NetLessor - Lease Transfers

INDIVIDUAL LEASE TRANSFERS

Use Case: A lease transfer should be utilized whenever a lease's balances need to be re-established in a new subsidiary, department, class, or location. 

STEP BY STEP PROCESS 

  • Navigate to the NetLessor record where a transfer is to be recorded, and click the Transfer button to be redirected to the Transfer Leases page.




  • Once you have navigated to the Transfer Leases page, you will notice that a few of the cells—such as Location, Department, and Class—automatically list "Do Not Update" under Transfer Destination Information. "Do Not Update" tells the system that unless otherwise manually updated by the user, the information for this cell will remain the same once the transfer is submitted.
  • Next, update the fields as necessary for the lease transfer.

Field

Description

Example

Effective Transfer Date

The period start date after the last amortization entry was ran. Note that this cannot be updated.

1/1/2022

Subsidiary

The subsidiary to transfer the lease to.

 

Parent

Department

The department to transfer the lease to.

 

Engineering

Class

The class to transfer the lease to.

 

Consumer Goods

Location

The location to transfer the lease to.

Denver

  • After double-checking the inputs for the transfer, click the Transfer button.
  • You will be redirected back to the lease page where a blue banner will indicate that the job has been scheduled. You can hit Refresh periodically until the job completes.
  • If NetLessor is configured to book a transfer journal when the classification is updated (this can be setup in the NetLessor Global Settings), the Effective Transfer Date Period will now have some additional schedule lines to show the GL impact of the transfer. Otherwise, the segments will simply be updated on the lease record. 
    Note that it is normal for the Transfer entry to show up on two lines of the amortization schedule. The two transfer schedules lines are needed for the transfer to accurately reflect in reporting.

    • Click on the hyperlink to the NetLessor Transfer Entry to see the reversal of the lease's current balances, as well as the re-establishment of these balances with the new classifications.

      Transfers Between Subsidiaries
      NOTE: Transfers to a different subsidiary will require an Advanced Intercompany Journal Entry instead of a NetLessor Transfer Entry.

      MASS LEASE TRANSFERS

      Use Case: Multiple leases need to be transferred at the same time, or segregation of duties requires a separate person to handle lease transfers.

      STEP BY STEP PROCESS 

    • Navigate to the Transfer Leases page by selecting NetLessor > Mass Update Leases > Mass Transfer Leases.
    • Enter any desired filters, and click Filter Results if you would like to view a subset of leases on the screen.
    • Input the correct Transfer Destination Information for the mass transfer you are trying to process.
    • Select the leases you want to transfer. Once you have the correct leases selected in the sublist, click the Transfer button.
    • On the next screen, you can periodically refresh the page until all the selected leases are transferred and the Status changes to Complete.
    • You can then navigate to the lease records to see the transfer impacts discussed earlier in this article.
      NOTE:
      When bulk processing transfers, entries will automatically post to the first open period on the lease's amortization schedule.
Was this article helpful?