NetLease - Mass Lease Modifications

NetLease can process mass modifications in bulk. You will use the excel templates below to organize the modification information for all leases with changes, upload that to NetSuite via the CSV import tool, and then approve and process the modifications. This option is especially useful for users with high volume or repeating lease changes.

Impact: The GL impact will depend on the type of modification uploaded. NetLease processes the modification, runs any required journals and updates the schedules for the leases as part of processing the modifications.

Prerequisites: Lease modifications must be entered in NetLease prior to month-end amortization journals if you want the modification to be effective in the current month.

Details for how each modification type work and the GL impacts are explained on the individual articles for each modification type. This article assumes you already know how the modifications work.

Modification Types and Templates

Modifications that are supported via mass processing are:

Mass modification for changes/additions to Lease Payments (including Non-Lease Payments) across multiple leases is also supported. See the NetLease - Mass Payment Modifications article for the step by step guide for that specific use case.

Step by Step Process

Open the desired Modification Proposal Template Excel file and input your lease modification information as instructed in the sheet. (Row 1 is the Information Description, Row 2 is if it is required or not, Row 3 is an example)

Lease Column Mapping

The "Lease" column is what will be used as the "key" to tell NetLease which lease is getting modified.

You must populate this field in the concatenated field format of "'Lease ID' 'Lease Name'".

For example: "LA0042 Ford F150".

To do this in excel, use the formula: =CONCATENATE(Cell with ID, " ", Cell with Lease Name). For example: =CONCATENATE(B3," ", C3). Then copy and paste the formula down the column for all leases.

Effective Date Field
The modification effective date is not a choice. It is the first open period on the lease's schedule without a journal entry posted. It is not on the templates because it is not required to be filled out. It will be auto-populated by NetLease when the modification is processed. For example, if you ran journals through July, the modification effective date will be August.

In the case where a Lease is already Pending Close Out, the modification Effective Date will be the start date of the first NetSuite period after the end of the Lease. Do verify this date, navigate to Setup > Accounting > Manage Accounting Periods

Delete any unnecessary information in the excel file and save file as a csv.
- Note you will need to delete the second row before upload.
Navigate to the Import Assistant by accessing Setup > Import/Export > Import CSV Records

With the Import Assistant open, update the Import Type to Custom Records and the Record Type drop-down to NetLease Modification.
Under the CSV files section, click on the Select button and upload the .csv file you saved. Click Next.

Select Add on the "Import Option"tab if this is a new modification that hasn't been entered before.
- Note: the only time you would choose Update for a modification proposal would be if you previously entered modification records that you need to edit. For example you realized you entered the wrong end date for your leases on the upload and want to change it before processing the modifications. If the modification has already been processed in NetLease, reverse the modification and then reupload a new modification proposal record.

True Up with Version Requirement

When doing a true up modification with a version specified, there is an extra step. On the Import Options page, rather then just selecting Add. You also need to expand the Advanced Options section by clicking the carrot. You then need to check the box for Run Server SuiteScript and trigger Workflows.

Additionally, on the Mapping screen, make sure the Version Date field is mapped to the Mod Version field, not the Version JSON field. The template will auto-map correctly, so do not change it.

Go through the regular NetSuite field mapping process and run the upload. The fields from the template should map automatically.
Once the data has been uploaded you can navigate to the Modify Leases Screen (NetLease > Mass Update Leases > Mass Modify Leases)
Your lease modification proposals will show in the list on the screen.

Approval Status

If you upload your modification proposal records as Pending Approval, they will not show in this page. You need to navigate to NetLease > Lease Management > Modification List and filter for assets with the status Pending Approval in order to see and access those records. They need to have an approval status before being processed. NetLease does not have a mass approval process built out for modification proposals.

Select Mark All and then click Modify.

Once your Modification have processed, the system will show the status as complete with a list of leases that have been modified.
Click on the "Drill Down" number to the right of the lease to see the lease information before and after the modification. The modification record can also be accessed from the NetLease record itself, and you will notice the lease schedule will be updated and a journal ran when applicable on the lease amortization schedule.

Was this article helpful?