Lease Record Modification
To modify lease records, make sure that the Allow Lease Modifications preference is enabled in the FAM System Setup page. For more information, see Setting Up the Fixed Assets Management System.
Modifying lease records lets you update the original lease terms and conditions. The Modify Lease Record button appears on Lease records with associated assets, unless the depreciation period is set to Annual Depreciation, Monthly Posting.
For assets with a quarterly or semiannual rental frequency, the lease term is converted to months or years to match the depreciation period, which only supports monthly and annual options. After the conversion, the lease term should match the asset lifetime.
For example, when a lease contract with a quarterly rental frequency and a lease term of 4 is proposed for an asset with a monthly depreciation period, the asset lifetime is converted to 12 months. Conversions for annual depreciation are rounded up.
A Lease Contract record is generated every time you create or modify a lease. This record includes lease details and links to the Lease record and Journal.
You can also modify leases from the Lease Modification page.
Watch the following help video for a brief overview and demo of the Lease Modification feature in Fixed Assets Management: