End of Lease Processing for Revenue Leases

Perform the end of lease processing activities: exercise or cancel a lease option or terminate a lease. Exercise a lease option to automatically put into effect the right conferred by the option; either to shorten or extend the lease. Cancel a lease option if the option wouldn't be exercised in the future. Terminate a lease, fully or partially, if the lessor or the lessee needs to break the lease early. In all cases, the contract is automatically amended to adjust billing, revenue recognition, and accounting balances; and maintain an audit of the changes.

The following screenshots describe the process of terminating a revenue lease.

Terminate Leases available from Actions

Terminate Leases available from Actions

Create Lease Termination Page

Create Lease Termination Page

Business benefits include:

  • Improve operational efficiency with streamlined lease termination and option management processes.
  • Reduce time and effort through the automated expiration of leases.
  • Gain insights into upcoming options through the Lease Accounting dashboard.

Steps to Enable

Use the Opt In UI to enable this feature. For instructions, refer to the Optional Uptake of New Features section of this document.

Offering: Financials  No Longer Optional From: Update 24D

Access Requirements

You do not need any new role or privilege access to set up and use this feature.