Modifying a lease

  1. In the Lease tab, specify this information:
    Modification Date
    Specify the date of the lease modification.
    Modify Term
    Select this option if you want to modify the term. Select the modification status and specify the term in months.
    Modify Guaranteed Residual Amount
    Select this check box and specify the guaranteed residual amount of the lease.
    Note: This check box will only be available if there is Guaranteed Residual Amount on the lease.
    Modify Bargain Purchase Amount
    Select this check box and specify the Bargain Purchase amount of the lease.
    Note: This check box will only be available if you selected Yes in the Exercise Purchase field.
    Prior Period Modification
    Select this option if you want to process a modification in a prior period.
    Prior Period Date
    Specify the date.
    Difference in Payments
    When the modification is for a Prior Period, enter in the difference is the payments which were invoiced and the change in the payment amounts which should have occurred.
    Non Lease Component
    If there is an amount in the difference in payments specified, the non lease component for which the difference will be invoiced.
    Implicit Interest Rate
    Specify the lessor's interest rate.
  2. In the Payment Schedule and the Amortization Schedule tab, verify the modified payment schedule.
  3. In the Summary tab, verify if the modification is correct.