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Lease Termination

in Lease Accounting

Summary:

Let's assume, I have a Lease with a Start Date June-01-2026 and End date as May-31-2028 and monthly payment as 300 $ and all Payments are marked in Advance.

System Date is Aug 21, 2026. We have processed Lease Accruals and Payments for the month of 2026 (Jun, July, August) and now we would like to terminate the lease i.e., we have a right to use Leased Asset till Aug 31.  

On Aug 21, 2026, I am trying to Terminate Lease with Effective Date as Aug-31-2026 and system is  not allowing me to do the same with an error message 'You must select an amendment commencement date on or before today's date. (FUN-720807)'.  Due to this, we are forced to track the Assets in a spreadsheet and wait for the termination date to process Lease Terminations. By any chance if user gets overlooked on Aug 31 then the Lease Payments would release the Invoice to AP. 

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