NetClose - Saved Searches to Reconcile NetLease
Overview
For users with NetLease and NetClose, you can auto-reconcile your lease balances via a saved search. This process involves accessing or creating the search, attaching to the correct NetClose account grouping, and mapping the correct data columns from your search.
A Saved Search comes bundled into NetLease for NetClose reconciliations. In your global search bar, search NetLease NetClose Recon Search. If using this search, skip to step 6 below. If creating your own search, proceed to step 1 below.
Creating the Saved Search
- Create a New Saved search with Search Type NetLease Lease.
2. Mark the search as public and give it a title.
3. Set the Criteria as follows:
4. Set the Results as follows:
| Field | Summary Type | Formula | When Ordered by Field | Summary Label |
| ID | Group | |||
| Name | Group | |||
| Status | Group | |||
| Commencement Date | Group | |||
| End Date | Group | |||
| Lease Type: Right of Use Asset | Group | |||
| Lease Type: Right of Use Asset Accumulated Amortization Account | Group | |||
| Lease Type: Lease Liability Long-Term Account (Primary) | Group | |||
| Lease Type: Lease Liability Short Term Account | Group | |||
| NetLease Schedule Line: Right of Use Asset Gross Balance (Operating) | Maximum | NetLease Schedule Line: Period Number | ROU Asset - Gross | |
| NetLease Schedule Line: Right of Use Asset Accum. Balance (Posting) | Maximum | NetLease Schedule Line: Period Number | ROU Asset - Accumulated Amortization | |
| NetLease Schedule Line: Right of Use Asset Net Balance (Posting) | Maximum | NetLease Schedule Line: Period Number | ROU Asset Net Balance | |
| NetLease Schedule Line: Lease Liability Balance (Posting) | Maximum | NetLease Schedule Line: Period Number | Lease Liability | |
| Formula (Currency) | Maximum | {custrecord_laa_ls_liability_balance}-{custrecord_laa_lse_lease.custrecord_laa_lse_st_reclass_amt} | NetLease Schedule Line: Period Number | Lease Liability - Long Term Portion |
| NetLease Schedule Line: Current Portion of Lease Liability (Posting) | Maximum | NetLease Schedule Line: Period Number | Lease Liability - Current Portion |
5. Save the search. You may preview it to make sure all the leases are pulling into the search correctly.
6. Create a NetClose account grouping for leases if you have not already by going to NetClose > Setup > Account Groupings & Rules. Make sure the mapped accounts include all lease accounts from the GL that are used in NetLease.
Account Grouping Tip
We recommend making separate groupings for NetLease ROU Asset portion, NetLease Liability Long-Term Portion, and the NetLease Liability Short-Term portion (if applicable). Some clients do not split short- and long-term accounts in NetLease. In that case, you can have a single grouping for the NetLease Liability.
7. Navigate to the NetLease ROU Asset account grouping. Under the Reconciliation Rules tab, check the box that says "Subledger within NetSuite; Agrees to Search". This will allow you to fill in the other fields.
8. In the Search field, select the appropriate saved search. Please note: if the search is not marked as "public", the search will not be available to select. Fill in the other fields as follows:
| Search Column Label | ROU Asset Net Balance |
| Search Date Field Internal ID | custrecord_laa_lse_lease.custrecord_laa_lse_period_start_date |
| Search Subsidiary Field Internal ID | If segregating your account grouping by subsidiary custrecord_laa_ls_subsidiary |
| Search Account Field Internal ID | If segregating your account grouping by account |
| Search Segment Field Internal ID | If segregating your account grouping by segment |
| Search Accounting Book Field ID | If segregating your account grouping by accounting book |
9. Navigate to the Lease Liability Grouping(s). Follow the same setup as the other grouping but change the "Search Column Label" to "Lease Liability" (this column will depend on if you're combining short term and long term in one grouping).
Testing the Saved Search
Validate Search Result
Once your saved search is linked on your NetClose account grouping record, you can validate your search by clicking the Validate Search Result button on the NetClose account grouping. This button triggers a script to read your saved search and pull in the balance for the current period. If the search has been linked correctly and field IDs are correct, the system will give you a value, as shown below.
Please note that this button does not validate whether your Subsidiary and Account filters are correct. It is primarily useful for checking the saved search criteria, your Search Column Label, and your Search Date Internal ID.
If one of your fields is incorrect, you'll instead see an error like the following:
In this case, the Search Date Internal ID is incorrect and needs to be looked at.
Generate Reconciliations
Next, generate the NetLease Groupings tied to the saved search by going to NetClose > Close Management > Generate Reconciliations.
After the groupings have finished generating, go to NetClose > Reconciliations > Prepare Reconciliations and filter for the groupings you generated. You should see the "Explained Balance" is auto-filled by the saved search results. Click on a reconciliation to see the item. You may download the search results via the download icon on the item line.
If the saved search amount does not tie out to the GL Ending Balance, see our Troubleshooting article for tips.
Balance Changes
Please note that the saved search balance is synced to the reconciliation at the time the reconciliation is generated. In the event of a balance change, the user should re-submit the reconciliation on the Auto-Reconcile page to update the saved search balance.