Create Revenue Leases

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

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

1. Select New from the Actions menu to open the Create Lease for Revenue page.

2. Select (+) from the menu.

3. Select Create Leases for Revenue from the side panel.

Create Lease for Revenue Page:

You need to enter the following information on the Create Lease for Revenue 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.
Accounting Classification	Select the accounting classification. For revenue lease, your choice is only: Operating Lease

Select Save and Continue.

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

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. Select the Note icon.

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

   The following fields are available as part of the note creation for a revenue 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 checkbox to make the note private and only visible to you.

   Select Save and Close.

   Select 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	The default amortization start date is the lease start date and you can't update it for a new revenue lease. The amortization start date can be after the lease start date. If you've migrated a lease, you must select the migrated lease checkbox in the Migration section and provide a migration date, which is typically before the lease start date. The amortization start date is then updated to the migration date.
Amortization End Date	The amortization end date is the same as the lease end 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.
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 checkbox if it's a migrated lease.
Migration Date	The date of migration for the lease.