NetLessor 2021.1

NETLESSOR VERSION 2021.1 KEY UPDATES

  • New Setup Options
    • Automate Lease Close Out
  • Deprecated NetLessor Account Mapping record
    • All account mapping will be facilitated through the NetLessor Lease Type record (auto-updated upon bundle update, though this should be reviewed for accuracy)
  • Monthly Journal Processing
    • Improved UI
      • View the scheduled entries to be posted prior to running journals and select specific entries to process independently if desired
    • Custom Sourcing Record
      • Improved UI with drop-downs to select fields to source instead of IDs
      • Allocations
        • Leverage Custom Sourcing to allocate journal impacts as a portion of a certain segmentation
  • NetLessor Custom Filter Records
    • Create a custom filter
  • Modifications
    • Ability to modify a completed lease
  • Terminations
    • Ability to reverse a termination while the accounting period is still open
  • Reclass Journals
    • Long-Term to Short Term Reclass of NIL
    • Custom Reclass
  • Automated Invoicing
    • Ability to auto-generate client invoices in bulk based on lease payments
  • Non-Lease Payments
    • Ability to track and post any non-lease payments as lease revenue
  • Rate Based Payment 
    • Ability to enter a "Contract Rate" on the lease which will auto-calculate the monthly lease payment
  • Cash Basis Lease Classification
    • Introduced new lease classification for cash basis accounting where lease payment equals lease revenue. Please note this is not an available approach according to US GAAP.
  • Reporting Refresh
    • All Netgain prepared reports are now available from the main menu (NetLessor > Reports > All Reports)
  • NetLessor Administrator Role
    • Save time on configuring roles by leveraging the NetLessor Administrator Role
  • Enforcement of subsidiary restrictions applied to roles

WHAT DO YOU NEED TO DO?

  • Your NetSuite Administrator should update your NetLessor bundle (Customization > SuiteBundler > Search & Install Bundles > List)
    • All scripts should have the preference, "Update Deployments"
    • NetLessor Report custom record should have the preference, "Merge Data"
  • Reach out with questions on any of the new features
Was this article helpful?