Approving a Contract

Once the associated terms have been entered in the rent table, the lease approver can approve the contract. The Status changes to "Approved", and the rent table becomes read-only and can no longer be edited, unless you open the contract for modifications. Note that opening a contract for modifications does not create a contract version, as the contract has not been activated.

After the contract has been approved, the accountant can access Nakisa Lease Accounting Suite through the Accounting form to complete the necessary accounting information so the contract can be activated.

Note: If the application is configured to use the streamlined mode of operation, application level default values for Compounding Frequency and Calendar type must be set in the Admin section of Nakisa Lease Accounting Suite before the contract can be approved. For more information on setting default values, refer to the Nakisa Lease Accounting Suite User Guide.

For more information on the workflow for IFRS16/ASC842 compliance, see Rent Table and Accounting (IFRS 16/ASC 842 Compliant).

To approve a contract:

Click Main Menu > Contracts and open the required contract.
Click > Approve.