NetLease - Multiple Lease Modification Reversals

Use Case: Multiple lease modifications have been made erroneously for one lease and needs to be reversed.

Prerequisites: Modifications have been done on the lease and amortization has been recorded on the effective modification date period. See example of multiple modifications in the lease schedule below.


Step By Step Process:

  • If the lease has amortization entries recorded subsequent to the effective modification date period, the user must delete the amortization entries up to the most recent modification. 
    • NOTE: To delete a journal entry, your accounting periods will need to be open.
  • Delete the amortization journal entry by navigating to the journal entry within the lease schedule and click the Journal Entry link > Edit > Actions > Delete. 

  • Upon deleting all of the necessary journal entries, the user will navigate to the lease record to reverse the modification. 
    • Note: The Reverse Modification button normally shown at the top of the lease record is no longer available and must be exposed.
  • To unhide the the Reverse Modification button navigate to Customization > Lists, Records & Fields > Record Types > NetLease Lease

  • Under the Fields subtab scroll down to Hidden Recent Modifications field and click the link. Change the Display Type from "Hidden" to "Normal" and click Save.
  • Return to the lease record and the user will now see "Hidden: Recent Modification" field above the subtabs. 
  • Navigate to the modification entries by clicking the Modification subtab. The user will be able to see all of the modifications processed on the lease.

  • Click the Edit link for the most recent modification and open in a new tab. The user will need to copy and paste the internal ID number from the NetLease Modification Proposal page into the "Hidden: Recent Modification"field on the lease record. 
    • Note: The internal ID number is not on the face of the page. The internal ID can be located in the URL, as shown below.

 

  • After the internal ID has been copied, return to the lease record and click Edit. Navigate to the "Hidden: Recent Modification" field above the subtabs and paste the internal ID into the field and click Save.

  • Upon saving the edit to the lease record, the Reverse Modification button will now appear at the top of the lease record. Click the Reverse Modification button to reverse. 

  • After the modification has been reversed, the user may confirm the reversal by navigating to the lease schedule noting the modification entry no longer appears in journal entry column.
  • Repeat the above steps to reverse any other erroneous modifications within the lease schedule.
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