NetLease - Record Zero Dollar Payment
Overview
NetLease users may need to reflect a $0 payment on their schedule due to scenarios such as a rent-free period or other agreed-upon arrangements. This can be done by recording a zero-dollar payment for the relevant period.
Step-by-Step Guide
- To add a $0 payment to a lease that has already commenced and has journal entries posted, a modification is required. This can be done by navigating to the relevant lease record and selecting the Modify button:
- Once on the Modification page, scroll to the bottom and select the Payments subtab:
- Two new payment lines must be added:
- First, insert a $0 payment to reflect the rent-free period. This can be configured with a payment frequency of either One-Time or Monthly.
- Next, add an additional payment line for the period immediately following the rent-free month to reinstate the recurring monthly rent. If this step is not completed, the system will continue to apply a $0 payment for the remainder of the lease term.
- Click Modify Lease once the payment updates have been entered.
- Once the modification has been processed, the modification entry and the $0 payment will be reflected on the lease schedule:
The corresponding Modification Record can also be viewed under the Modifications subtab.
- From there, normal monthly journal and bill processing can proceed:
Note, however, that there will be no bill to generate for any period with a zero payment amount.