Lease Name Update in Lease Amendments

Amend lease contracts to update the lease name. Performing a nonfinancial amendment to update the lease name entails creating an updated version of the contract and maintaining an audit of the changes with no adjustments to accounted transactions and balances.

To amend leases to update the lease name:

• Initiate action to Amend Lease and select the Subtype of Amendment as Edit Nonfinancial Data.
• In the Lease Details page, enter the new lease name.
• Validate and activate the amendment.

Alternatively, use the Lease Amendment Import utility to import a batch of lease amendments directly into the desired status: Draft, Validated, Complete, or Booked.

The following screenshots describe amending a lease to update the lease name:

Create Amendment page

Lease Details page

Amendment History page

Business benefits include:

• Improve operational efficiency with streamlined amendments to update the lease name. 
• Improve controls with a complete audit history of lease amendments and access to prior lease versions.

Steps to Enable

You don't need to do anything to enable this feature.

Key Resources

• This feature originated from the Idea Labs on Oracle Cloud Customer Connect: Idea 644202

Access Requirements

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