Terminating a sublease
Let's terminate a sublease - the asset will then be “taken back” for company use, or available to re-lease to a third party.
If you need to move the same contract from one party to another, you can change the Customer Name on the sublease, as accounting itself will not change.
Go to the Sublease Card you want to terminate, select Terminate Lease and enter a termination date (it must be in the next unposted month - in this example 2020-02, as 2020-01 is posted).
After this termination, you can review the Right-of-Use Asset Projection on the head lease. As highlighted below, the Right-of-Use subleased amount is returned to the head lease, and the asset value will now depreciate on the head lease.
