Reclassification of renewal lease

You can change the classification of the lease during the renewal process. If you are uncertain, you can run the classification test and automatically specify your lease classification. You can reclassify the lease to ensure lease classifications remain accurate and compliant with accounting standards, especially when lease terms or conditions changed.

If the renewal lease has a different classification, the assets from the original lease are not transferred to the renewal lease. You must create new assets in the reclassified renewal lease.