Authoring Enhancements for Extensible Attributes Delta #3
(Doc ID 2188588.1)
Last updated on SEPTEMBER 27, 2021
Applies to:Oracle Lease and Finance Management - Version 12.2.5 and later
Information in this document applies to any platform.
This note describes the impacts to the existing application as the result of the introduction of the Extensible Attributes (authoring enhancements) provided in Delta # patch that provides users:
• Ability to use the Extensible attributes/terms exclusively for the lease contract in addition to the existing Descriptive attributes available across the Oracle Lease and Financial management.
• Enable the user to view and update the additional terms/attributes from Lease Centre.
• Impact of the Extensible attribute enhancement for Copy/Rebook Contract.
• Enhancement uptake to Contract Import
• Enhancement uptake to Contract template
Extensible Attributes for Lease Contract during Authoring.
OLFM supports a large set of allowable data capture points using descriptive flex fields (DFFs). However, the use of descriptive flex field (DFFs) does not provide enough fields to capture the information.
Many of the attributes needed for a lease or loan contract to establish the terms and conditions used to manage a standard lease or loan contract are consistent from lessor to lessor and comprise the existing contract in Oracle Lease and Finance Management. There can be some variances due to industry, business process, customizations/extensions of specific lessor systems. The current solution extends the capability of OLFM to capture more information pertaining to a contract but specific to components of a contract like payment terms, asset details etc. For the asset inspection date may be needed to be captured on the asset or the weight of the machine which can be a very important attribute of the asset, may be needed to be captured apart from the existing details.
The current solution targets to cater to this important business need and other related requirements are being listed below:
- Lessors require the ability to pre-define a set of attributes for a lease or loan type contract that can or must be stored for a specific contract when it is authored.
- Lessors require the ability to update or modify any terms and conditions attributes originally authored on a contract.
- The ability to update any specific attribute making up a contractual term or condition can be based upon a specific user’s authority or their role in the organization.
- The update to extensible terms and conditions that are not specifically tied to any downstream transaction does not require any financial change on the contract or any accounting to be generated automatically.
- The user should able to remove/delete any of these terms and condition attributes, provided no financial and accounting information attached to it and been recorded and posted in the transaction.
- The attributes may pertain to any of the following contractual elements:
- The contract itself (i.e., “header level”) including yield or contract profitability information
- A contract line, including asset, fee, service, metered usage service
- Lessors using a third party origination application and importing contracts to OLFM should be able to capture and send in the extended lease contract attributes.
- The ability to update the extensible attribute from Lease center agent.
Manage Extensible Lease Contract Attribute
Contracts between lessees, lessors and the related contracts or agreements with vendors can be modified by agreement amongst the parties. In addition, individual attributes, such as addresses, dates or other similar temporal information comprising part of a term or condition contained in a contract can change after the original contract is entered.
Such attributes can be maintained by various representatives or managers as a contract progresses through its lifecycle, such as customer service personnel, contract administrators or managers, asset or portfolio managers or collections and legal managers. Therefore, once a contract is authored, the attributes comprising any terms must be updateable.
How to Manage- Update/ remove/Add the extensible attributes at various level for a contract are described in the scope.
The scope of the planned enhancement includes the following:
• The ability to extend the storage of terms s or extensible attributes on a lease or financing contract in the OA frame work level at following levels:
o Contract Header
• Manage the extensible attribute/term from Lease Centre.
• Enhancement of the Copy/rebook functionality with the uptake of the Extensible attribute
• Modify the contract import process by adding relevant information with Extensible attribute
• Uptake of Extensible attribute to Contract template.
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