How to register a purchase option

If you have the option to purchase the rental object, and it is probable that you will do this, register this on the contract in Complete Control.

  1. Go to Contracts. Find the contract in the list and click Edit.

  2. Select Lessee is reasonably certain to acquire title of ownership in the Lease section of the contract.

  3. Enter the Economic lifetime of the object. This field will affect the depreciation terms.

  4. On the contract, click Add payment schedule.

  5. Enter the usual payment schedule information. See also Step 2: Register payment schedule with IFRS 16 classification.

  6. Use the stop date of the contract for the start date of the payment schedule.

  7. Select the IFRS 16 lease classification Purchase option.

  8. Click OK.

  9. On the contract, you must now register a reassessment: Click Add reassessment in the Lease section and enter a description and date. Confirm with OK.

You have now registered the purchase option details.