NetLease - Modification reversal
Use case
A lease modification has been made erroneously and needs to be reversed.
Prerequisites
A modification has been done on the lease and amortization has not yet been recorded on the effective modification date period.
Standard process
- Navigate to an NetLease Lease record where the modification is to be recorded, click the Reverse Modification button and confirm your intent to reverse the modification.
NOTE: This button will only appear when there has been a recent modification and amortization has not yet been recorded on the effective modification date period.
- The Lease record will display a banner confirming the job has been scheduled. Refresh the lease page periodically until a banner confirms the lease modification has been reversed successfully.
- Once complete, the schedule will be returned back to the state it was in prior to the modification.
- The NetLease Modification will be marked as Reversed to and left on the lease’s Modification subtab to maintain the historical data.
- By default the journal entry will be automatically deleted, however, if the NetLease System Setup setting, Journal Deletion Control, is enabled then the journal entry linked to the NetLease Modification will need to manually deleted or reversed out with a reversal journal users can enter into the Reversal Journal Entry field.
- The modification record will have an attached "Reversed" excel with the amortization schedule prior to reversal in the Documents subtab. Download by clicking the link.
- To reverse multiple modifications in one lease see Multiple Lease Modifications Reversals article.
Mass reversal
Modifications may also be reversed using the Mass Lease Modification page by taking the following steps:
- Navigate to the NetLease Modification sublist via NetLease > Lease Management > Modification List. You can also go to individual modification records from the lease modification subtab on each lease.
- Update the status of each lease modification proposal to "Approved for Reversal". This can be done via a CSV update import if doing multiple.
- Navigate to Mass Update Leases > Mass Modify Leases and select the lease proposals that have been updated to "Approved for Reversal" status.
- Select Modify.
