NetLessor - Lease Terminations
TERMINATE INDIVIDUAL LEASE
Use Case: Circumstances may require an early termination to the lease.
STEP BY STEP PROCESS
- Navigate to the lease record to be terminated. An example lease record to be terminated is shown here
- Select Terminate and confirm your intent to navigate to the lease termination page
- Update the fields as necessary for the Lease Termination
Field | Description | Example |
Cash Received/Paid to Terminate Lease
| Input the amount to be received from the termination. or Input the amount to be paid in the lease termination month. | 0 |
Lease Asset Value at Termination | Input the leased asset value amount at time of termination | 10,000 |
Termination Note | Provide any additional description or details for the termination | Excess supply and under-utilized; to return to lessor |
- After double-checking updates and inputs for the Lease Termination, click Terminate
- The lease page will be refreshed with the Processing Status updated to read Processing Termination. Refresh the page periodically until the Processing Status is blank and the Status is Terminated
- Once the termination is complete you’ll see the NetLessor Termination transaction and removal of all subsequent amortization schedule lines
- Click on the hyperlink to the NetLessor Termination, here you will see the journal entry details around the lease termination.
MASS TERMINATE LEASES
Use Case: Multiple leases need to be terminated at the same time or segregation of duties requires a separate person handle lease termination.
STEP BY STEP PROCESS
- Navigate to the Terminate Leases page by selecting NetLessor > Mass Update Leases > Mass Terminate Leases
- Enter any desired filters and click Filter Results if you would only like a subset of leases to be terminated.
- Once you’re happy with the leases selected in the sublist, click the Terminate 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 journal entry details around the lease termination.