NetLessor - Modification Reversals
Use Case: A lease modification has been made erroneously and needs to be reversed.
Prerequisites: A modification has been done on the lease and amortization has not yet been recorded on the effective modification date period.
STEP BY STEP PROCESS
- Navigate to a NetLessor Lease record where the modification reversal is to be recorded, click the Reverse Modification button and confirm your intent to reverse the modification
- NOTE: This button will only appear when there has been a recent modification and amortization has not yet been recorded on the effective modification date period.
- The lease page will be refreshed with the Processing Status updated to read Processing Modification Reversal. Refresh the page periodically until the Processing Status is blank.
- Once complete, the schedule will be returned back to the state it was in prior to the modification
- The NetLessor Modification will be marked as Reversed and left on the lease’s Modification subtab to maintain the historical data.
- By default the journal entry will be automatically deleted, however, if the NetLessor System Setup setting, Do Not Automate Journal Entry Deletion, is enabled then the journal entry linked to the NetLessor Modification will need to be manually deleted or reversed out with a reversal journal users can enter into the Reversal Journal Entry field