NetLease 2022.2

NETLEASE VERSION 2022.2 KEY UPDATES

  • Setup
    • Ability to go-live in a closed period
    • Automated setup of recommended default lease types and chart of accounts
    • Billing Day field added to NetLease setup, on the lease type, and the lease itself to drive the day of the month the automated vendor bill is dated
  • Automated classification determination (opt-in via NetLease Setup)
    • Opt-in via NetLease > NetLease Setup > System setup and enable "Automatically Determine Lease Classification" to see the following:
      • Classification determination fields added directly on the lease record (on the new Classification subtab)
      • Classification re-determination fields added to all modification forms (on the new Reclassification subtab)
  • New schedule line subledger tracking fields 
    • Period End Date
      • Indicates when the schedule line period ends
    • Monthly Equivalent Payment
      • Straight lines payments over the interval until another payment is hit (or the end of the lease is hit)
    • Partial Month Lease Expense Calculation Audit
      • Breaks down how partial month lease expense is calculated - only visible in Period 1 on the System Notes subtab.
  • Reporting improvements
    • Ability to waterfall non-lease payments
    • Added sublease income to lease costs and disclosures report
    • Improved user interface on scripted reports (roll forward, waterfalls, disclosure reports)
  • Fully tested for the NetSuite 2022.2 Release

WHAT DO YOU NEED TO DO?

  • Your NetSuite Administrator should update your NetAsset bundle (Customization > SuiteBundler > Search & Install Bundles > List)
  • Due to changes in how the End Date is calculated, If you're using a custom lease form the End Date field will get moved to the bottom of the form and will appear as End Date (2)

  • Don't worry, it's easily fixed! To correct this, navigate to any lease record, edit it, and click Customize > Customize Form

  • On the Fields subtab of your Custom Entry form we recommend doing the following

 Get rid of the (2) at the end of the End Date field label and update the Field Group back to "Schedule Information"

 Rearrange the Schedule Information fields to match the ordering above making sure to check the column break checkbox on the right hand side to make the Lease Term field start a new column

 

Was this article helpful?