payment purpose. |
Option Type |
Retain or change the option type. |
Option Status |
You can view the option status. |
Currency |
Retain or change the currency. |
You can view or add the notes for the option in the Overview section.
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Click the Note icon.
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Click New (+) to display the Create Note page.
The following fields are available as part of the note creation for a payment term:
Field
Description
Type
Leasing Activities type note is selected by default.
Private
Select the check box to make the note private and only visible to you.
The supplier section of the Options: Summary tab on the Lease page gives the supplier information and the payment term information.
You can view or add the following payment information in the Supplier section:
Field |
Description |
---|---|
Supplier |
Retain or change the supplier name. |
Supplier Site |
Retain or change the supplier site. |
Payment Term |
Select the payment term. |
You can view or add the following payment information in the Schedule section:
Field |
Description |
---|---|
Start Date |
Retain or change the payment term start date. |
Arrears |
You can select the check box if there are arrears associated with the payment |
Frequency |
Retain or change the payment frequency. |
You can view the following payment information in the Options section:
Field |
Description |
---|---|
Line Number |
You can view the payment line number. |
Line Type |
Select whether the payment is a Stub or Recurring. |
Number of Payments |
Retain or change the number of payments. |
Amount |
Retain or change the payment amount. |
Line Start Date |
You can view the payment line start date. |
Line End Date |
You can view the payment line end date. |
First Payment Date |
Retain or change the first payment date. |
Click New (+) or select Add from the Actions menu to add more options.
Options Tab: Accounting
You can view or add the following payment information in the Compliance section:
Field |
Description |
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Right-of-Use |
Select the right-of-use option to include the payment amount for calculation of the right-of-use for the option. Use only this check box for capitalizing expenses into Right-of-Use without liability, such as Initial Direct Cost. |
Liability |
Select the liability option to include the payment amount for calculating the lease liability for the option. |
Intercompany |
Select the intercompany option to mark the schedules as intercompany. |
Discount Rate |
You can view the discount rate. |
Rate Adder |
You can view the rate adder value. |
Migration Balances
Lease Accounting displays this section if it is a migrated lease. You can select the migrated lease in the Overview tab. You have to enter the right-of-use balances for the migrated lease.
You can view or add the following payment information in the Migration Balances section:
Field |
Description |
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Operating Right-of-Use Amount |
Enter the right-of-use balance amount for the operating lease. |
Finance Right-of-Use Amount |
Enter the right-of-use balance amount for the finance lease. |
You can view or add the following payment information in the Accounting section:
Field |
Description |
---|---|
Ledger Name |
Select the ledger name for the option. |
Account Name |
Select the account name for the option. |
Code Combination |
Select the code combination for the option. |
Click New (+) to add new accounting information.
Milestones:
You can view or add the milestones for the payment in the Milestones tab.
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Click New (+) to display the Create Milestone page.
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These fields are available as part of the milestones creation for an option
Field
Description
Milestone Type
Select the milestone type.
Your choices are as follows:
- Asset Expiry
- Lease Expiry
- Option Exercise
Object Type
You can view the object type.
Object Number
You can view the object number.
Milestone Date
Select the milestone date.
First Notice Date
Select the first notice date, if required.
Notice Frequency
Select the notice frequency, if required.
Your choices are as follows:
- One Time
- Daily
- Weekly
- Monthly
- Quarterly
- Semi Annual
- Annual
Options for Revenue Lease
You can create options for revenue leases but they are not calculated in the accounting. It is only used when you exercise the option.