NetLessor 2025.2

Lease Calculation Updates

  • Updated initial balance entry calculations to include Initial Direct Costs when Leased Asset Fair Value does not match Leased Asset Carrying Cost.
  • Updated the name of the "Lease Income Convention" field on the lease type to "Lease Amortization Convention". and added period 1 pro-rating of Initial Direct Costs to the schedule generation logic.
  • Added a new field to the Lease record, Trigger Lease Classification, that allows the user to trigger the classification determination process on a pending lease.

Modifications

  • Added a new global setting, Default Modification Type, that allows the user to select the default type of modification that appears on the first load of the modification page.
  • Added logic to convert non-lease payment modifications to complete modifications if a core payment is updated.
  • Added new custom sourcing type, Proposals, that allows sourcing the value in a custom field on a Modification Proposal to the posting transaction, payment, and/or contract provision upon processing of the proposal.
  • Added new global settings, Store Prior Payments Report on Modification and Store Prior Amortization Schedule Report on Modification, which allow the user to store the payments and amortization schedules prior to a modification as a CSV report on the modification record.
  • Update to allow users to execute a lease renewal directly within the lease modification workflow. This enhancement allows users to update the status of a renewal option (e.g., mark as "Exercised") and have the lease end date automatically updated as part of the same modification event.
  • Added new global setting, Allow Incremental Transactions on Modifications, that allows modifications to create incremental transactions (i.e. create a new transaction for each period within the modification a payment change occured).

Reclass Updates

  • Enabled reclass entries to run for schedule lines with mid-month starting dates
  • Added 2 new custom reclass account mappings to the lease type record (now totaling 4).

Reporting Updates

  • Added a new field to the schedule line record, Payment End Date, that notes the end date for non-monthly payments.  For example, a quarterly payment made on 1/1 would have a Payment End Date of 3/31.  This field can be used to source onto invoices to display the start and end date relevant to the payment.
  • Added new report, NIL Roll Forward Report, a query based report providing a summary of Sales Type NIL balances and rolls forward activities for the selected period range and provides details of additions, terminations, and other activity.
  • Added new report, Rent Roll Forward Report, a query based report that provides a consolidated view of lease activity, combining financial data from NetLessor with operational and property-level details from the respective Property Management record.
  • Added support for PDF export of query based reports.

System Control Updates

  • Added controls to warn users from updating payments on posted leases outside of the modification process.

Terminations

  • Added support for mid-month terminations on leases with a lease term unit of Months To Date From Initial Payment Date.
  • Added new custom sourcing type, Proposals, that allows sourcing the value in a custom field on a Termination Proposal to the posting transaction, payment, and/or contract provision upon processing of the proposal.
  • Added support for Termination Reversals in closed periods via reversing entry tagged as a "Reversal Journal Entry" on the termination schedule line.
  • Added new global setting, Prorate Payment by EMP on Future Terminations, that allows users to indicate whether the final payment should be prorated using equivalent monthly payments during future terminations.

Time Machine Updates

  • Expanded functionality on the time machine to revert the status of renewal options associated to the periods covered by the time machine (e.g. "Exercised" Renewal Options will be set back to "Scheduled")
  • Added new quick access button to global settings, Rewind Lease, which allows users to run the time machine restricted to a single lease from a controlled script deployment with separate permissions from the normal time machine used for bulk rewinding leases
  • Updated time machine processing to maintain bills on schedule lines if present.
  • Updated time machine processing to revert modification proposals, termination proposals, and transfer proposals to a reversed status instead of deleting them for improved visibility.

Miscellaneous

  • Various bug fixes (see minor release notes).
  • Added licensing tab to NetLessor Setup that displays license status and usage data.
  • Fully tested for the NetSuite 2025.2 release.
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