NetLessor - Mass Terminations

Overview 

In some cases, multiple leases must be terminated at the same time, or segregation of duties requires a different user to perform lease terminations.

Step By Step Process

There are two scenarios for terminating leases in mass. The first is terminating a number of leases with the same termination information. The second is a case where leases need to be terminated in mass, but with different termination details. 

Terminate Leases with Identical Termination Details

  • Navigate to the Terminate Leases page by selecting NetLessor > Mass Update Leases > Mass Terminate Leases

  • Enter any desired filters and click Filter Results if you would only like a subset of leases to be terminated. 
  • Update the fields as necessary for the lease termination:

Field

Description

Example

Cash Received Per Lease to Terminate

Input the amount to be received in the lease termination month per lease to terminate. Note that this amount should include both (1) standard lease payments, as well as (2) termination penalties or other consideration to be received upon termination
Note: This amount will be recorded to the Lease Receivable Clearing Account

3,500

Cash Paid Per Lease to Terminate

 

Input the amount to be paid per lease to terminate.
Note: This amount will be recorded to the Inventory/Fixed Asset Clearing Account

500

Leased Asset Value At Termination

Input the value of the leased asset at termination

23,000

Termination Note

Provide any additional description or details for the termination

Lessee no longer needed vehicle

 

  • Once you’re satisfied with the leases selected in the sublist, click the Terminate Lease button.

  • You will be redirected to a status page where you can refresh periodically to see the newly terminated leases
  • Clicking the link in the Lease column will reveal the same schedule and GL impacts covered in the previous section on individual lease termination

Terminate Leases with Individual Termination Details

To mass terminate leases that require individual termination details, upload a CSV file containing the following information:

  • Lease ID
  • Lease Name
  • Status (Must be "approved" for it to show on the termination proposals screen)
  • Cash Paid
  • Cash Received
  • Notes

On the upload screen, select NetLessor Termination as the record type.


Once CSV has been uploaded successfully, navigate to the Mass Termination page and select Proposals Only to view the termination records that were just uploaded. From there, the leases can be selected and terminated.


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