NetLease 2023.1

NETLEASE VERSION 2023.1 KEY UPDATES

  • Auto Renewals
    • Designate a lease to be automatically renewed upon posting of the last amortization entry by checking the new "Auto Renewal" checkbox on the lease record and specifying a renewal lease term in the new "Auto Renewal Term" field
    • To enable this feature, navigate to NetLease > NetLease Setup > System Setupand set the "Auto Renewal" setting to "Pending Approval"
      • Setting this to "Pending Approval" will cause all auto-renewals to be created as modification proposals where they can be verified and approved in bulk (recommended)
      • Setting this to "Approved" will cause all auto-renewals to run automatically without approval
  • Custom Calendars
    • Create a custom calendar to amortize leases on non-standard accounting calendar intervals (4-4-5, 5-5-4, etc.)
    • To enable this feature, navigate to NetLease > NetLease Setup > System Setupand check the "Custom Calendars" checkbox on the System Features subtab
      • This will make a "Default Custom Calendar" field available on the NetLease Lease Type record and a "Custom Calendar" field available on the accounting subtab of the lease record
    • To setup a custom calendar, navigate to NetLease > NetLease Setup > Manage Custom Calendars 
  • Precision Payment Timing
    • New Payment Timing option, "Precision", available on leases types and leases that recalculates lease liability using an XNPV calculation at the end of every accounting period
  • Reclassification
    • New reclassification subtab available on modification to facilitate the optional recalculation of the lease classification based on any changes to the lease
  • Reporting
    • Subledger Based Roll Forward Report
      • New report, identical to the existing Lease Balance Roll Forward Report (based on the G/L), sourced from subledger data instead of transaction data
    • New checkbox option available on Lease Balance Roll Forward Report, "Show Reversing Transactions", which allows ST/LT Reclass Journals to be pulled into the report 
      • This will separate the lease liability balance into its short-term and long-term components
      • This setting can be set to be on by default on the report record if desired
    • Update to the "Journal Report" category of reports to display the lease currency
    • Scripted subledger reports (waterfall & disclosure) updated to use "Consolidated Exchange Rates" table instead of "Currency Exchange Rates" table
  • NetLeaseGo
    • Non-G/L posting version of NetLease available for free trial (3 leases or less)
  • Minor Updates
    • No G/L Impact Lease Close Outs
    • Control for preventing deletion of any transactions
    • Improved close out error handling
    • Improved error messaging when segment is unavailable to vendor's subsidiary
    • Update to how Account Filtering works on Custom Sourcing records
      • The account filtering on custom sourcing used to work by the precise account in the account field - this caused issues when that account was used in multiple account fields
      • Made the switch to apply account filtering to any impacts attributed to the account field, not the specific account
    • Confirmation message to encourage payments not to be edited on a posting lease outside of the modification page
    • Schedule re-generation now required upon changes to the payment sublist on new leases 
  • Fully tested for the NetSuite 2023.1 Release

WHAT DO YOU NEED TO DO?

  • Your NetSuite Administrator should follow the instructions outlined here for getting the upgrade. 
 

 

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