NetLessor - Commence Leases
COMMENCE INDIVIDUAL LEASE
Use Case: The lease commencement date is the date on which a lessor makes an underlying asset available for use by a lessee. At this date, the associated accounting will need to be triggered to establish that the entity has the corresponding accounts per the lease classification.
Prerequisite: All lease details and the generated schedule should be double checked to ensure amounts and data is correct—specifically lease payment amounts and discount rates. Note that any desired changes to lease schedules after a lease has been commenced and journals have been recorded will need to take place via a lease modification.
STEP BY STEP PROCESS
- Navigate to the desired lease record
- Perform a final review to validate the lease primary information, schedule information, and amortization schedule is correct.
- Click the Commence Lease button at the top of the page to update the status of the lease record to Commenced.
- The status of the lease will update to Commenced
MASS COMMENCE LEASES
Use Case: Multiple leases need to be commenced at the same time or segregation of duties requires a separate person to validate newly created lease and commence them.
STEP BY STEP PROCESS
- Navigate to the Commence Leases page by selecting NetLessor > Mass Update Leases > Mass Commence Leases
- Enter any desired filters and click Filter Results if you would only like a subset of pending leases to be commenced. Once you’re happy with the lease displaying in the sublist, click the Mark All button then click the Commence button.
- You will be redirected to a status page where you can refresh periodically to see the newly commenced leases
- Once the status is Complete you can click the Export button to save the processed results as a .csv file