Terminate a Lease or an Asset

You can terminate a lease before it expires. You can also terminate an asset on a lease.

You can start by searching for a lease or lease's asset that you want to terminate.

1. Select the lease.

2. Click Terminate Leases from the Actions menu to open the Terminate Leases page.

Terminate Leases Page:

1. You need to enter the following information in the Terminate Leases page:

   Field	Description
   Termination Type	Select Lease or Asset.
   Effective Date	Select the effective date of the termination. You must select a date that's after the lease amortization date.
   Prepared By	Retain or modify the name of the user terminating the lease or asset.
   Notes	Enter any relevant information regarding the termination.

2. Click Save and Continue

Asset Termination

If you want to terminate an asset in the lease, Oracle Lease Accounting displays the lease's asset page and initiates the termination. The lease is currently in Working version status and Initiated lease status.

Click Terminate and Review to initiate the termination process.

The lease will be in a new version. You can save or discard the changes that you have made.

Click Validate to validate the termination of the asset.

Click Generate Schedules to update the schedules.

Click Discard if you want to abandon the process.

Click Activate to activate the lease. The lease moves to Finalized version status and Active lease status.

Click Attach Lease Details Report.

Click Done.

Lease Termination

Oracle Lease Accounting displays the lease and initiates the termination. The lease is currently in Working version status and Initiated lease status.

Click Validate to validate the termination of the lease.

Click Generate Schedules to update the schedules.

Click Discard if you want to abandon the process.

Click Activate to activate the lease. The lease moves to Finalized version status and Active lease status.

Click Attach Lease Details Report.

Click Done.

You can view the older versions of the lease in the History tab.

Lease or Asset Terminations can only be for past or system-dated leases.

Oracle Lease Accounting calculates the Gain/Loss during the terminations. All the payments are truncated post-termination of the lease or assets.

Terminations can lead to payment contractions with system-generated negative amounts, which you can update.