Our latest CU release, Aug’23 CU (35573606:R12.PN.C), has introduced a new feature called the ‘Lease Expiry‘ Process.
This process helps users effortlessly close ROU and Accumulated Amortization balances on a lease during its natural expiration or early termination.
The lease expiry process entails the following:
This process enables users to smoothly close ROU and Accumulated Amortization balances on a lease during its natural expiration or an Early Termination.
The latest enhancement also includes a conclusive lease closure process, whereby any active lease that has ended is automatically marked as expired, and any additional amendments or modifications are prohibited.
Furthermore, any lease that is terminated early is automatically marked as Terminated, and balances are closed in accordance with the compliance using an Expiry Transaction
We are providing a new event class – ‘Expiry’ which allows user to close ROU and accumulated amortization balances during lease closure.
Namely, the following features are provided as part of Lease Expiry:
– Automated Lease Closure Process (Using a concurrent process – ‘Process Property and Equipment Lease Expiration’)
– Definitive lease Status (Automatic marking of lease as ‘Terminated’/’Expired’)
– Auto Generation of Lease Expiry Transaction with accumulated amortization stream
– Auto-Generation of Catchup accumulated amortization for active leases (optional)
– Additional SLA Event for Lease Expiry accounting.
– Smooth closure of Options during Lease Closure process.
Please note that this enhancement is not part of the 12.2.13 release and is formally part of 12.2.14.
For more details please refer metalink note: Lease Expiry – Overview (Doc ID 2981579.1)