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How should we track the equipment covered by our lease agreements?

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With so many lease agreements for different pieces of equipment, it does not make sense to track our "lease agreements," because that is too general. We would like to distinguish the contracts or leases in some way other than by type of contract. They are still leases after all.

Is there a way to track contracts by the type of equipment or subject of the contract?

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There are several ways to categorize and distinguish leases and contracts. Some of the options depend on your needs.

Within your contract management software, you should be able to track the subject of the contract or assists covered by the contract or lease. For example, you might create the following categories of assets that you lease:

  • Vehicles
  • Farm equipment
  • Machinery
  • Computers

You can then run reports based on the type of asset even though they are all just "leases" in your contract categorization.