Renew Lease

This page allows you to renew the lease and generate lease payments for the same.

Select the “Renew Lease” link under the “Asset Leasing” business component.

The “Renew Lease” page appears.

- Clicking this icon available near certain fields takes you to the help page of the respective field.

Enter the following fields in the Lease Information :

Renewal No.	The unique number identifying the renewal of lease.
Status	The status of the lease.
Lease No.	The unique number identifying lease preceding the renewed lease.
Lease Description	The description of the lease.
Numbering Type	Use the drop down list box to select the numbering type for generation of lease number. The combo would be loaded with all the numbering types defined for the transaction type “Assets taken on lease”
Transaction Date	The date on which lease has been renewed.
Finance Book	Use the drop down list box to select the code identifying the finance book in which the posting is to be made. The combo would be loaded with finance books mapped to the login organization unit.

Enter the following fields in the Search Criteria:

Asset Group	The code identifying the asset group.
Asset Class	Use the drop down list box to select the code identifying the class to which the asset belongs. The combo would be loaded with asset classes that has been defined in Create Asset Class with leased assets option as Yes.
*Lease Agreement No.*	The number identifying the lease agreement no.
**Asset No. From**	The starting range of number identifying the assets taken on lease.
Asset No. To	The ending range of number identifying the assets taken on lease.
Asset Description	The description of the asset.
*Tag No. From*	The starting range of number identifying the asset tag.
Tag No. To	The ending range of number identifying the asset tag.
Tag Description	The description of the asset tag.
Party Type	Use the drop down list bix to select the type of party. The combo would be loaded with “Supplier” and "other Parties-Lease".
Party Code From	The starting range of code identifying the party.
Party Code To	The ending range of code identifying the party.

Click on the “search” pushbutton to retrieve the lease asset details.
Enter the following details in the project information:

*Project/Sub Project OU*	Use the drop down list box to select the organization unit in which project code has been created. The combo would be loaded with the OUs to which “Project Definition” business component mapping exists.
*Project /Sub Project Code*	The project/ sub project code to which transactions are to be attached. This code should have been defined in the “Project Definition” business component and the status of the code should be either “Approved”or “Revised”
*Project/ Sub Project Description*	The description of the project/sub-project.

The system displays the following details in the Lease Asset Details:

*Asset Group*	The code identifying the asset group.
*Asset Class*	The code identifying the class to which the asset belongs.
*Asset No.*	The number identifying the asset.
Asset Description	The description of the asset
*Tag No.*	The code identifying the asset tag.
*Tag Description*	The description of the tag
*Rental Amount*	The amount of lease to be paid. It can be modified.
*Party Type*	Use the drop down list box to select the type of party The combo would be loaded with “Supplier” and “Other Parties-Lease".
*Party Code*	The code identifying the party.
*Party Name*	The name of the party.
*Lease Agreement No.*	The number identifying the lease agreement no.
*Lease Rental Start Date*	The date from which lease payments have to be paid.
*Lease Rental End Date*	The date upto which the lease payments have to be paid.
*Frequency*	Use the drop down list box to select the frequency of lease payments. The combo would be loaded with “Daily”, “Fortnightly”, “Weekly”, “Four Weekly”, “Monthly”, “Quarterly”, “Half Yearly” and “Yearly”.
*Posting Date Option*	The date on which the lease payments have to be made. Applicable for frequency “Monthly”.
Usage ID	The code identifying the usage mapped to the account code.
Currency	Use the drop down list box to select the code identifying the currency. The combo would be loaded with all the currencies mapped to the login company.
Cost Center	The code identifying the cost center against which account is mapped.
Analysis Code	The code identifying the analysis code against which account is mapped.
Sub Analysis Code	The code identifying the sub analysis code against which account is mapped.
Remarks	Any observations or remarks pertaining to the document.

Enter the following details in the Payment Information:

Payee	The name of the person or the organization to which the payment is being made.
*Electronic Payment*	Use the drop down list box to select whether electronic payment can be made. The combo would be loaded with Yes and No based on the Pay Modes Applicable parameter set in the Company Parameters.
*Voucher Numbering Type*	Use the drop down list box to select the numbering type. The combo would be loaded with numbering type defined for the transaction type “Sundry Payment”.
*Pay Currency*	Use the drop down list box to select the currency code in which payment is to be made. The combo would be loaded with all the currencies mapped to the login company.
Exchange Rate	The exchange rate used to calculate the base currency amount if the pay currency is different from the base currency of the company.
*Payment Point*	Use the drop down list box to select the organization unit from which payment has to be released. The combo would be loaded with all the organization units based on the component interaction module between release payment and sundry payment.
Payment Method	Use the drop down list box to select the method in which the payment has to be made. The combo would be loaded with Regular.
*Payment Route*	Use the drop down list box to select the way in which the payment has to be made. The combo would be loaded with Bank.
Payment Mode	Use the drop down list box to select the mode in which the payment has to be made. The combo would be loaded with “Check” and “ECS” when electronic payment is selected as No. When the same is selected as Yes , combo would be loaded with ABA.
Bank Code	Use the drop down list box to select the code identifying the bank accounts. The combo would be loaded with all the Bank codes defined in the Create Bank/Cash Details activity.
*Bank Description*	The description of selected bank code.
Group By	Use the drop down list box to select the basis for which lease payment is to be grouped. The combo would be loaded with “Lease No.”, “Lease Agreement No.” and “Asset No.”

The system displays the following in the Transaction Details multiline:

Transaction No.	The unique number identifying sundry payment or supplier expense invoice based on the party type.
	Data Hyperlink available.
Transaction Type	The type of transaction. It could be “Expense Invoice” or “Payment Voucher”.
Transaction OU	The organization unit in which transactions is generated.
Transaction Amount	The transaction amount.
Transaction Date	The date on which transaction is generated.

Note : The Transaction Details section would be visible on authorization of lease and rental amount is greater than zero.

Click “Renew” pushbutton to renew the lease details.
Click “Renew and Authorize” pushbutton to renew and the lease details.
Click “Delete” pushbutton to delete the lease details
Click “Reverse” pushbutton to reverse the lease details
Select the “View Lease Details” link to view the lease details
Select the “Accounting Information” link to view the account postings
Select the “Attach Notes” link to add comments and observations and attach documents
Select the “Collaborate” link to record or view the observations or comments or discussions regarding the document

The system displays the following in the “Asset Group Details” multiline based on the search criteria entered:

Created By	The login ID of the user who saved the lease details.
Created Date	The date on which the lease details was created.
Last Modified By	The login ID of the user who modified the lease details.
Last Modified Date	The date on which the lease details was modified