How to View and Amend Payment Schedule

Table of Contents

The Payment Schedule contains a list of lease payments set on days due to pay. Users need to review and check the Payment Schedule before signing and activating the lease. Users may also need to adjust the Payment Schedule manually in case a lease has a structured payment schedule (irregular payments).

Example Scenario
A User needs to view and amend irregular payments to the lease's Payment Schedule.

  1. Navigate to Lease Agreement → Payment Schedule on the Lease Card:
  2. In the opened window you will see the list of lease payments. For more details on the data columns in the Payment Schedule go to Payment Schedule data fields description.
  3. You can adjust the payment amounts and/or the non-lease component amounts directly in the payment lines. Please note that only payments which have not yet been posted to the G/L can be modified.
  4. Close the Payment Schedule window and go back to the Lease Card.
  5. In the Lease Card, check the Structured Schedule (irregular payment) option and add a description for the nature of the irregular schedule on the Description of Schedule Structure field:

    The Structured Schedule option can be turned on even before amending the Payment Schedule.

     

  6. Click the Recalculate action on the Lease Card to apply changes and calculate a remeasurement if the modification was made during the lease term. If the Structured Schedule was applied for a new lease, the Recalculate action will affect the Initial Measurement instead.

Deletion of modifications

Recalculating the lease while the Structured Schedule option is not selected will clear all manual modifications made to the Payment Schedule.