NetLease - Intro to NetLease
Overview
NetLease is Netgain’s NetSuite-native lease accounting solution. It brings lease accounting under ASC 842, IFRS 16, and GASB 87/96 into NetSuite itself – no separate system to log into, no data syncing back and forth. Leases are set up, amortized, modified, and reported on right where your financial data already lives.
Watch NetLease in Action
Watch a brief demo of NetLease.
NetLease is built around the lease accounting lifecycle – the sequence of activities a lease moves through from transition or origination all the way to termination:
- Identify & Configure Leases — Sets up a new lease record in NetLease and captures the required calculation inputs, generating the lease amortization schedule before any journal entries are recorded.
- Commence Leases — Initiates the lease at commencement, establishing the Lease Liability and the corresponding Right of Use Asset on the books.
- Process Monthly Transactions — Recognizes ROU Asset amortization each month and accounts for lease payments and the resulting reduction in the Lease Liability for every leased asset.
- Modify or Renew Leases — Handles changes to a lease’s scope or terms, whether contemplated in the original agreement or introduced by a later amendment.
- Terminate Leases — Closes out a lease record, writes off remaining balances, and locks the lease from further activity.
- Pull Lease Reports — Provides the reports needed to support lease disclosure requirements under the applicable accounting standard as well as management reports for managing the leases, budgeting, etc.
- Manage & Analyze Leases — Covers the ongoing management and analysis of the lease population – tracking renewal dates, key lease data, and other portfolio-level activity.
