1. Using Lease Accounting
  2. Terminate a Lease or an Asset

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. Select 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. Select Save and Continue

Asset Termination

To terminate an asset in the lease, Oracle Lease Accounting displays the lease's asset page and begin the termination. The lease is currently in Working version status and Initiated lease status.

Select Terminate and Review to begin the termination process.

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

Select Validate to validate the termination of the asset.

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.

Lease Termination

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

Select Validate to validate the termination of 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 or Asset Terminations can only be for past or application-dated leases.

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

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