Mass Terminations

Overview

Mass Terminations are a helpful tool when multiple leases need to be terminated at the same time or a segregation of duties requires a separate person to handle lease terminations.

Process Steps

Step 1:

Navigate to Mass Update Leases > Mass Terminate Leases

Step 2:

Enter any desired filters and click Filter Results button if you would like only a subset of leases to be terminated

Step 3:

Update the Termination Information fields as necessary for the lease termination

Field	Description	Example
Cash Paid Per Lease to Terminate	Input the amount to be paid in the lease termination month per lease to terminate. Note that this amount should include both (1) standard lease payments, as well as (2) termination penalties or other consideration to be paid upon termination Note: This amount will be recorded to the Lease Liability Payable Clearing Account	3,500
Cash Received Per Lease to Terminate	Input the amount to be received per lease to terminate. Note: This amount will be recorded to the ROU Clearing Account	0
Termination Reason	Provide a brief description of the reason for the termination.	Early termination
Termination Note	Provide any additional description or details for the termination	Excess supply and under-utilized; to return to lessor

Step 4:

Once you’re happy with the leases selected in the sublist, click the Terminate Lease button.
You will be redirected to a status page where you can refresh periodically to see the newly terminated leases
Clicking the link in the Lease column will reveal the same schedule and GL impacts covered in the previous section on individual lease termination

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