15.2 Modify a contract

To change the payment of an existing contract, click Log other change (Submenu to Log change) , enter the date for the change and enter a change comment. Then enter the new number of lease payments in the Amount field, the new end date in the End field and add a change comment. Although the calculation model will try to parse and describe the change, it’s still useful to add one’s own change comment to add further information.

Here, we see a reduction in the quarterly lease payments from 240,000 to 210,000 and an increase in the lease period from December 31st 2024 to December 31st 2026.

Go to the General section and answer Yes to the question, “Is the change a lease modification?”

Click Save and update the calculation file with the changes by clicking Update leases.

You can easily find the contract with the change of modification by using the filter in the Changes tab. First, set the Lookup Periods, by choosing the period when the changes happen. Then go to Search filters and choose Remeasurement Category.

Then choose Lease modification to get an overview of all the leases that have lease modifications.

You can identify whether the change of a contract is a lease modification by entering the question, “Is the change a lease modification?”

Click the contract with the lease modification to review the effect of the modification.

You can click on the number (963,006) in the Change column to see the calculation result before and after the change in detail.

The change amount (963,006) will appear under changes.