Optional; normally entered as a modification, rather than as part of the initial input. Found on the Term/Options tab.
If a lease should be removed from reporting before its originally scheduled expiration, early terminate it. There are four termination options.
Early Termination
The lease is ended early; income statement activity ends as of the date specified, and all balance sheet amounts are removed, with a gain or loss taken for the difference between assets and liabilities.
Transfer Termination
Almost the same as Early, but is intended to be paired with a transfer addition on another lease. See transfer addition for more details on this transaction. In order to pair the leases up and not double-count activity, no activity is recognized on a lease on the date of a transfer termination (the activity of that day is recognized on the transfer addition).
Correction
Used by EZLease to indicate a mid-life adjustment; you may not select Correction as a termination type yourself.
Reversal
Reverses all activity from lease inception to date; the net effect is as if the lease was never on the system, but the reversal is booked on the date of the termination, so that prior reports are unaffected by the removal of the lease. You can then replace the lease with correct information, if appropriate. Reversal is used by EZLease if a change to a lease switches its classification from operating to finance or vice versa.