NetLease 2024.1

NETLEASE VERSION 2024.1 KEY UPDATES

  • AI Lease abstraction
    • Navigate to NetLease > NetLease Setup > System Setup and check the "AI Upload" checkbox to enable the ability to create lease from a PDF using AI
  • GASB amortization schedules and postings
    • Navigate to NetLease > NetLease Setup > System Setup and change the "Accounting Standard" to GASB96 to enable the following new lease classifications with their own unique amortization schedules and posting rules:
      • Long-Term Lease
      • SBITA Lease
      • Lessor / Sublease
  • Modifications
    • True Up Modification
      • Added ability to change lease classification at a point in time
      • Added support for true up of non-lease payments
      • Improved subledger reporting
    • Complete Modification
      • Added a "Complete" modification type that allows both LL Remeasure and Non-Lease Payment updates at the same time
    • Mid-Month Modifications
      • Added ability to modify leases mid-month. Navigate to NetLease > NetLease Setup > System Setup to check "Allow Mid-Month Modifications" to turn this feature on.
      • Once enabled, the Effective Modification Date will become editable.
        • 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 the ability to delete a future payment as part of a lease modification
  • Schedule Generation
    • Prorated Payments
      • Added functionality to prorate any payments in partial months and pro-rate change that happens mid-month. Navigate to NetLease > NetLease Setup > System Setup to check "Prorate Payment" 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
  • Renewal Options
    • Added the ability to automate the creation and processing of renewal modification proposals through renewal options.
    • To enable this, navigate to NetLease > NetLease 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 NetLease 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 NetLease > Mass Update Leases > Mass Exercise Renewal Options to exercise renewal options in bulk
  • Performance
    • Implemented new batching mechanism to support higher volumes when running bulk jobs
  • Minor Updates
    • Added navigation pane to side of all NetAsset custom records and suitelet pages
    • Added ability to create new NetLease Reclass Journal Type that allow for a custom definition of the interval to calculate the reclass over as well as whether to calculate the reclass based on a change to a balance field or the sum of activity over the interval.
    • Added ability to select closed periods for journal and time machine processing
    • 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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