You use the Lease/Rental Contracts application to define the overall terms and conditions of an agreement between a vendor and a customer that pertains to rotating assets. A rotating asset is an asset that is interchangeable, such as a motor, pump, or laptop computer.
Rotating assets have an asset number and an inventory item number. Using both of these numbers, you track the asset as it moves from an operating location to a storeroom and back to an operating location.
When you receive a new payment schedule, you can create a lease contract under the master agreement, add a payment to an existing lease contract, or create a lease contract under the existing master with one line of payment schedule details.