Cancel Options

You can cancel an option given on a lease.

You can start by searching for a lease that has the option that you want to cancel.

1. Select the lease.

2. Select Manage Options from the Actions menu to open the Manage Options page.

Manage Options Page:

1. You need to enter the following information in the Manage Options page:

   Field	Description
   Manage Option	Select Cancel Option.
   Option Type	Select the available option that you want to cancel.
   Effective Date	Select the effective date of the cancellation. You must select a date on or before the earliest start date of all the open options.
   Prepared By	Retain or modify the name of the user canceling the option.
   Notes	Enter any relevant information regarding the cancellation.

2. Select Save and Continue

Oracle Lease Accounting displays the lease's options tab and you can select and cancel the option. The lease is currently in Working version status and Draft lease status.

Select Cancel and Review to begin the cancellation process.

The lease is in a new version. You can save or discard the changes that you've made.

Select Validate to validate the changes to the lease.

Select Generate Schedules to update the schedules.

Select Discard to abandon the process.

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

Select Attach Lease Details Report.

Select Done.

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

Lease Accounting updates the option status to 'Canceled' after cancellation. The option is no longer amortized and doesn't participate in future calculations. Lease Accounting closed the carrying values of Right-of-Use and Lease Liability for the option with the difference amount calculated as gain/loss.

Option cancellation can result in scope changes. For example, canceling a renewal option results in a Scope Decrease, and lease accounting makes all the changes to reflect Scope Decrease.