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2020-08-25
Reconstruct Table Lease Feature
The Reconstruct Table Lease feature streamlines your leasing process, offering a simple and effective way to manage your tables. It allows you to maintain better control over your inventory and ensures accurate tracking of lease agreements, reducing errors and increasing efficiency.
Key Features
Easily create and modify lease agreements
Track table availability in real-time
Generate automated reports on leasing activity
Integrate seamlessly with existing systems
User-friendly interface for all stakeholders
Potential Use Cases and Benefits
Ideal for restaurants and venues that lease tables to clients
Helps event planners manage their table inventory effectively
Enables businesses to monitor lease durations and terms effortlessly
Aids in minimizing double bookings and scheduling conflicts
Supports transparent communication between leaseholders and clients
By implementing the Reconstruct Table Lease feature, you can tackle common problems in lease management, such as miscommunication and overbooking. This feature offers a clear solution to enhance your operational efficiency, allowing you to focus on delivering excellent service and growing your business.
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Is lease renewal a lease modification?
In other words, extending the contractual term of a lease meets the definition of a lease modification regardless of whether the extension is effected through an amendment of the existing lease or entering into a new contract.
What is considered a lease modification?
IFRS 16 Leases contains detailed guidance on how to account for lease modifications. A lease modification is defined as a change in the scope of a lease, or the consideration for a lease, that was not part of the original terms and conditions of the lease.
When a lease modification decreases the scope of a lease?
Decrease in the scope of a lease Both the right-of-use asset and lease liability are reduced to account for a partial or full termination of the lease, and. Any gain or loss arising from this derecognition is immediately recognised in profit or loss.
When to reassess lease term?
Upon the occurrence of such an event or change in circumstances that is within the control of the lessee, a lessee must reassess the lease term or its conclusion about whether exercise of a purchase option is reasonably certain.
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