Revising payment schedules for leases and rental contracts

A payment schedule is a series of payments to be made on a leased or rented asset on a schedule basis, such as weekly, monthly, or on certain days or dates. To reflect your changing business needs, you can revise a payment schedule for leased or rented assets.

Before you begin

To revise payment schedules, the status of the lease contract must be approved.

About this task

When you generate scheduled invoices for the revised schedule, the system date is used as the start date.

Procedure

  1. In the Lease/Rental Contracts application, select the contract whose payment schedule you want to revise.
  2. Select the Manage Payments action.
  3. On the Payment tab in the Payment Schedule dialog box, select the schedule and revision that you want to revise.
  4. Click Revise Schedule.
    When you revise a schedule, the remaining scheduled invoices are canceled.
  5. Click OK.
  6. Update fields as necessary.
  7. Click Generate Payments.
  8. Click OK.
  9. Save your changes.