Revising data using Non-Lease-Accounting Amendment

You can revise data using Non-Lease Accounting Amendments when you have a change that does not affect lease accounting.

About this task

This change type has the same functionality as Data Revise. Additionally, the lease administrator can change other things, such as create/adjust/remove a payment schedule, create a non-index clause, and update payment instructions. This will not affect the accounting schedule.

Procedure

  1. Open an existing active lease and click Contract Revise.
  2. On the RE Contract Revision form, set the Change Type to Non-Lease-Accounting Amendment and click Continue.
  3. Change lease information that needs to be revised. This table describes the types of changes you can make using Non-Lease-Accounting Amendment. The lease administrator can make these changes as they do not impact lease accounting.
    Note: The Lease Type and Accounting Type fields on General tab will be read-only for users during the revision of the lease.
    Type of change Description
    Add/Remove/Void/Adjust Payment Schedule
    • Summary Type not set to Rent or Incentive
    • Summary Type set to Rentwhen the Include In Amortization Schedule and Include In Rental Prepayment is not TRUE
    • Summary Type set to Incentive when the Include In Upfront Incentive Schedule is not TRUE

    See Adjusting payment schedules.
    Update payment instruction You can update a payment instruction associated to a payment schedule. See Updating Payment Instructions.
    Add/Remove/Update a non-Index Clause A clause with Index Adjustment not set to TRUE. You can update any sections on Index Clause except Index Adjustments, Payment Schedule, and Options sections.
    Update Options On any of the options, you can update the sections Document Reference, Comments, Notify Roles, and Notify Within.
    Exercise Likely Term Option You can exercise a likely term option, which is already set as reasonably certain. You cannot set or remove an option as Likely and not be able to exercise any option, which is unlikely.
  4. Review all the information and once the lease is ready to send to a lease accountant to review, click Activate. The lease accountant will be notified to review the lease.
    Note: An Application Administrator can setup bypass approval in the Application Settings. See Bypass approval process for Non-Lease-Accounting Amendment.

Bypass approval process for Non-Lease-Accounting Amendment

Procedure

  1. Go to Tools > System Setup > General > Application Settings.
  2. Go to the Lease Accounting Settings tab.
  3. In the Bypass Approval section, confirm that there is a record with Contract Revision Role Type = Lease Administrator and Contract Revision Change Type = Non-Lease-Accounting Amendment. If it does not exist, go to the next step.
  4. Click Add.
  5. On the Bypass Approval form, select Contract Revision Role Type = Lease Administrator and Contract Revision Change Type = Non-Lease-Accounting Amendment.
  6. Click Create and then Save & Close on the Bypass Approval record.
  7. Click Save & Close on the Application Settings record.