NetLease Global Settings
Overview
As part of the initial setup, users should navigate to the NetLease Setup module to configure the system according to their operational preferences. Within the various tabs of the Setup module, users can enable settings, activate features, and set defaults, among other configurations.
This article will guide you through the different subtabs on the Setup page and their respective components.
Please note that the NetLease setup is usually configured during the initial setup process and is seldom updated afterward—except when new features become available and are opted into.
Navigation
After installing the NetLease bundle, navigate to the NetLease setup page by selecting NetLease > NetLease Setup > System Setup.
This will bring you to a page with several key subtabs:
General
The General subtab in the NetLease Setup houses your global settings. During initial setup, select the appropriate options under the General tab, as detailed below:
Go-Live Selections
| Field Name | Required | Description | Example |
| Accounting Standard | Yes | The accounting standard to apply to all lease schedules and transactions for your instance—whether IFRS or US GAAP. | ASC 842 |
| Accounting Standard Adoption Date | Yes | The start date of the period when the lease accounting standards IFRS 16 or ASC 842 become effective for your company. | 1/1/2022 |
| NetLease Go-Live Date (1st Journals Booked) | Yes | The start date for when leases will be recorded in the general ledger. No journal entries will be posted to the G/L before the date specified in this field. | 1/1/2024 |
Auto-Numbering Settings
| Field Name | Required | Description | Example |
| Auto-Numbering Preference | No | Choose the method for populating lease IDs:
| Default |
| Auto-Numbering Prefix | No | Define the prefix for your lease IDs. Please note, this field will only be editable if you select a custom option for the Auto-Numbering Preference. | LS |
| Auto-Numbering Minimum Digits | No | Define the minimum number of digits for your lease IDs. Please note, this field will only be editable if you select a custom option for the Auto-Numbering Preference. | 4 |
Lease Calculation Settings
| Field Name | Required | Description | Example |
| Default FX Historical Exchange Rate Calculation Date | Yes | Specify the default date for calculating the FX Historical Exchange Rate for leases where the contract currency differs from the functional currency of the lease's subsidiary. Please note that, regardless of the selected date, the commencement date will always be used if it occurs later. The calculated exchange rate can also be overridden on the lease record. | Adoption Date |
| ROU FX Accounting Preference | No | Choose the preferred method for accounting for FX adjustments on ROU assets when the lease's contract currency differs from the subsidiary's base currency. | Gross & Accumulated |
| Allow ROU Asset Useful Life Override | No | Check this box to enable users to override the ROU Asset Useful Life (used in lease expense calculations) at the lease level. If left unchecked, the ROU Asset Useful Life will default to the Lease Term. | ✓ |
| Automatically Determine Lease Classification | No | Check this box to automatically classify the lease based on the most recent criteria outlined in the guidance. | ✓ |
| Prorate Payments | No | Check this box to prorate payments for partial months and to apply prorations for changes occurring mid-month. | ✓ |
| Generate Schedule on Lease Creation | No | Specify whether to automatically generate the lease schedule when creating the lease record in the user interface (note: this will not apply to CSV imports). | ✓ |
| Regenerate Schedule on Lease Save | No | Specify whether to automatically regenerate the lease schedule when schedule-impacting changes are made to pending lease records in the user interface (note: this will not apply to CSV imports). | ✓ |
| Trigger UEs on Schedule Generation (Slow) | No | Specify whether to use a slower method (~10x) for creating schedule lines, which allows user event scripts to be executed for each schedule line. | ✓ |
Modification Settings
| Field Name | Required | Description | Example |
| Allow Mid-Month Modifications | No | Check this box to allow modifications to a lease mid-month. This option is available only for standard and complete modifications on monthly leases that do not use custom calendars. | ✓ |
Close Out Settings
| Field Name | Required | Description | Example |
| Automate Close Out Journals | No | Check this box to automatically create a Close Out Entry that clears accumulated amortization when the final period's amortization is run. It is recommended to leave this setting off to allow for review of leases pending close-out via Mass Update Leases > Mass Close Out Leases. | ✓ |
Renewal Settings
| Field Name | Required | Description | Example |
| Allow Closed Period Renewals | No | Check this box to enable the ability to process renewals for leases in closed periods. | ✓ |
| Automated Renewal | No | Specify whether modification proposals generated from lease auto-renewal settings will be processed by default, created but pending approval, or disabled as an option. | Pending Approval |
| Renewal Option Creation Search | No | Specify the default system search option for renewals. | NetLease Lease Renewal Options [USED ON LAYOUT] |
| Renewal Option Form | No | Specify the default system form for renewal option contract provisions. | Netgain NetLease Renewal Option Contract Provision Form |
Transfer Settings
| Field Name | Required | Description | Example |
| Book Transfer Journal on Department Change | No | Check this box to require the automatic creation of a NetLease Transfer Entry to update the lease account balances with the new department when changing the department on an asset. | ✓ |
| Book Transfer Journal on Class Change | No | Check this box to require the automatic creation of a NetLease Transfer Entry to update the lease account balances with the new class when changing the class on an asset. | ✓ |
| Book Transfer Journal on Location Change | No | Check this box to require the automatic creation of a NetLease Transfer Entry to update the lease account balances with the new location when changing the location on an asset. | ✓ |
| Book Transfer Journal on Segment Change | No | Check this box to require the automatic creation of a NetLease Transfer Entry to update the lease account balances with the new segment when changing the segment on an asset. | ✓ |
Termination Settings
| Field Name | Required | Description | Example |
