NetLease - Mass Close Out Leases
Use Case: At the end of a lease term, operating and financing leases will have balances remaining in the ROU Asset and ROU Accumulated Amortization accounts that need to be cleared.
Prerequisite: Leases need to show a status of "Pending Close Out" in order to be closed in the current period. Leases will automatically show this status once the last months journal entry has been run.
STEP BY STEP PROCESS
1. The lease you want to close out will have a status Pending Close Out.
2. Navigate to NetLease > Mass Update Leases > Mass Close Out Leases.
3. Enter any desired filters and click Filter Results if you would only like a subset of leases to close out. Enter the close out date when you want the lease to end. It will autofill with the current date. Once you’re happy with the leases displaying in the sublist, click the Mark All button then click the Close Out button.
4. Click Refresh until the process status shows Complete. Select the lease hyperlink to view the recorded closing journal entry.
5. Once the close out process is complete, you will see a NetLease Close Out entry on the amortization schedule for the lease closed out. You can click on this link to see the journal entry that was entered.