NetLease 2020.3

NETLEASE VERSION 2020.3 KEY UPDATES

  • Completed Lease Modifications
    • Allows users to modify a lease after completion, opening up the lease to append additional terms fo (e.g., post completion lease renewals)
    • The Lease Liability is re-established along with the ROU asset and schedules are built out prospectively
  • Lease Termination Reversals
    • Allows users to initiate the reversal of a termination in the event the termination was performed incorrectly
  • Automated Mass Transition from ASC 840 to 842 for US GAAP Customers
    • Allow users currently accounting for leases under 840 to modify to 842 within a single interface. Existing deferred rent balances are applied as net balances in the Lease Liability and ROU Assets (established as of the date of transition)
  • Non-G/L Posting Modifications and Terminations
    • Allows modifications and terminations on leases designated as Non-G/L Posting
  • Additions and Updates to Bundled Reports
    • Additional subledger detail and summary reports
    • Adjusted weighted average reports
  • Bundled NetLease Roles and Centers (Beta Version)
    • Standard bundled roles assigned to a NetLease center
  • Minor Bug Fixes
    • Update the current financial information fields after modification
    • Remaining payment populated on .1 modification schedule lines

WHAT DO YOU NEED TO DO?

  • Your NetSuite Administrator should update your NetLease bundle (Customization > SuiteBundler > Search & Install Bundles > List
  • Reach out with questions on any of the new features
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