Making amendments to leases

A contract administrator can make amendments to the lease contract, such as extensions, expansions, payment adjustments, or to exercise a renewal, termination, or purchase option.

After opening the lease and completing the steps to make an amendment, the contract administrator reviews all the information and submits the lease for accounting review to the lease accountant. The lease accountant reviews the amendments and activates the amendments to the lease as described in the section Activating leases