Add or Edit a Lease Contract

The Lease Contract page allows authorized users to enter and maintain lease contract detail for goods leased for the company. Lease contracts can be setup and assigned to assets. This page is informational and optional.

Note: If while updating lease contract you need to clear your changes, click Reset at any time to return to the previous state the page was in before you save your changes.

To access the Lease Contract page, go to Maintenance > Financial Management > Asset Management > Lease Contracts.
On the Lease Contract List page, click New or the Contract Number hyperlink in the list to open an existing lease contract record.
Select the Active check box if the lease contract is an active contract; a contract cannot be made inactive if it is assigned to an asset.
In Lessor Company, select the company that is the holder of the lease. This company data comes from the vendor list so the lessor company must to be setup as a vendor. This field is disabled in Edit mode.
The Contact Address fills in based on the vendor contact information for the Lessor Company selected; this can be changed using the drop down or move buttons if the vendor has multiple addresses.
In Contract Number, enter the lease contract number. This field is disabled in Edit mode.
In Description, describe the lease contract.
In Start Date and End Date, select or enter the start and end date of the lease contract. If dates are defined here then the Asset by Expiration Date Report can be run to determine when the contract expires.
In Responsible Department, select the functional department that is responsible for the lease contract.
Click Save to save this lease contract information or Save/New to create another lease contract record.