NetLease Custom Reclass Journals
Overview
A Custom Reclass Journal may be desired for specific client circumstances. This article will walk through the steps to process the custom reclass journal entries in the Process Monthly Transactions Screen NetLease > Process Monthly Transactions > Monthly Reclass Journals.
After you have created a Custom Reclass Journal Type, it will show up as an option in the dropdown from the screen below
STEP BY STEP PROCESS
- Select the NetLease > Process Monthly Transactions > Monthly Reclass Journals to process your journals
- You can then select your specific Reclass Journal Type and filter your results
- Select the appropriate filters to run the journal entries and select allow the screen to refresh
| Field | Description | Example |
| Period | Highlight the period for which you would like to record transactions | Jan 2023 |
| Reclass Journal Type | The Reclass Journal type defaults to Short Term/Long Term Reclass. Keep the type unchanged for that setting. | Interest Payable Reclass |
| Lease Status | Select the Status of the leases to run reclass journals on. Except in catchup scenarios, one should just run reclass journals on commenced leases | Commenced |
| Subsidiary | Select the Subsidiary for whom reclass entries will be recorded. Leaving blank will run for all Subsidiaries. | Company, Inc. |
| Location | Select the Location for whom reclass entries will be recorded. Leaving blank will run for all Locations. | San Francisco |
| Lease Type | Select the Lease Type for whom reclass entries will be recorded. Leaving blank will run for all Lease Types. | Real Estate |
| Lease | Select a specific lease for whom reclass entries will be recorded. Leaving blank will run for all Leases. | LA0001 |
- Mark all the Journals you want to run and hit Generate Transactions
- Refresh the page until the Processing Status indicates Complete and the journal entries are listed in the batch summary
- You can select the Journal Entry link to review the first reclass journal entry. The short-term portion of the lease liability will be moved to the short-term account.
- You can access the associated reversal entry by clicking the hyperlink in the Reversal # field on the main journal entry. Both entries are automatically posted when the reclass journal entry is run.
- Note that both reclass journal entries are tied to the lease record and can be viewed by navigating back to the lease record and looking at the Other Related Transactions sublist within the Related Records subtab
- Reclass journals are also tagged to the NetLease Schedule Line period they apply to under the Reclass Information field group