Declaration Manifest Remains on Assets Where Return is Recorded and Then Rolled Back - Support Advisory

Issue

Incorrect status on BU Asset Report because the Declaration Manifest for the original return is not deleted when the return is rolled back. This results in a status of Return in progress or Renewal in progress for those assets as a result of the report referencing the Declaration Manifest.

Additionally, when the original return is rolled back and the Declaration Manifest remains, the assets will not exercise the default EOT event when no other EOT event is recorded until one day after the original lease end date.

When could the issue manifest?

When a user records a return event on one or more assets on a schedule and then subsequently rolls back that return event.

How does the issue manifest?

When a return is recorded, a Declaration Manifest is created within the Documents tile of Deal History. If the user then rolls back the return event, the Declaration Manifest is not deleted but rather remains on the schedule. The BU Asset Report pulls data from the Declaration Manifest and as such believes the return is still valid and provides a status of Return in progress or Renewal in progress.

The Renewal is progress status is a result of the asset having a Default EOT Treatment set to Evergreen (month-to-month) and a known issue where the system is ignoring any notice period, typically 27 days before the original lease end date, and not exercising the evergreen event until one day after that original lease end date. For example, if a lease’s original lease end date is 3/31, it would typically move to Evergreen status on 3/4 (27 days before 3/31), but if there has been a return event recorded and rolled back, this lease would not go into evergreen until 4/1, one day after the original lease end date.

Recommended Solution

To avoid an incorrect status and late evergreen event being recorded, the best practice is to follow the below steps to remove the Declaration Manifest and recalculate the lease.

1. Search for the deal using the Top Search Bar and the Schedule Number.

2. From the Left NavBar, go to the Deal History workspace.

3. Go to the Documents tile.

4. Find the Declaration Manifest and click the kebab (3 blue dots).

5. Select Delete from the menu.

6. Click Okay on the pop-up to permanently delete the document.

7. From the Left NavBar, go to the Deal Summary workspace.

8. Go to the Summary tile.

9. Click the Recalculate Accounting button.

10. Verify the correct Effective Date (should be the fiscal period the lease starts).

11. Click Recalculate Accounting.