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NetLease by Netgain – Lease Accounting for NetSuite

Status: Unverified

The lease accounting SuiteApp built right inside NetSuite. NetLease for NetSuite helps accountants comply with the new lease accounting standards ASC 842 and IFRS 16 while streamlining your lease accounting process and gaining insights into your lease portfolio.

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Description

Lease accounting compliance in native NetSuite for ASC 842 & IFRS 16

Leave your complex lease spreadsheets behind and automate your lease accounting processes. NetLease for Netsuite is the application of choice for thousands of accountants, controllers and CFOs using NetSuite.

Key Benefits

  • 100% built for NetSuite and NetSuite native, requires no integrations or reconciliations with outside systems
  • Confidently transition to ASC 842 with help from our team of 45+ ex-big 4 CPAs
  • Be audit-ready and compliant with the new lease accounting standard in record time
  • Save time every month by efficiently managing your lease accounting in native NetSuite
  • Fits your budget with two versions of NetLease for NetSuite:
    NetLease Go – partially automated non-GL impacting
    NetLease Max – fully automated GL impacting
    Choose self-service, group or individual implementation

Capabilities

Calculates schedules including lease payments, lease liability amortization and right-of-use asset amortization

Generates journal entries for the lease liability and right-of-use asset

Automates the classification of leases as operating or finance, low-value or short-term, and account for each accurately

Seamlessly integrates with your company’s chart of accounts, currencies, vendors, departments, classes and locations

Practical expedient application simplifies the transition to ASC 842 and IFRS 16

Generate audit-ready reports with one click including disclosure footnotes, lease balance roll-forward report and waterfall report

All modification types are fully supported including standard modification, decrease in scope and ROU impairment, and automatically produce the updated journal entry and schedules

Integrated with NetSuite’s AP process removing the disconnect between lease payments and lease journal entries

Store and access key lease details such as commencement date, renewal options, vendor and other key contract details

Robust audit trail provides detailed change tracking for strong internal controls

CPA-approved calculations have been audited by the big four since 2018 and are trusted by thousands of accountants worldwide

FEATURES

Easy set up and quick transition to the new standard

  • Intuitive setup makes getting started simple, just collect your lease data, and import via CSV into the familiar NetSuite user interface
  • Full lease automation calculates schedules for lease liability and right-of-use (ROU) asset depreciation, and then automatically books journal entries to the general ledger month over month and provides easy automated modifications and terminations
  • Automates the classification of leases — financing vs operating by entering the variables and NetLease will automatically choose the right classification

Efficiently manage your lease portfolio

  • Capture financial and non-financial lease information in one central location including key contract provisions, lessor information and attached lease documents
  • Make modifications including standard modification, decrease in scope and ROU impairment, with the option to reverse-out any modification
  • Flexible reporting provides visibility into your leases throughout the entire lease lifecycle. From configuration to termination, and all the monthly transactions in between, you can make informed decisions using real-time information and forecast based on trends. Including dashboard reporting, and key date notifications so you never miss a renewal.
  • Push-button reports for required disclosures, lease balance roll forward and more
  • Lease account reconciliation reports are available to easily see tied out financials and completed transactions for each lease record
  • Standard reports include everything you need for financial disclosures, reconciliations and management reporting
  • Generate all your lease transactions with a few clicks, including vendor bill creation, lease amortization entry, and short-term long-term lease liability classification

Accounts payable

  • Automatically generate vendor bills based on your lease schedule using NetSuite’s accounts payable process and never miss a payment
  • Identify payment errors in real-time by eliminating the disconnect between lease payments and lease journal entries
  • Eliminate the month end lease payments reconciliation process

Manage even the most complex lease portfolios

  • Flexible configuration
  • International capabilities leveraging NetSuite’s foreign currency functionality including international subsidiary consolidation, automated exchange rate feed for proper multi-currency and functional currency accounting
  • Solutions for lessees and lessors. Like lessees, lessors can use NetLease’s sister SuiteApp NetLessor to get the same functionality and lease automation, while gaining calculations of implicit rates and discount rates, and integration with native billing, inventory and fixed asset management.

Ongoing Expert Support

  • Quality set-up, implementation and training by Netgain’s in-house team of 40+ ex-big four accountants with deep knowledge of the standard
  • Dedicated support with 1-hour personal response time
  • Deep technical accounting expertise and optional consulting services mean Netgain’s can handle most complex needs
  • Customers can access our product roadmap, outlining enhancements and new features, often based on user feedback

Loved by your IT department

  • Built on NetSuite’s powerful platform, Netgain’s solutions are backed by the might of Oracle’s security and data management practices
  • No customer data is stored in NetLease