| Delay Termination Posting | No | Check this box to delay the posting of termination journals until the monthly journal processing run. Note that terminations cannot be delayed for FX or Multi-Book leases. | ✓ |
Transaction Settings
| Field Name | Required | Description | Example |
| Auto Approve Transactions | Yes | Specify which lease transactions should be automatically approved upon generation within the NetLease module. System-generated transactions are typically approved automatically, but users can default them to pending approval, integrate them into a workflow, or choose an alternative approval method. We recommend approving all system-generated entries, as they are typically created automatically. However, journal entries created on a lease-by-lease basis may require a more thorough approval process. | Approved |
| Default Lease Transaction Booking Date | Yes | Specify the default date for booking all transactions created by NetLease. Selecting "From Lease" will set the transaction date according to the Lease Amortization Schedule, while "From Accounting Period" will set the transaction date based on the accounting period being processed. | From Lease Record |
| Default Lease Transaction Booking Day | Yes | Specify the default day of the month for booking all transactions created by NetLease. For 4-4-5 (or similar) calendars, we recommend selecting a mid-month day (e.g., the 15th) to ensure transactions are booked to the correct accounting period. Please note that initial balance journals will be booked on the commencement date, go-live journals on the go-live date, and reclassification journals on the last day of the accounting period. | 31st (or last day of month) |
| Default Lease Transaction Billing Day | Yes | Specify the default day for booking all vendor bills. Note that this can be overridden at the lease level. | 31st (or last day of month) |
| Reclass Transaction Form | No | Select the form to use when generating reclassification journal entries. | - Preferred Form - |
| Bill Transaction Form | No | Select the transaction form to use when creating vendor bills. | - Preferred Form - |
| Book-Specific Transaction Form | No | Select the form to use when generating book-specific journal entries. | - Preferred Form - |
System Settings
| Field Name | Required | Description | Example |
| Allow Closed Period Selection | No | Check this box to allow the selection of closed periods for processing on the monthly journal and time machine pages. | ✓ |
| Hide Side Navigation | No | Check this box to hide the side navigation panel in NetLease. | ✓ |
| Automatically Filter Sublists | No | Check this box to automatically apply filters entered on lease selection pages (recommended unless transaction volume is exceptionally high). | ✓ |
| Journal Deletion Control | No | Check this box to prevent the system from deleting any NetLease journal entries—which typically occurs when reversing a modification. | ✓ |
System Features
The System Features subtab allows users to enable NetLease functionalities, add quick access buttons, and manage Suitelet access. The features are detailed below:
System Feature Selections
| Field Name | Required | Description | Example |
| Automated Billing | No | Check this box to enable the automation of vendor bill creation based on lease data. | ✓ |
| Custom Calendars | No | Check this box to enable the creation of custom accounting calendars (e.g., 4-4-5) that determine the period start and end dates for the amortization schedules. | ✓ |
| Lease Proposals | No | Check this box to enable lease proposals—which separate lease creation into two steps and automate lease classification determination. | ✓ |
| Multi-Book | No | Check this box to enable the creation of book-specific journal entries for leases. Note: This is an add-on feature. Multi-book accounting in NetSuite must also be enabled to activate it. | ✓ |
| Non-Lease Payments | No | Check this box to enable the ability to account for non-lease payments. | ✓ |
| Payment Uplifts | No | Check this box to enable payment uplifts, allowing you to specify a percentage increase at set intervals (e.g., annually) and automate the creation of payment records based on the defined uplift. | ✓ |
| Percentage Rent | No | Check this box to enable the accounting of Percentage Rent clauses, allowing you to add a percentage rent clause to a lease, calculate sales, and run journals for percentage rent lease liabilities. | ✓ |
Quick Access Buttons
| Field Name | Required | Description | Example |
| AI Upload | No | Check this box to enable the AI Upload feature, which uses AI to extract key lease information and automatically populate new lease records for incoming contracts. | ✓ |
| Bill Lease | No | Check this box to add a "Bill" button to the lease record, allowing users to quickly generate a vendor bill for the next lease payment due. | ✓ |
| Calculate Sales | No | Check this box to add a "Calculate Sales" button to the lease record, enabling users to easily calculate percentage rent sales for individual leases. | ✓ |
| Close Out Lease | No | Check this box to add a "Close Out" button to the lease record, allowing users to quickly update the status of a "Pending Close Out" lease to "Complete." | ✓ |
| Commence Lease | No | Check this box to add a "Commence Lease" button to the lease record, enabling users to quickly change the status of a "Pending" lease to "Commenced." | ✓ |
| Export Lease | No | Check this box to add an "Export" button to the lease record, allowing users to quickly export the amortization schedule for further analysis or re-import. | ✓ |
| Generate Schedule | No | Check this box to add a "Generate Schedule" button to the lease record, allowing users to instantly generate the amortization schedule for a lease. | ✓ |
| Modify Lease | No | Check this box to add a "Modify Lease" button to the lease record, enabling users to quickly make modifications to an existing lease. | ✓ |
| Run Journals | No | Check this box to add a "Run Journals" button to the lease record, enabling users to quickly generate monthly amortization journals for a specific lease. | ✓ |
| Terminate Lease | No | Check this box to add a "Terminate Lease" button to the lease record, allowing users to quickly initiate the termination process for a lease. | ✓ |
| Transfer Lease | No | Check this box to add a "Transfer" button to the lease record, enabling users to quickly transfer the lease to another party or location. | ✓ |
Restrict Feature Permissions
The "Restrict Feature Permissions" section lets you control which users can perform specific actions within NetLease. For detailed instructions on how to restrict access to particular users, please refer to the NetLease Suitelet Access article.
