Terminating a Contract

If required, users can terminate their contracts early in Nakisa Portfolio Management. 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 is IFRS16/ASC 842 compliant:
  1. Click Main Menu > Contracts, and open the required contract.
  2. Click Start Termination.
  3. Set the Termination Date, enter an optional Penalty Amount, then click Okay.
  4. The status of the contract changes to "Draft". Click Approve to begin the termination.
  5. Nakisa Lease Accounting Suite opens the associated lease component 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 lease component and activation group and approve the changes. For more information on activating objects in Nakisa Lease Accounting Suite, refer to the Nakisa Lease Accounting Suite User Guide.
  7. In Nakisa Portfolio Management, click Pending Termination once the activation group is active.
  8. The activation group must then be closed to terminate the contract in Nakisa Portfolio Management. Once the activation group is closed, click Terminate Contract when you are ready to terminate the contract. The contract's status changes to "Terminated".
ClosedTo terminate a contract when Nakisa Portfolio Management 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 contract's status changes to "Terminated".

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