NetLease 2022.1
NETLEASE VERSION 2022.1 KEY UPDATES
- Partial 1st and last month lease expense
- New NetLease Lease Type field, Lease Expense Convention, allows users to specify that leases of a certain type should calculate lease expense in the first and last month of the lease based on how many days in that month the lease is active for
- Percentage rent
- NetLease Contract Provisions have been updated with a new subtype, Percentage Rent, to automate the sales data aggregation and expense calculation surrounding percentage rent contracts with the lessor
- ROU asset useful life override
- New NetLease Lease field, ROU Asset Useful Life, enabled in NetLease Setup, allows users to define an ROU Asset Useful Life less than the Lease Term on a lease speeding up the draw down of the asset balance
- Monthly transaction processing reversals
- New Reverse Transactions button on the NetLease Monthly Transaction Processing record allows users to easily roll back a month of amortization while the accounting period is open
- New Reversal buttons directly on the schedule line allows users to easily roll back amortization for individual leases while the accounting period is open
- Improved transaction processing error handling
- Common errors surrounding missing account mappings and invalid accounts now present as more user-friendly, actionable error messages
- Fully tested for the NetSuite 2022.1 Release
WHAT DO YOU NEED TO DO?
- Your NetSuite Administrator should update your NetAsset bundle (Customization > SuiteBundler > Search & Install Bundles > List) with the bundle preferences instructions outlined here.
- Due to changes in how the End Date is calculated, If you're using a custom lease form the End Date field will get moved to the bottom of the form and will appear as End Date (2)
- Don't worry, it's easily fixed! To correct this, navigate to any lease record, edit it, and click Customize > Customize Form
- On the Fields subtab of your Custom Entry form we recommend doing the following
Get rid of the (2) at the end of the End Date field label and update the Field Group back to "Schedule Information"