Revisions: How To Video
The article explains how to process lease revisions in Crunchafi Lease Accounting by editing a lease in Complete status, selecting "Add Revision," and using the Revision Wizard, with special instructions for term extensions before the original end date and links to additional resources on partial terminations, impairments, and related topics.
Leases change often. This article covers how to walk through the Revision Workflow
This video covers how to process a revision in Crunchafi Lease Accounting.
Note: The start date of the modified lease is the date the modification is approved by both the lessee and lessor (ASC 842 Glossary).
To process a revision:
- 1.Edit a lease in Complete status.
- 2.Immediately select Add Revision at the top right.
- 3.The Revision Wizard will guide you through revising a lease.
If the revision is an extension of the term and the revision date is before the original lease end date, be sure to add the remaining payments from the original lease as well as the new payments for the remaining term.
For partial terminations and impairments, see: