NetLease is a lease accounting tool built into NetSuite that automates compliance with ASC 842, IFRS 16, and GASB 96. It handles amortization schedules, prepayments, incentives, variable payments, and generates audit-ready reports and journal entries in bulk.
You. NETlease is an end to end lease accounting solution built 100% on the NetSuite platform. The system was designed to provide easy compliance with the lease accounting standards ASC842 and IFRS16. It was built to reduce the disclosure requirements and support and automate the full lease accounting lifecycle including transition initiation, modification and termination. Netlease is a fully embedded tool so upon installation it will show in your NetSuite account as an additional on your center bar. You will set up your leases, generate amortization schedules, run journal entries, view reports, and much more all directly within this tab. I will touch briefly on the main functions, but for more detail on any processes please see our specific functionality videos. For netlease. I can see my entire list of leases in the system from my leased list. Every lease has its own record where details in the amortization schedule are stored. This allows for a hub of information about this lease. You can see here that I have the name, type, classification, segment data and schedule information all here. This is all entered when we create the lease record. Near the bottom you can see my amortization schedule. Netlease generates the schedule for you based on the schedule information entered above. The schedule takes into account complexities like prepayments, initial direct costs, lease incentives and any payment changes. If the payment schedule is not a single amount for the life of the lease, the entire lease payment schedule can be entered in the Payments sub tab. Changes to the lease payment are entered here along with any non lease payments related to the record. Going back to the generated schedule, you can see that lease expense is straight lined over the life of the lease. The right of use, asset and lease liability are calculated for you and show in the schedule. As you can see on the side, journal entries will be run according to the schedule and are linked directly here. At the top of the page you can see that running journals can be initiated from this page as well as billing, modifications, transfers and terminations. Most of these processes can be done en masse as well. In my Net Lease tab I can go to run monthly journal entries and this will give me a list of all leases with journals that need to be ran for this month. I can then simply select all journals and process them for this page. The same process will work for billing as well as any short term reclassifications. We designed netlease to be as efficient as possible so most of our processes can be done for all of your leases at once. We also include extensive reporting functionality based off the lease information. These reports are accessed directly from within NetSuite and are included out of the box. If I navigate to my favorites list, you can see a subset of the reports we provide. We provide disclosure reports like the undiscounted Lease Maturity Waterfall and administration reports such as the Lease Balance Roll Forward Report Reports are easy to download and send to an auditor, or you can simply provide your auditors a read only view of the lease records. They can drill down to any source transaction or export the amortization schedules into Excel for testing. Many of our clients are audited by the Big Four, so we want your audit process to be a breeze. Netlease was designed to keep lease accounting where it belongs in your NetSuite ERP. With Netlease, we've solved a complex accounting problem with a cost effective solution that makes compliance easy. So you can rely on netgain's lease accounting expertise and trust that your accounting is audit ready.
