NetLease Custom Reclass Journal Type
Overview
A Custom Reclass Journal may be desired for specific client circumstances. This article will walk through the required steps to create a custom journal entry so it will appear as an option in NetLease > Process Monthly Transactions > Monthly Reclass Journals.
Prior to the creation of the custom reclass record, all applicable reclass information should be entered in the NetLease software. This includes the applicable mapping as described in the Lease Type configuration article.
STEP BY STEP PROCESS
- In the NetSuite Search pane, search for NetLease Reclass Journal Type and select the first option.
- Select the New NetLease Reclass Journal Type button to create the custom journal type.
- Enter the applicable information on the Reclass Journal Type screen (descriptions of the various fields can be found below).
| Field | Description |
| Name | Input a unique name to define the custom reclass. |
| Post as Reversal Journal | Check this box if you want the reclass to post as a reversal journal. |
| Debit Account | Select the lease type field for the account to be debited for the reclass amount. |
| Credit Account | Select the lease type field for the account to be credited for the reclass amount. |
| Reclass Amount | Select the schedule line field populated with the reclass amount. |
| Tag To | Select the schedule line field to populate with the reclass journal entry that will get created. |
| Tag To (Multi-Book) | If applicable, select the schedule line field to populate with the multi-book reclass journal entry that will get created. |
| Interval (Months) | Select the interval (in months) over which the short-term/long-term reclass will be calculated. |
| Short-Term/Long-Term Portion | Select the portion (ST or LT) to post as the reclass amount. |
| Balance (Take Difference Over Interval) | Select the schedule line field the reclass amount will be calculated from—by using the short-term/long-term interval and subtracting the difference in the balance over the interval. |
| Profit & Loss Field (Sum Activity Over Interval) | Select the schedule line field the reclass amount will be calculated from—by using the short-term/long-term interval and summing the activity over the interval. |
| Limit Transaction Type | Optionally limit the schedule line transaction type(s) for which this reclass entry can be created—note that you can multiselect. If left blank, the reclass will only run on amortization schedule lines. |
| Limit to Lease Classifications | Optionally select lease classifications to narrow down the processing of the custom reclass—note that you can multiselect. |