NetLease - Modification Reversals
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.
Step By Step 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 page will be refreshed with the Processing Status updated to read Processing Modification Reversal. Refresh the page periodically until the Processing Status is blank.
- 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
- To reverse multiple modifications in one lease see Multiple Lease Modifications Reversals article.
- Modifications may also be reversed using the Mass Lease Modification page by taking the following steps:
- Navigate to the Modification Proposal from the lease modification subtab on each lease.
- Update the status of the lease modification proposal to "Approved for Reversal"
- Navigate to Mass Update Leases > Mass Modify Leases and select the lease proposal that was just updated to "Approved for Reversal" status
- Select Modify