12.2.9 Features in Oracle Property Manager

Improve Flexibility for Transaction Processing:

• Customers need to create the right-of-use assets (ROU) and lease liability on the balance sheet when the contract is created and ensure the balances are removed when the contract is terminated to ensure adherence to IFRS 16 and ASC 842.

Streamlined Amendments:

• Support for multiple amendments within the same period. 
• Categorizing amendments by the type of change (ex: rate change, reclassification, term change, etc.). 
• Amendments for re-classification, rate change, contractions, and extensions using the same amount for the ROU and Lease Liability, which is in line with IFRS 16 and ASC 842. Oracle E-Business Suite Releases 12.1 and 12.2 Release Content Document Oracle Property Manager 93 
• ROU and lease liability balances are carried forward from previous terms by linking the new terms added during an amendment.
• All the details of the amendment are captured in an audit table to provide visibility and transparency of contract changes and their financial impact.

Additions to Disclosure Reports

Amortization Improvements: 

• A new interest calculation method has been added. The new method of Daily Compounding Interest has been added to both daily and periodical amortizations.

Equipment Enhancements: 

• New functionality has been added to improve the operational efficiency of handling equipment leases. This includes: 
• Attachments: Similar to the property solution, attachments are now supported for equipment. This allows users to capture documents related to the contract, such as copies of the contract, schedules, asset information, etc. 
• Workflow: Also in line with the property solution, an approval workflow is initiated when activating a lease contract.
• Asset Auto-Numbers: A lease can have many assets included. As assets are created on the contract, they can be automatically numbered to save time during contract creation.

View Leasing related Accounts Payable Transactions: Users are able to view Accounts Payable invoices initiated by Property Manager from the view transactions options in Property Manager.

The Oracle Lease Contracts Command Center feature is available at no additional cost to licensed users of Oracle Financials or Oracle Property Manager. It can be applied to Release 12.2.4 and above.

Lease Contracts Dashboard functionality requires Oracle Enterprise Command Center Framework Release 12.2 V4.