NetLease - Terminating a Lease with a Date that Journal Entries Have Been Run

Use Case: A user is trying to terminate a lease but journal entries have been run for the date the lease should be terminated by and as such, the user cannot choose the desired termination date. Please refer to the example below for how to handle this use case. 


Step By Step Process:

  • A user has processed journal entries up until 7/31/2021 for a lease and wants to terminate the lease effective as of 7/31/2021. As seen in the the screenshot below, when the user goes to terminate the lease, the EFFECTIVE TERMINATION DATE is set at 8/1/2021 and cannot be updated because journal entries have been processed until 7/31/2021. 

The user has the following two options to terminate the lease effective as the desired date - 7/31/2021.

  1.  Preferred Method: Terminate the lease as of 8/1/2021. Once the journal entries have been processed, the user can update the date of the termination entry to be 7/31/2021 and update the termination date on the lease to 7/31/2021. See the steps below.
  • Terminate the lease as the default EFFECTIVE TERMINATION DATE - 8/1/2021 for this example. 
  • Click on the NetLease Termination entry and then click Edit

  • Edit the date to be the desired termination date - 7/31/2021 for this example and click Save.               
  • To update the termination date on the lease, Edit the lease record and under the Accounting tab, uncheck the LEASE LOCKED (TRANSACTIONS RECORDED) box and click Save.

  • Edit the Lease and update the END DATE and LEASE TERM fields to the desired termination date and click Save.

  • Be sure to Edit the lease again and under the Accounting tab, check the LEASE LOCKED (TRANSACTIONS RECORDED) box and click Save.

  • The other way is to delete your July journal entry then modify the lease to end at 7/31/2021. Then run the final July amortization entry. 



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