Search the for deal using the Top Search Bar and Deal #.

From the Left NavBar, hover over Record Event. Hover over Record contract modification and then Add asset(s). This will take you to the Modify Deal workspace.

On Terms tile of Modification workspace, change the # of Monthly Payments to reflect a reduction of 12 months from the remaining term. Example: If you have 25 months left of payments on the original lease and you are decreasing the term by 12 months, you would enter 13 for the number of monthly payments that remain for the shortened lease term.

Since all original EOT options are removed from the modified deal, all options must be added with an accurate effective month, according to the term of the new modified deal. To do this, click the Mid-Term/EOT button and add the correct options. Remember, enter all options available per the contract, not just the Reasonably Certain option.

Go to the Add Assets tile.

Indicate the Available Date.

Click the plus sign to add information about the additional asset.

Select the appropriate Product Category from the drop-down.

Populate all relevant asset detail fields including Description.

Choose the appropriate Cost Center from the drop-down.

Choose the appropriate GL Code from the drop-down.

Enter the correct Unit Price and tab out of the field.

When all relevant and required fields are populated, click the Add button.

If you have more than one asset to add, repeat steps 5-11 for each asset to be added.

Go to the Summary tile and verify all information is accurate.

Verify the Reasonably Certain EOT Option is correct in the After Modification column. This drop-down will now reflect the newly added Reasonably Certain options only. If there are multiple RC options, the system will default to select the option with the latest effective month.

Enter your Reasonably Certain Holding Period in the After Modification column. Please note, this should respect the remaining term for the modified deal.

Enter the appropriate Date of Modification. This should be the first day of a payment period and will be the new Lease Start Date of the modified deal. It cannot be the lease start date of the original lease, nor can it be a date in the future.

Select the appropriate answer from the drop-down indicating if the payment has been adjusted to be commensurate with the value of the new asset(s).

Enter any relevant comments.

Click Record Modification.

Click Okay on the warning box telling you a new deal will be created and the original deal will remain active until you classify and book the new, modified deal. 

You will be taken to the Accounting Classification workspace.

In the Reclassify Effective drop-down, select the Modification Date and click Refresh Classification.

Verify all information is correct. You may expand the Analysis by Category and Deal Characteristics sections for more information.

Click Save Account Classification.

Go to Deal History from Left NavBar.

On the Next Steps tile, click the Book button to book the modified deal.

Verify the correct Ledger Date. The drop-down will include applicable dates based on the Date of Modification and open periods. Please note the Date of Modification cannot be changed once the modification has been saved.

The appropriate ledgers are pre-populated from the original deal and must be used to book the modified deal to maintain the linkage. Please note, the modified deal must be booked to the same ledgers the original deal was booked. When a lease is booked to a different ledger, this must be entered as a brand-new lease, not a modification. 

Verify the correct option is selected for Expected Disposition. If you were unable to select the correct RC Option in the Modify Deal workspace, you may do so now.

Verify the correct Expected Holding Period is entered, change as necessary.

Verify the correct IBR is populating. If you would like the system to use the default IBR according to remaining term, country, and Lessee, click Use Default IBR.

Click the Book button.