Mass Activation and Cancellation of Lease Contracts and Amendments

Activate lease contracts and amendments in bulk after reviewing draft lease details and schedules. Lease administrators can now import a batch of new or amended draft leases, validate the lease details and schedules, and then activate the leases in bulk. Lease administrators can also perform other lease status updates such as generate schedules, attach the lease detail deport, cancel draft leases, and discard draft amendments in bulk.

To perform bulk lease status updates:

Select Update Expense Lease Status or Update Revenue Lease Status from the side-panel to perform lease status updates for expense and revenue leases, respectively.
In the Subaction Type parameter, select from the below options:

Generate Schedules: Generates lease amortization and payment schedules for the selected new leases or lease amendments. This process validates the draft lease versions if they were not previously validated. It then generates the schedules and updates the lease version status to Completed.
Activate Lease: Activates the selected new leases or lease amendments. This process validates the draft leases and generates schedules if they were not previously generated. It then generates the lease booking or amendment transaction and updates the lease version status to Booked.
Attach Lease Detail Report: Finalizes the selected new leases or lease amendments. This process generates the Lease Detail Report, attaches it to the lease version and updates the lease version status to Finalized.
Cancel Lease: Cancels the selected new leases. This process cancels the draft leases and updates the lease version status to Canceled.
Discard Amendment: Discards the lease amendments in progress for the selected leases.

Complete the remaining parameters according to your requirements to identify the leases to be updated:

Business Unit: Mandatory. Select a Business Unit.
Party Name: Optional. Select a Party Name to filter expense leases by supplier and revenue leases by customer.
Process Type: Mandatory. Select a Process Type. Valid values include New Leases, Lease Amendments, Manage Options and Terminations, and Lease Impairments.
Process ID: Optional. Select a Process ID to filter leases by the lease import process identifier.
Abstracted By: Optional. Select Abstracted By user to filter new leases by the user who abstracted the lease.
Prepared By: Optional. Select Prepared By user to filter lease amendments by the user who prepared the lease amendment.
Version Status: Optional. Select Version Status to filter leases by their current version status.
From and To Lease Number: Optional. Enter From and To Lease Number to filter leases by Lease Number.

Submit the process.

Side-Panel - Update Lease Status

Update Expense Lease Status process

Update Revenue Lease Status process

Business benefits include:

Automated lease and amendment activation and cancellation in bulk, reducing manual effort and processing time.
Reduced implementation time and increased return on investment with functionality to automate activation of migrated leases.

Here's the demo of these capabilities:

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 26A

Key Resources

Based on Ideas 764023 and 716756 from the Lease Accounting Idea Lab on Oracle Cloud Customer Connect

Access Requirements

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