Lease Addition and Adjustments (LM21.1)

Use Lease Addition and Adjustments (LM21.1) to manually add a lease into the Lease Management application, to modify an existing lease, or to release a lease. If you are accruing the percentage rent portion of your lease payment, you must include an Accrued Rent Account company, accounting unit, account, and subaccount.

Note: You cannot accrue rent for capital leases or for the final payment in a payment schedule.

More Information

You can click the Override button to open Overrides (LM22.1) and enter a lease classification. If you are not certain of the lease classification, you should run the FAS 13 test.

If your lease involves land with or without a building, you must provide the appropriate information on the Lands form tab.

Before you can run the FAS 13 test, you must define a payment schedule for the lease.

If your lease is associated with a leased asset, you must release the asset before you can release the lease.