NetLease Lease Termination Before Go-Live

To fully utilize the reporting capacities of NetLease, client may desire to enter leases that have terminated in the year of go-live. 

Follow the steps below to terminate a lease prior to go-live:

Step by Step Process

• Create the lease that needs to be entered and generate the schedule
• Click the Edit button associated with the lease that needs to be modified and under the Accounting tab, check the box “NO GL IMPACT” under the Accounting Overrides section

View full size

• Click Save
• Click "Commence"
• Click "Terminate" and enter the termination information as applicable
  • Note: if the Effective Date you want is not showing up, navigate to NetLease > NetLease Setup > System Setup and update the NetLease Go-Live Date (it needs to be before your desired lease termination date)
• The lease should now be terminated based on your inputs and the status should appear as "Terminated"
• Edit the lease again and perform the following
  • Uncheck the box “NO GL IMPACT” under the Accounting tab and in the Accounting Overrides section
  • Click Save View full size
  • Note: if you have changed the go-live date, navigate back to NetLease > NetLease Setup > System Setup and update the NetLease Go-Live Date to be your correct date

 Once the above steps have been completed, the information prior to the termination of the lease will be taken into account in the desired reports.