Overview of Lease Creation

Oracle Lease Accounting divides the lease creation process into different tabs. The tabs include different aspects of the lease.

Lease Accounting organizes the lease creation page into the following tabs:

• The Overview tab contains key lease information, accounting classification, and expense amortization details. You can search for existing lease contracts in the header region.

  Create Leases

• The Assets tab has the asset information.

  Create Assets

• The Payments tab displays the payment details, including disbursement terms, schedules, and accounting treatment for the expense and revenue leases.

  Create Payment Terms

• The Payment Increase Agreement tab displays the payment increase agreement details if you choose to create one in the Overview tab.

  Create Payment Increase Agreements

• The Options tab displays the option details, including disbursement terms, schedules, and accounting treatment for the options.

  Create Options

• The Milestones tab displays the milestones details.

  Create Milestones

• The Rights and Obligations tab displays the rights and obligations details.

  Create Rights

  Create Obligations

• The Validations tab ensures that all the information is correct before generating cash flows and the amortization schedules. Any errors in the validation process appear in the Validations tab.

  Validate Leases

• The Schedules tab displays the generated schedules for the lease. Lease Accounting removes the schedules once the lease is active and gives the schedules in the Lease Details report. Lease Accounting generates and attaches the Lease Details report to each version of the lease every time the active lease changes.

  Generate Lease Schedules

• The Attachments tab enables you to attach or remove documents to the lease.

  Add Attachments to a Lease

• The History tab displays the historical information of the lease, including each amended version of the lease.

  Lease History

The lease goes through various stages before you can activate it for use.

Lease Statuses

Use the lease statuses to monitor the creation and approval of your lease.

Status	Version Status	What Happens to the Lease?
Draft	Working	Oracle Lease Accounting drafts the lease but doesn't submit it yet.
Draft	Validated	Lease Accounting validates the lease but doesn't generate the schedules yet.
Draft	Completed	Lease Accounting generates the schedules.
Active	Booked	Lease Accounting activates the lease.
Active	Finalized	Lease Accounting generates and attaches the Lease Details report. Note: Lease Accounting only allows all the downstream processes for the lease on active and finalized leases. The downstream processes could be accounting, accruals, generation of AP invoices, amendments, and such. You can reach the 'Finalized' version status by attaching the Lease Details report. Note: You must enable the ORA_FLA_OPTIN_OPTIONS lookup if the Attach Lease Details Report button is disabled.