NetLease - Auto Renew Lease on Renewal Date
Overview: Lease agreements often contain optional renewal clauses. Previously lease renewal provisions could be tracked in NetLease. The updated feature allows users to process renewal provisions manually or automatically on the renewal date.
Step-by-step:
Navigate to a lease record. On the lease record subtab select the “Renewals” header. Then navigate to the “Default Renewal Type” drop down. There are three renewal options. Both “Auto-Renewal” and “Month To Month” will automatically renew when you run your journal entries in the month the lease is set to expire. Further, if “Auto-Renewal” or “Month To Month” is selected the “Auto Renewal” box will automatically be checked. The “Right to Renew” option means the renewal options created will not be executed unless you manually go in and run the entry.
Next specify your “Auto Renewal Term” and “Total Renewals”. "Auto Renewal Term" is asking about how long the renewal term is in months. "Total Renewals" is asking for how many times the lease can be renewed. Once this information is filled out click “Save”.
On the lease contract provision you can specify a new payment amount for the renewal term. Reference this knowledge base article on how to change lease payment amounts.