NetLessor 2024.1

NETLESSOR VERSION 2024.1 KEY UPDATES

  • Lease Origination
    • Added global setting, Default Lease Term Unit, which drives a lease type level field, Lease Term Unit, with the following options:
      • Months (Accounting Periods)
        • Basically what we do currently where each month the lease is active in is considered a full month
      • Months (To Date)
        • What most newer clients should use - calculated like so:
          • Get number of full months between 2 dates
            • EndYear - CommencementYear) * 12 + (EndMonth - CommencementMonth)
            • Add 1 month if the End Day of Month is on or after the Commencement Day of Month
        • Weeks
          • What we are replacing the old Weekly Schedules global setting with
        • Days
          • New option
  • Schedule Generation
    • Added functionality to prorate any payment change that happens mid-month. Navigate to NetLessor > NetLessor Setup > System Setup to check "Prorate Mid-Month Payment Changes" to turn this feature on.
      • Example calculation for 1000 dollar payment changing to 2000 dollar payment on 1/5/2024:
        • First Payment Proportion = First Payment * (Current Date / Total Days In Month) = 1000 * (5 / 31) = 161.29
        • Second Payment Proportion = Second Payment * (Days Remaining In Month / Total Days In Month) = 2000 * (26 / 31) = 1677.42
        • Resulting Payment = First Payment Proportion + Second Payment Proportion = 161.29 + 1677.42 = 1838.71
      • Note that the payment are prorated on the schedule lines only - payment records are not updated
    • Interest Capitalization Frequencies
      • Optionally opt in to the ability to set an Interest Capitalization Frequency for Sales Type and Direct Financing leases via the "Allow Variable Interest Capitalization Frequency" setting available via NetLessor > NetLessor Setup > System Setup
      • Once activated, Interest Capitalization Frequency can be set at the Lease Type and Lease level to capitalize accrued interest at one of the following intervals:
        • Never
        • Period End
        • Payment (current default)
        • Always
        • Quarterly
        • Annually
        • Semi-Annually
  • Modification
    • Added support for new modification type, True Up, on Operating leases that allows the user to correct life to date inputs and post a correcting entry in the current period
    • Added support for new modification type, Complete, which combines a Standard modification and a Non-Lease modification
    • Added ability to modify leases mid-month. Navigate to NetLessor > NetLessor Setup > System Setup to check "Allow Mid-Month Modifications" to turn this feature on.
      • Once enabled, the Effective Modification Date will become editable when 
        • Note that Effective Modification Dates are validated to be within the first un-posted schedule line month
      • This feature is only available on standard modifications on leases not using custom calendars
      • Upon submitting a modification with a mid-month effective date, the current period schedule line is pro-rated and the go-forward schedule is re-generated from the effective date
    • Added ability to delete a future payment as part of a lease modification
    • System will automatically replace old payments when dated the same as new payments upon processing modifications
  • Renewal Options
    • Added the ability to automate the creation and processing of renewal modification proposals through renewal options.
    • To enable this, navigate to NetLessor > NetLessor Setup > System Setup and change the "Automated Renewals" setting from "- Not Enabled -" to either "Pending Approval" or "Automatically Processed" depending on if you want a final approval set between creation of the NetLessor Modification proposal and processing.
    • Once enabled, add the "Renewals" subtab to your preferred lease form with the following fields added to the subtab: Auto-Renewal, Default Renewal Type, Default Renewal Term, Total Renewals, Final Renewal End Date.
    • When updated, the new renewal lease header fields automatically populate the Renewal Options sublist on the Renewals subtab.
    • Renewal Options with a Provision Status of Scheduled will be picked up on the final lease journal run for creation of a new modification proposal.
    • Renewal Options with a Provision Status of Unavailable will have their provision status changed to Available after the Available By Date passed (on journal run).
    • Renewal Options with a Provision Status of Available will have their provision status changed to Unavailable after the Notify By Date passes (on journal run).
    • Renewal Options with a Provision Status of Available can be exercised at any time by clicking the Exercise checkbox on the renewal option sublist.
    • Exercised Renewal Options, either though the UI or automated to run on journal processing will have their Provision Status changed to Exercised.
    • Navigate to NetLessor > Mass Update Leases > Mass Exercise Renewal Options to exercise renewal options in bulk
      • "Auto-Renewal" modification type changed to "Renewal"
  • Performance
    • Implemented new batching mechanism to support higher volumes when running bulk jobs
  • Transfers
    • Added the ability to transfer leases to a different segmentation
    • New transfer button will appear on the lease record (can be turned off via NetLessor > NetLessor Setup > System Setup)
    • Upon clicking the Transfer button a page will accept the new segmentation and post an entry reversing out existing Deferred Rent or NIL balances and re-establishing them with the new segmentation
    • Transfer in bulk by navigating to NetLessor > Mass Update Leases > Mass Transfer Leases
    • Custom Segments can be made eligible for transfer by checking the segment checkbox on the corresponding custom sourcing record (NetLessor > NetLessor Setup > Manage Custom Sourcing)
    • See new report, NetLessor Transfer Subledger Activity, showing transfer activity by navigating to NetLessor > Reports > Subledger Reports
  • Terminations 
    • New global setting, Allow Prior Period Terminations, allows periods that have already had amortization posted to be selected as a valid termination period. Prior to posting the termination, a true up journal and schedule line will be created to reverse out any amortization that has posted since
  • Time Machine
    • Navigate to NetLessor > NetLessor Setup > Time Machine to roll posted amortization and modifications on specific leases back to the beginning of the selected period
      • Note, this feature deletes transaction, so as such it is only available to administrators out-of-the-box
  • Minor Updates
    • Added navigation pane to side of all NetLessor custom records and suitelet pages
    • Added ability to select closed periods for journal and time machine processing
    • Updated schedule generation to preserve invoices already tagged to schedule lines post-modification
    • Various bug fixes (see minor release notes)
  • Fully tested for the NetSuite 2024.1 Release

WHAT DO YOU NEED TO DO?

  • Your NetSuite Administrator should follow the instructions outlined here for getting the upgrade
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