Modifying a lease

  1. On the Leases tab, specify this information:
    Modification Date
    Specify the date of the lease modification.
    Modify Term
    Select this option 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 is available if a Guaranteed Residual Amount is on the lease.
    Modify Bargain Purchase
    Select this check box and specify the bargain purchase amount of the lease.
    Note: This check box is available if Yes is selected in the Exercise Purchase field.
    Prior Period Modification
    Select this option to process a modification in a previous period.
    Prior Period Date
    Specify the date.
    Difference in Payments
    If the modification applies to a previous period, specify the difference between the invoiced payments and the amounts that should have been paid.
    Non Lease Component
    If an amount is specified in the Difference in Payments field, the non-lease component for the difference is invoiced.
    Implicit Interest Rate
    Specify the lessor's interest rate.
  2. In the Payment Schedule and the Amortization Schedule tabs, verify the modified payment schedule.
  3. In the Summary tab, verify that the modification is correct.