Import Tools
This tab contains a variety of tools and links designed to assist users with the import process. A detailed description of each tool/link is provided below:
Account & Lease Types
| Field Name | Description |
| Default Accounts and Lease Types Import | Click the link to access a tool that will guide you through the process of importing a recommended chart of accounts and lease type account mappings in NetLease. |
| Update Lease Types Saved Search | Click the link to run a saved search for all lease types, which can be downloaded as a CSV and re-imported to update existing lease type records. |
Leases
| Field Name | Description |
| Add Leases CSV Import Template | Click the link to download a CSV import template for adding lease records to NetLease. |
| Update Leases Saved Search | Click the link to run a saved search for all leases, which can be downloaded as a CSV and re-imported to update existing lease records. |
Lease Payments
| Field Name | Description |
| Add Lease Payments CSV Import Template | Click the link to download a CSV import template for adding lease payment records. |
| Update Lease Payments Saved Search | Click the link to run a saved search for all lease payments, which can be downloaded as a CSV and re-imported to update existing lease payment records. |
Permissions
| Field Name | Description |
| Bulk Custom Role Permissions Import | Click the link to access a tool that allows you to bulk import role permissions for custom records and transactions in NetLease. Reference the NetLease Role Permissions Setup article for further instructions. |
Classification Thresholds
This tab allows you to configure your lease classification thresholds.
Thresholds
| Field Name | Description | Example |
| Threshold % for Major Portion of Economic Life | Specify the percentage of the economic life of the underlying asset that the lease term must meet or exceed to be classified as a financing lease. | 75.0% |
| Threshold % for Present Value as a Substantial Portion of Fair Value | Define the percentage by which the present value of lease payments and the guaranteed residual value must equal or exceed the fair value of the underlying asset to qualify as a financing lease. | 90.0% |
Non-Lease Payments
This tab allows you to define the names for your non-lease payments.
(Note, this section will only appear if Non-Lease Payments has been selected in System Features selection)
Non-Lease Payment Field Names
| Field Name | Required | Description | Example |
| Non-Lease Payment Name 1 | No | Specify the name for the first non-lease payment field that users will see when entering non-lease payment details. | Maintenance |
| Non-Lease Payment Name 2 | No | Specify the name for the second non-lease payment field that users will see when entering non-lease payment details. | Insurance |
| Non-Lease Payment Name 3 | No | Specify the name for the third non-lease payment field that users will see when entering non-lease payment details. | Utilities |
Licensing
This tab provides an overview of your licensing information.
License Info
| Field Name | Description | Example |
| Tier | Specifies the NetLease product tier you have purchased. In sandbox accounts, this can be modified. In production, it is determined by the purchased tier. | NetLease Max |
| License Status | Indicates whether your license is active. | Active |
| Date Last Synced | Displays the date and time when your product was last upgraded. | 1/7/025 1:27:45 pm |
Usage Info
| Field Name | Description | Example |
| Lease Count Limit | Specifies the maximum number of leases allowed under your current license. | 100 |
| Lease Count Towards Limit | Shows the current number of leases (pending, commenced, and excluding inactive) that count toward your lease limit. | 92 |
Manage Upgrades
This tab allows you to configure your preferences for managing bundle upgrades. For more information on managed bundles, please refer to the NetLease Managed Bundle FAQ article.
(Note, this section will only appear in production accounts.)
| Field Name | Description | Example |
| Upgrade Preference | Determines the timing of your product upgrades. You can select to upgrade automatically every time there is a change, annually, bi-annually, or on a custom date of your choosing. | Accept All |
| Next Upgrade Date | Specifies the date for your next upgrade if you have selected a custom upgrade schedule. Note: This date must be within one year of the last upgrade. | 7/1/2025 |
| Allow Uninstall | Check this box to permit the uninstallation of the NetLease Bundle—even if transactions have been posted using the bundle. | ✓ |
| Block Managed Upgrades | Check this box to prevent Netgain from performing managed upgrades. | ✓ |
| Last Upgraded Date | Displays the date your product was last upgraded. | 1/7/2025 |
| Send Release Notes To | List the individuals and their email addresses who should receive release notes when the bundle is updated. | Brittley Eldredge |