Terminating leases

You must close any leases that have an end date within the period that you want to close before you can close the period. You can also use this procedure to retire a lease before its scheduled termination date.

See the Asset Management User Guide.

You must process all outstanding invoices for a lease before you can terminate it.

Access Lease Termination (LM45.1).
Inquire on the company and date range which you want to display the leases. You can filter leases by a range of scheduled end dates or by a range of dates when leases were terminated early.

In the FC field of each lease that you want to terminate, select one of these options:


Actions	Process
Terminate the lease at its scheduled time	Select the C (Close) option.
Terminate the lease ahead of schedule	Select the R (Retire) option.

Use the Change form action to close or retire the leases.
If the lease you closed is a finance lease associated with one or more leased assets, then click Disposal to open Mass Disposal Selection (AM45.1) and dispose of the assets.

Note: You must close or retire a lease before you can process it as a disposal or adjustment in the Asset Management application.

If the lease you retired is a finance lease associated with one or more assets, then click Adjustment to open Leased Asset Addition and Adjustment (AM21.2) and adjust the assets.
If the lease being retired has a deferred rent balance, then a journal entry will be created to reduce this amount to zero and debit or credit the rent expense.

Related report and inquiry

See Lease Management data analysis and reports.


Action	Process
Generate a listing of lease terminations.	Use Lease Terminations (LM245)