NETLEASE RELEASE NOTES ARCHIVE

Release notes highlight recent product improvements, any necessary action items, and new features to come so you can stay up to date on our product features. Use the archive page to view previous release notes.

2020.4  |  2020.3  |  2020.2  |  2020.1  |  2019.1

 

2020.4 RELEASE NOTES

UPDATES IN VERSION 2020.4

  • Multi-Book Support for Short Term, Low Value, and ASC 840 Posting

    • Secondary book posting can now be set to post Short Term, Low Value, and ASC 840 entries

  • ​Automated Custom Segment Posting

    •  Segments can now be added to the lease record and setup to automate posting to any journals generated by the lease

  • Negative Lease Payment

    • Leases can be setup with negative payment amounts to facilitate intercompany eliminations

  • Custom Reclass Types

    • ​New reclass types can be created to perform user defined reclass entries​

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

 

2020.3 RELEASE NOTES

UPDATES IN VERSION 2020.3

  • 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

 

2020.2 RELEASE NOTES

UPDATES IN VERSION 2020.2

  • Non-Monetary Foreign Currency Historical Adjustments

    • NOTE: This update is only applicable when the contract currency differs from the base currency of the subsidiary

    • The historical rate is captured on the asset record. When the spot rate differs from the historical rate, and adjustment entry is made to the (offset against the new mapped FX Gain/Loss

    • The new journal entry is captured and linked on the NG Lessee Schedule Entry record on the field “FX Historical Adjustment Journal Entry”

WHAT DO YOU NEED TO DO?

  • Your NetSuite Administrator should update your NetLessor bundle (Customization > SuiteBundler > Search & Install Bundles > List)

  • Update your preferred forms to move any new fields to the appropriate location on the form

  • Select a GL account to record FX Gains/Losses and update mappings for each lease type (NetLease > NetLease Setup > Manage Lease Types)

  • Reach out with questions on any of the new features

 

2020.1 RELEASE NOTES

UPDATES IN VERSION 2020.1

  • Lease Proposals and Operating vs. Financing Support

    • New lease proposal screen to segregate the process of proposing and creating a lease

    • Included in the lease proposal is the criteria for determination of lease classification—whether financing or operating

    • Ability to create the lease directly from the proposal record

  • Payment Timing Override on the Lease Level

    • Ability to override payment timing (in advance or in arrears) by the underlying lease (was previously by lease type)

  • Ability to export Mass Processing Results to CSV

    • Mass Approvals

    • Mass Commence Leases

  • Mass Schedule Generation Suitelet

    • New UI to be able to filter and select specific Leases for schedule generation in mass

  • Global Setting for Default Reclass Journal and Book Specific Journal Forms

    • Ability to set default JE forms globally in the System Setup

  • Dept and Class filters applied to all scripted reports

  • Lease Classification Default from Accounting Standard

  • Bug fix

    • Exclude leases needing schedule generation from mass lease commencement user interface

WHAT DO YOU NEED TO DO?

  • Your NetSuite Administrator should update your NetLease bundle (Customization > SuiteBundler > Search & Install Bundles > List)

    • Select “Do Not Update Deployments” across all

  • Update your preferred forms to move the new field “Payment Timing” to the appropriate location on the form. For reference, the Netgain Default form defaults the field to the Accounting tab

  • Reach out with questions on any of the new features

 

2019.1 RELEASE NOTES

We are excited to announce the latest release of our NetLease solution for Lessees. This is a significant upgrade from our earlier versions and we are hopeful that you will find these enhancements contribute to a better NetLease experience.

 

UPDATES IN VERSION 2019.1

  • Multi-Book Support

    • Ability to record book-specific reversals only to a secondary book

    • Ability to select book-specific posting of alternate types (operating versus financing)

  • Lease Journal Approval UI

    • Ability to approve lease journals through a single screen

  • Isolated Final Period Entries

    • New custom transaction type created for Final Period entries (to write off ROU asset and Accumulated Amortization)

  • Isolate Lease records for mass update jobs

    • Ability to flag specific leases via UI or .csv to be updated by mass processing jobs

    • Support for mass commencement and mass terminations

  • Modification Reversals

    • Ability to reverse and revert lease and schedule information updated by a modification

    • Option to systematically delete journal entries or elect manual journal entry reversal

  • Enhanced NetLease Reporting

    • Lease Amortization Waterfall Report

    • Lease Payment Waterfall Report

    • Lease Balance Rollforward Report

  • Ability to perform more critical tasks in mass

    • Mass commencement of Leases

    • Mass termination of Leases

    • Mass creation of Transition Journals

    • Mass approve of Lease Journals

  • UI Enhancements

    • Form redesign to improve navigation and available lease information

    • Intuitive real time feedback of batch processing jobs

    • More robust transparency into created data and error handling

    • Real time current balance information on Lease record

    • Modification UI updates

    • More robust modification history

    • More robust information on Lease Schedule entries to highlight both Operating and Financing information

    • Multi-Classification schedule entry views

  • Refactoring of NetLease Code Architecture to Improve Speed and Efficiency

    • Faster completion of batch processing

    • Faster creation of Schedule Entries

    • Faster creation of Journal Entries

    • More efficient use of resources during map-reduce processing

    • Improved scalability

WHAT DO YOU NEED TO DO?

  • Note that certain lease fields and records will be deprecated with this update. Please do NOT update your NetSuite bundle before working with your Netgain contact to determine if there is any impact—we are looking forward to walking through this with you and demonstrating the updates above

  • Please reach out with questions on any of the new features

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