Correct or Amend a Lease
When a published lease needs to change, open it in Lease Contracts and use Start Amendment or Correction. Use Fix a Mistake when something in the contract was entered into the system wrong, and Executed Amendment/Contract Change when the lease document itself changed legally. Both paths create a draft you review and publish, and publishing either one flows into accounting as a revision for your accountants to judge.
Which one to use
The choice follows what changed, not how big the change is.
Fix a Mistake is the correction path: a value in the lease record does not match the contract as signed, such as a wrong date, rate, or amount. Nothing changed legally; the abstraction was wrong. Publishing a correction creates a new minor version, for example 1.0 becomes 1.1.
Executed Amendment/Contract Change is the amendment path: the lease document changed legally. Publishing an amendment creates a new major version, for example 1.0 becomes 2.0.
A lease has one version in force at a time, and effective dates decide which version that is. See Create a lease for how a lease first gets published.
Start the draft
In Lease Contracts, open the lease and click Start Amendment or Correction.
Choose Fix a Mistake or Executed Amendment/Contract Change, then click Start.
Starting either one creates a draft and opens the lease's Details page. Nothing is published until you publish it yourself.
Correct a mistake in the lease
Corrections fix errors in the lease details that were already abstracted, so the form asks which version you are correcting.
Choose the Based on Version. Only the latest version can be selected; earlier versions are shown for reference.
Fix the values that were entered wrong.
Choose Save as Draft to keep working, or Publish to put the corrected version in force.
Publishing a correction creates a new minor version, so version 1.0 becomes 1.1. The lease's earlier versions stay in its history.
Amend the lease
An amendment records an executed legal change to the lease document, so the form asks for the dates that govern it.
Enter the Effective Date and the Agreement (as of) Date. The Registration Date is optional.
Make the legal changes to the lease.
Choose Save as Draft to keep working, or Publish to put the amended version in force.
The Effective Date selects which version your amendment builds on: the version in force on that date. If the date lands before the latest version, Leasecake warns you that you are building on the version in force on that date rather than the latest one, and that changes made in later versions are not carried forward automatically. You would need to re-enter those changes in the amendment for them to appear.
Publishing an amendment creates a new major version, so version 1.0 becomes 2.0.
Resolve transactions tied to changed provisions
After a correction or amendment is published, transactions tied to provisions that changed or were removed are orphaned. Transactions that were not affected carry forward unchanged.
The lease's Transactions page shows a warning and directs you to All Transactions, where you can Resolve each orphaned transaction:
Reapply to New Version (selected by default): records the transaction against the current version under its original provision.
Reverse: reverses the transaction.
Dismiss: leaves it as is.
Reapplying is not automatic, so review each one and choose. See Record lease transactions for how transactions are recorded and corrected in general.
What your accountants see
Publishing a correction or amendment raises a revision, typed as a Correction or a Modification, for each book where the lease is already measured. The revision starts Open and is queued for accountants to triage: they judge whether it affects measurement, remeasure the affected books, and settle the revision. See How lease accounting works for that lifecycle.