Payment schedules for lease and rental contracts

A payment schedule for a lease or rental contract is a series of scheduled payments for a leased or rented asset. You can schedule the payments to occur weekly, monthly, or on certain days or dates. When you create a payment schedule for an asset, invoice records are generated.

When you create a lease or rental contract, you specify the vendor header information, terms and conditions, the term, total number of payments, lease rate factor, and payment period, as well as a list of rotating items that are going to be leased or rented from the vendor. This information is used on a payment schedule for assets on the contract. The payment schedule can occur weekly, on certain days, or the first day of every month.

When there is a receipt for an asset that is associated with a lease or rental contract, the contract manager can be notified about the receipt and that a payment schedule should be created for the asset.