NetLease - Reversing Journal Entries

Overview

Reversing journal entries in NetLease can be approached in several ways, depending on the specific scenario and your needs. This article outlines the different ways to reverse a journal entry and when it is appropriate to use the method.

Note: The options below will permanently delete journals. Please use caution and test in sandbox if needed.

1. Transaction Processing History Page

When TO use: This method is ideal for reversing journal entries on a single lease that was recently created and no further entries have been run. This option is best for bulk reversal without using the Time Machine.

When to NOT use: Avoid this method if the journal entry is part of a large batch of entries and you are only wanting to reverse a single entry. The entire batch of entries will be reversed at once. See option 2 for a single entry reversal.

How to use: The transaction processing page will appear immediately after running an entry and you will see the option to Reverse Transactions. This allows you to undo the effects of the entry without impacting the entire schedule.

Note: If you get out of this screen before reversing the journals, you can navigate back to it via the following path: NetLease > Process Monthly Transactions > View Transaction Processing History. Find your desired batch and select View.

2. Schedule Line

When TO use: This approach is best when you need to adjust a single entry rather than an entire batch as in option 1.

When NOT TO use: This method cannot be used if the schedule line is tied to a closed period or if there has been entries ran after the desired entry. Avoid this method if the schedule line is part of a multi-book setup where other books might be impacted.

How to use:

Navigate to the lease record that needs to be edited
Scroll down to the amortization schedule and locate the specific schedule line with the entry you would like to reverse.
Select Edit
Select Reverse Amortization

3. Reversal Option on Record

When TO use: This option pertains to modifications that occurred in the current period and amortization has yet to be run for that period.

When NOT to use: This method does not apply to amortization entries. It also cannot be used if you are trying to edit a previous period.

How to Use:

Navigate to the lease record of the desired reversal
If the modification happened in the current period, there should be an option to Reverse Modification.

4. Using the Rewind button

When TO use: This method is best used for reversing multiple journal entries in one step. Use this method when you need to reset an lease's financial impact to the general ledger in one step.

Note: There are several prerequisites for the Rewind function that should be reviewed before using this function.

The period needs to be open. If the period is closed and they cannot be reopened, see option 3 in this article.
You must have the Rewind button enabled. Navigate to NetLease> NetLease Setup > System Setup. Under System Features, ensure the Rewind Lease option is checked.
You must have the appropriate permissions to use the Rewind functionality. Please review this article if roles and permissions need to be configured!

When NOT to use: Do not use if the lease has complex dependencies such as linked projects or allocations as this could cause complications.

How to use:

Note: This feature has the ability to permanently delete journal entries or the entire lease. Please exercise caution.

Navigate to the desired lease, select Rewind
Select a From Period
- A Full Rewind will PERMANENTLY delete all transactions and flip the status of the lease back to pending. In a pending status, all fields on the lease record are editable.
- Providing a specific period will PERMANENTLY delete all transactions on or after this period and revert the lease back to how it was at the beginning of the period.
- Select Submit

5. Using the Time Machine feature

When TO use: The time machine is idea for reversing journal entries across multiple periods AND multiple leases in bulk.

When NOT to use: This method should not be used when you need to reverse a singular entry; the beginning options are more suitable for that circumstance.

How to use: Follow the steps in this article carefully.

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