Saved Searches to reconcile NetLease
Adding a saved search to lease reconciliation grouping is easy if you have NetLease installed and fully implemented. You will need to create the saved search, attach it to the correct grouping, and direct the data to the correct fields and columns.
This Saved Search comes bundled into NetLease. You can find it by searching NetLease NetClose Recon Search.
Creating the Saved Search
- Create a New Saved search from NetLease Leases.
2. Mark the search as public and give it a title.
3. Set the criteria as follows:
4. Set the Results Page as follows:
| Field | Summary Type | Formula | When Ordered by Field | Summary Label |
| ID | Group | |||
| Name | Group | |||
| Status | Group | |||
| Commencement Date | Group | |||
| End Date | Group | |||
| Lease Type: Right of Use Asset | Group | |||
| Lease Type: Right of Use Asset Accumulated Amortization Account | Group | |||
| Lease Type: Lease Liability Long-Term Account (Primary) | Group | |||
| Lease Type: Lease Liability Short Term Account | Group | |||
| NetLease Schedule Line: Right of Use Asset Gross Balance (Operating) | Maximum | NetLease Schedule Line: Period Number | ROU Asset - Gross | |
| NetLease Schedule Line: Right of Use Asset Accum. Balance (Posting) | Maximum | NetLease Schedule Line: Period Number | ROU Asset - Accumulated Amortization | |
| NetLease Schedule Line: Right of Use Asset Net Balance (Posting) | Maximum | NetLease Schedule Line: Period Number | ROU Asset Net Balance | |
| NetLease Schedule Line: Lease Liability Balance (Posting) | Maximum | NetLease Schedule Line: Period Number | Lease Liability | |
| Formula (Currency) | Maximum | {custrecord_laa_ls_liability_balance}-{custrecord_laa_lse_lease.custrecord_laa_lse_st_reclass_amt} | NetLease Schedule Line: Period Number | Lease Liability - Long Term Portion |
| NetLease Schedule Line: Current Portion of Lease Liability (Posting) | Maximum | NetLease Schedule Line: Period Number | Lease Liability - Current Portion |
5. Save the New Saved Search. You may preview it to make sure all the leases are pulling in to the search correctly.
6. Create a reconciliation grouping for assets if you have not already by going to NetClose > Setup > Account Groupings & Rules. Make sure the mapped accounts include all lease accounts from the GL are used in NetLease.
We recommend making separate groupings for NetLease ROU Asset portion, NetLease Liability Long-Term Portion, and the NetLease Liability Short-Term portion (if applicable). Some clients do not split short and long term accounts in NetLease. In that case you can have a single grouping for the NetLease Liability.
7. Navigate to the NetLease ROU Asset grouping. Under the Reconciliation Rules tab, check the box that says "Subledger within NetSuite; Agrees to Search". This will allow you to fill in the other fields in the "Auto-reconciliation Rules - General" section.
8. The Search Column Label will be "ROU Asset Net Balance".
9. Add the search you made to the "Search" field. Note: If the search is not marked as "public", the search will not be available to select. Fill in the other fields as follows:
| Search Date Field Internal ID | custrecord_laa_lse_lease.custrecord_laa_lse_period_start_date |
| Search Subsidiary Field Internal ID* | custrecord_laa_ls_subsidiary |
| Search Account Field Internal ID* |
10. Navigate to the Lease Liability Grouping(s). Follow the same setup as the other grouping but change the "Search Column Label" to "Lease Liability" (this column will depend on if you're combining short term and long term in one grouping).
You will only need the subsidiary internal ID if you are segregating the account grouping by subsidiary. You will only need the account field internal ID if you are segregating the grouping by account.
Testing the Saved Search
1. On the account grouping, click the "Validate Search Result" button. If the internal IDs are correctly entered and the save search is set up correctly, the system will give you a value.
2. Next, generate the NetLease Groupings tied to the saved search by going to NetClose > Close Management > Generate Reconciliations.
3. After the groupings have finished generating, go to prepare the reconciliations by going to NetClose > Reconciliations > Prepare Reconciliations and filter for the groupings you generated. You should see the "Explained Balance" is auto-filled by the saved search results. Click on a reconciliation to see the item. Then click the item to download the excel of the saved search.
If the saved search pulls a different amount than what is listed as the "GL Ending Balance", click on the item and download the search. This will allow you to reconcile the differences. Most likely there are assets missing, extra assets, or assets with the wrong amounts. This could be an issue with the saved search criteria or filters, it could be a reconciliation issue, or an FX adjustment difference if your subsidiaries have different currencies.