Terminating leases

Before a lease can be terminated, these conditions must be met:

  • Existing sub-leases must be closed.
  • Payments and unposted invoices must be processed.
  • The termination date must occur after the last invoice date.

  1. Select Leases.
  2. On the Options tab, specify this information:
    Termination Option
    Select this check box.
    Termination Fee
    Specify an amount.
    Termination Non Lease Component
    Specify the code block component that is set up to post termination fees.
    Termination Gain Loss Account
    Select the code block component to post the gain or loss for the termination.
  3. On the Non-Lease Component tab, specify this information: .
    Non-Lease Component
    Specify the same non-lease component from the Options tab
  4. Open a released lease record.
  5. Click Terminate.
  6. Select a terminate date.
  7. Click OK.