NetLease - Delayed Multi-Book Go-Live
Overview
In some cases, due to time constraints or limited availability of required information, it may be necessary to proceed with go-live in NetLease for the primary accounting book while deferring go-live for the secondary accounting book. For instance, the primary book may be ready for go-live in October, whereas the secondary book may not be ready until December. NetLease accommodates this by allowing catch-up entries to be processed for the secondary book once it is ready.
Prerequisities
- Verify that the NetLease Multi-Book add-on has been purchased and correctly configured.
Step-by-Step Process
- Prepare a CSV file to update the relevant multi-book fields based on the desired multi-book behavior. The file may include columns for fields such as:
- NetAsset Asset Internal ID
- Accounting Book
- Secondary Book
- Secondary Classification
- Once the file is prepared, perform an Update CSV import to update the NetLease lease records accordingly. For detailed instructions on this process, refer to this article.
- After the upload is complete, verify that the lease records have been updated correctly and that the intended fields reflect the expected values.
- Next, go to Customization > Scripting > Scripts in the NetSuite navigation menu.
- Click View next to the script named NetLease - Journal SL:
- Under the Deployments subtab, click NetLease - Process Monthly Amortization Journals SL LINK:
- Click Edit, then under the Parameters sublist, select the Catch Up checkbox.
- Then click Save to apply the changes:
- Next, navigate to NetLease > Process Monthly Transactions > Monthly Lease Journals.
- Ensure that the correct Period is selected and that the Type is set to – All –. Then, verify that the necessary entries are selected and click Generate Transactions to initiate the process:
At least one fully open period must be processed to trigger the catch-up journals for prior periods. For example, if the primary book has been processed through November, the system requires processing of December entries to initiate the catch-up process.
It is also essential to set the Type field to – All – during processing to ensure that go-live (or initial balance) entries are included in the catch-up process.
- Once the process is complete, navigate back to the lease records to verify that the selected period entries have been generated, along with all prior period entries from the go-live date forward for the secondary book.
- After the catch-up has finished, return to the NetLease - Process Monthly Amortization Journals SL LINK deployment, edit the record to uncheck the Catch Up box, and save the changes.
It is important to uncheck the Catch Up box after the process is complete, as failing to do so can slow down future journal processing.
Note that the catch-up entries replicate all postings from the primary book to the secondary book. For example, if the primary book includes a go-live entry followed by amortization entries, the catch-up process will post those same entries to the secondary book. Alternatively, if the primary book contains an initial balance entry followed by amortization entries, those will be posted instead. In other words, it is not possible to have an initial balance entry in the primary book and a go-live entry in the secondary book.