Journal Entry Report: LT/ST Reclass

Overview

Whenever you need to present financial statements, you may need to report on the amount of your long-term liabilities that is considered short-term (expiring in the next year). This report gives you a quick view of that amount without having to run reclass entries, or will give you an idea of the impact of those reclass entries before they hit your general ledger. These reclass entries are typically made at the end of accounting periods or reporting periods, and are made easy inside of NetLease.

The LT/ST reclass report gives you an at-a-glance view of the amount of your lease liability that is considered short-term in the period you select on the report. You can find this report by navigating to NetLease > Reports > G/L & Recon Reports > Journal Entry Report: LT/ST Reclass.

NOTE: This report is based on the lease subledger, NOT the journal entries, so it does not tell you whether or not you have run the reclass entries to have these balances reflected in your general ledger. To have these amounts reflected in your general ledger, you will need to navigate to NetLease > Process Monthly Transactions > Monthly Reclass Journals and select the leases for which you would like to run reclass entries.

Process Steps

Step 1:

Navigate to NetLease > Reports > G/L & Recon Reports > Journal Entry Report: LT/ST Reclass


STEP 2:

  • Select the Journal Entry Report: LT/ST Reclass Run Button


  • Note that the report natively breaks out the leases by subsidiary and by type, then shows you a summarized debit and credit amount for each lease type. 
  • If you drill into the lease type, as shown in the large red box above, you can see the reclass amounts specifically attributable to each lease. 
  • If you further drill into the lease, you can see what accounts are used in a reclass entry; in this example, we credit the short term lease account and debit a lease liability contra account instead of debiting the long-term liability directly, but your lease type setup will determine which accounts are used here.

STEP 3:

  • Clicking the Show Filters button will expand a filter you can use to display more targeted results. 

STEP 4: 

  • Select which filters you would like to apply to your report
  • The most important filters to pay attention to are the accounting period and the currency filters
  • The accounting period controls which accounting period you see the reclass entry for, and the amount will be different for each accounting period because of the discounting factor of the lease liability
  • The currency filter actually controls the currency the leases are displayed in on the report
  • If you would like to view another currency, you will want to filter for the subsidiary, location, department, or other segment that dictates which leases are in a different currency, and then change the filter to that currency. NOTE: If you don't apply those filters, the report will show all leases in the selected currency which may not be meaningful for leases that are already displayed in the company's consolidated currency.

STEP 5:

  • When you are satisfied with the filters, select the Preview button at the top of the page
  • When you are finished applying filters, you can hide the filters by clicking the Hide Filters button



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