Terminating a Contract

If required, users can terminate their contracts early in Nakisa Portfolio Management Suite. A terminated contract cannot be modified or archived.

Note: You cannot terminate a contract during a period where payments have been posted.

You can continue to access your contract for informational purposes. Scheduled payments will show payments up until the set Termination Date.

ClosedTo terminate a contract when Nakisa Portfolio Management Suite is IFRS16/ASC 842 compliant:
  1. Click Main Menu > Contracts, and open the required contract.
  2. Click > Start Termination.
  3. Set the Termination Date, and click Okay.
  4. The status of the lease changes to "Pending Termination".
  5. Nakisa Lease Accounting Suite opens the associated activation group as a draft, automatically creates a Termination Option term (if there is not one already), and exercises it.
  6. The accountant must activate the draft activation group and approve the changes. For more information on activating activation groups, refer to the Nakisa Lease Accounting Suite User Guide.
  7. Once the activation group is activated, click Terminate Contract in the Actions menu when you are ready to terminate the contract. The lease's status changes to "Terminated".
ClosedTo terminate a contract when Nakisa Portfolio Management Suite is operating as a standard real estate solution:
  1. Click Main Menu > Contracts, and open the required contract.
  2. Click > Terminate Contract.
  3. Set the Termination Date, and click Okay.
  4. The lease's status changes to "Terminated".

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