Overview
To change the classification of the lease, such as from an operating lease to a finance lease, you must delete the existing lease and re-enter it.
How to Change the Classification of a Lease
When changing the classification of the lease in Cradle, it is necessary to create a new lease. This is because each lease classification requires different input information and cannot be automatically transferred.
Here is a video to show you how to change the classification of a lease:
Video Length: 1 Minute
Alternatively, here are the recommended steps to handle this scenario:
Open a second tab in your browser, log into Cradle, and create the agreement with the desired classification.
Copy and paste all the relevant details into the new lease, then save it.
Delete the previous lease that had the incorrect classification.
By following this method, updating the classification should take no longer than a minute.
FAQs:
What are the fields that cannot be changed when inputting a lease? There are two fields that you cannot edit: the classification of the lease and the transition method of the lease.