NetLease - Automated Billing
Overview
NetLease has the ability to create native NetSuite Bill transactions using the lease payment and vendor information. This is an optional feature in NetLease.
If you already use a third party app to auto-create bills in NetLease, you likely will not want to use our auto-billing feature, but will want to follow the steps in the NetLease - Set Up Vendor Bill & Items article to allow any manual tagging of leases to bills.
Prerequisites
- Vendor on Lease: Billing is not available for leases without an associated Vendor. Verify the Vendor field is populated on the NetLease Lease record before continuing through these steps.
- Item on Lease Type: Automated Billing creates a transaction line on the bill either as an expense or item. If the Lease Payable Billing Itemis not populated on the lease type, billing will still work for lessee leases — the vendor bill will be created using the expense tab rather than the item tab.
- For lessor leases, the billing item is required; attempting to post an invoice without it will result in an error.
Step By Step Process - Automated Billing
On a monthly basis, Accounts Payable will generate automated vendor bills that debit the Lease Payable Clearing account and tag the related lease. This system feature can be selected by navigating to NetLease > NetLease Setup > System Setup > System Features and selecting the checkbox next to Automated Billing.
On the lease record, a "Bill" button will be added to allow users to quickly create a vendor bill for the next lease payment that is due.
Bills can also be created in mass for multiple leases by following the instructions below:
- Navigate to NetLease > Process Monthly Transactions > Monthly Bills
- Enter the desired period for bill creation, select specific lease bills or check Mark All, and then click Generate Transactions.
- The vendor bill will be created showing the applicable information from the vendor record and lease record.
Transaction Item Mapping
The Item used on the transaction line will be a native NetSuite item set up by your team. The item used is mapped from the Lease Type on the lease. The Item Accounting should map to the Lease Payable Clearing Account. See the NetLease - Set Up Vendor Bill & Items article for information on Item setup.
Reference Number
Bills generated through NetLease will have a blank field for the reference number out of the box (as seen in the example above). A native NetSuite workflow can be created to auto-populate this field if needed. See the NetLease - Workflow Billing Reference Number setup article for detailed instructions.
- The automated vendor bill will go through the accounts payable process the same as bills created in the regular accounts payable process
- This bill can be seen by navigating to the lease record and going to Lease Bills & Payments within the Related Records subtab
Accounts Payable Reconciliation Reports
NetLease has two reconciliation reports related to the lease clearing accounts: the ROU Clearing Reconciliation and the Lease Payable Clearing Reconciliation.
