NetLease - Set Up Vendor Bill & Items
Overview
The NetLease Lease field allows for tagging a lease record to any transaction line in NetSuite, including Vendor Bills. This field often needs to be edited to "show" so it is visible on transactions for any manual tagging. The process below can be followed for any transaction type in NetSuite.
Step by Step Process
- Navigate to the Vendor Bill Form by accessing Customization > Forms > Transaction Forms
- Select Edit next to the existing customized and preferred vendor Bill you need to edit.
Standard vs Custom Form
You need to edit a custom form. The standard out of the box "Standard Vendor Bill" form is locked and does not save any changes.
If this if your first time editing the vendor bill form, you need to click Customize for the Standard Vendor Bill, give it a new name, check the preferred checkbox, and click save. You will then see it as a new form option for additional changes and editing.
- Select Screen Fields, select the Expenses tab, scroll down to NetLease Lease, and mark the box in the Showcolumn
- USER TIP: You will likely want to rename and reorder the column location of the NetLease Lease field on the vendor bill record so that the table has a clean layout and placed in a logical location in the expense table
- If you use Items, this column can be added to the Item Sublist by selecting Sublist Fields, scroll down to NetLease Lease, and mark the box in the Show column
Vendor Bill
- Navigate to the vendor bill and you will be able to see that NetLease Lease field is now visible.
- When manually creating vendor bills make sure to select the Lease Payable Clearing Account (or an item with that as its GL impact) and then select the specific lease.
- Once you save and approve the bill it will then show up in the lease payable reconciliation that is done every month.
Items
In NetSuite, Items determine the GL impact of a transaction. The standard NetLease Amortization journal posts all cash impacts to the Lease Payable Clearing Account, so your bill must post to that same account — either through its expense line or through the Item it uses.
Because the Item posts to a Vendor Bill, it must be set up For Purchase. An Item marked For Sale will cause an error.
- Navigate to your Item List (navigation will vary based on your role internally but for Admins it is under Lists > Accounting > Items).
- Click Edit next to your current Item for lease payments on bills or New Item if configuring for the first time.
- Fill out as needed if a new item then navigate to the Accounting subtab.
- Fill out the Expense Account field with the Lease Payable Clearing account. It needs to be the same account mapped to the "Lease Payable Clearing Account" field on the NetLease Lease Type record for the GL impacts to net correctly.
- Click Save.
