16.1 Roll back to previous version

On the top of the folder, you can roll back to a previous version by using the Rollback to the following version function, which you can get to by clicking

How many versions a contract has is determined by how many times you have saved the contract. Every time you create a new contract or log a new change to a contract, by saving the contract, you get an extra version of this contract and an extra corresponding choice in the Rollback to the following version dropdown menu. All the changes are saved as different versions in chronological order.

If you’ve made an error in a certain version, since changes need to be done subsequentially, you must roll back to the previous version to the version you want to correct the error in. When that’s done, you need to re-log all other subsequent changes.

Let’s use the contract, Akersgate Oslo, as an example. As illustrated below, this contract has three versions. Two different changes are made through Log change. The first change was registered on July 2st 2020 in order to exercise an extension option. The second change was made on March 1st 2020 to change the discount rate from 3 to 2.

The calculation looks as illustrated below:

The CB 2019 Lease liability is 4,543,844 and the CB 2019 ROU asset is 4,529,227.

Every time you log a change in a contract, we recommend that you describe the change using the Change comment field. It’ll make it easier to know what specific change has been made to a certain version.

If the contract, Akersgate Oslo, is extended to June 30th 2024 and this decision was made on November 1st 2019, it means a mistake was made in the second version, where the contract was extended to December 31st 2023 on a wrong change date (December 1st 2019). In this case, you must roll back to the first version and then log a new change (Changing the end date of lease payments in the option period to June 30th 2024) to a different change date (November 1st 2019). Since a change of the discount rate is registered with the change date on March 1st 2020, after making the change to the second version (Exercise extension option), we need to register the last change again: Change the discount rate from 3 to 2 on March 1st 2020. You can achieve this by following the steps below:

1) Double click on the first version and then click OK in the popup window.

2) You can just delete the last letter of the title and then add it back. By doing this, you’ll be able to save the contract and create a new one and still keep the first version by clicking Save.

There’s only one version in the dropdown menu now.

3) Click Log other change to change the end date of lease payments in the option period from December 31st 2023 to June 30th 2024 on the change date, November 1st 2019.

After you save this change, there are two versions.

4) The last step is to re-register the change of discount rate on March 1st 2020 via Log other change. After you save the change, the third version of the contract will appear in the dropdown menu.

Note: Because we corrected the change (Exercise extension option) that was registered in 2019, this will have an accounting effect to the closing balance in 2019. The value of the CB 2019 Lease liability is increased to 5,074,974 after the correction, and the value of the CB 2019 ROU asset is increased to 5,053,434. Therefore, at the end of your accounting year, we recommend double checking that all the changes are correctly registered before closing the year end.