To terminate an activated lease, navigate to More options – Actions – Actions – Terminate lease.

After pressing the Terminate Lease option, a new window will appear, asking to provide a Termination Date. Select your desired Termination Date and then click OK.

A confirmation message will appear. Select Yes to continue.

Following confirmation, you will be informed that the lease was successfully terminated and moved to the archive.

You can inspect the terminated lease‘s created General Ledger entries by navigating to the Archived Leases page through your Role Center or by using the search function.

Select your terminated lease and click General Ledger (per Lease) button in the Home tab.

The termination creates balancing entries in the G/L on RoU and Lease Liability accounts. The lease is successfully terminated.

RoU and Lease Liability account balances on termination depend on the month on which they were terminated. You can check the amounts by opening the RoU Asset and Lease Liability schedule pages. You can access them through the Lease Agreement Card by clicking Projection - RoU Asset Schedule / Lease Liability schedule.

If a mistake ends up being made in the reversal process, you can see how to Reverse Termination here.