Leases
Editing a Payment Schedules for an Out of Service Lease
There are three ways to edit a Payment Schedule for a lease that has been taken out of service: adding an individual payment Schedule entry, editing the entire payment Schedule (or period of time), and importing changes to the payment schedule.
Below are more details on each of the three ways:
Edit an Individual Payment Schedule Entry: An individual entry can be edited in the Payment Schedule by navigating to the Payment Schedule tab while editing a lease. Select the Add Payment Schedule Entry button which will pop up a new window. From this new window, provide the following details:
Payment Date: This is the date in the Schedule that should be edited.
Change Amount: This change in the amount represents the change that should be applied to the payment amount for the given Payment Schedule date.
Edit the Entire Payment Schedule: A payment schedule can be edited entirely. To do this, navigate to the Payment Schedule tab while editing the lease. Select the Edit Payment Schedule button. From this new window, provide the following details:
Start Date: This is the start date on which these changes should be applied.
End Date: This is the end date on which these changes should be applied. This date cannot be greater than the end date of the lease.
Payment Type: This is the type of payment that will be edited on the payment schedule. Below are the different types available:
Payment Amount: This is a new payment amount that replaces the original payment amount in the schedule. The system will automatically calculate the change amount, which will be the difference between the original payment amount and the new payment amount.
Change Amount: Change Amount is the amount that the original payment amount and any prior change amounts should be adjusted by. This can be an increase or decrease in payment.
Change Percentage: This is a percentage change, which impacts the original payment amount. If there was a prior change amount, select whether to Accumulate or not Accumulate the change using the Accumulate change check box. Below are the options:
If Change Percent is selected and the Accumulate Change Check Box is not selected, Change Amount = Payment Amount * Change Percent/100.
If Change Percent is selected and the Accumulate Change Check Box is selected, Change Amount = (Payment Amount + Change Amount) * Change Percent/100.
Import Changes to the Payment Schedule: The import functionality can also be utilized to make changes to a lease's Payment Schedule. When importing, the current scheduled payment amount cannot be manually overridden. Any value in the payment amount that is different than the old payment amount will be captured in the change amount column as the difference between the new payment amount minus (the old payment amount plus the old expense amount).
Additionally, the Change Amount column can be used to increase or decrease the old payment amount. By including additional dates plus a change amount, more schedule entries can also be entered.
Note: If an entry needs to be changed for a date and that Payment Date’s entry has already been posted, the solution will create a separate extra Payment Schedule entry.
Once all of the changes have been made to a Payment Schedule, the lease can be revalued or put back into service.
