Name: NETLEASE - YOUR NETSUITE LEASE ACCOUNTING SOFTWARE. New FASB Standard- IFRS 16 / ASC 842.
Uploaded: 2018-11-13T20:01:01.000Z
Duration: 3 min 28 s
Description: NETLEASE - NETSUITE LEASE ACCOUNTING SOFTWARE. New FASB Standard- IFRS 16 / ASC 842.

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NetSuite ERP

### Financial Reporting and Compliance
Users consistently praise NetLease's robust financial reporting and compliance features. The software's standard reporting capabilities are highlighted as a major strength, with users finding the reporting process to be intuitive and efficient. While some users mention the need for more customizable reporting options, overall, NetLease's reporting feature is commended for its ease of use and comprehensive functionality. The software's ability to streamline reporting month-end processes and ensure compliance with financial regulations is a key factor in its positive reception among users.

### Audit and Financial Reconciliation
The reviews indicate that users find Netlease's audit and financial reconciliation functionalities to be robust and user-friendly. The software's ability to streamline reconciliation reports, automate amortization, and facilitate accurate ASC842 adoption has garnered positive feedback. Users appreciate the ease of generating necessary disclosures for audits and the efficiency in managing lease details directly within NetSuite. The consensus leans towards Netlease being a valuable tool for enhancing audit processes and financial reconciliation tasks.

### Journal Entries and General Ledger Integration
Users consistently praise NetLease for its streamlined journal entries and integration with the general ledger. The software's ability to automate journal entries and post them directly to the general ledger has been a standout feature for many users. They appreciate the ease of running monthly entries with various filters available for customization. While some users encountered minor issues post-implementation, the support team was quick to address and resolve any concerns related to specific general ledger reporting needs. The overall sentiment leans heavily towards the positive, with users finding NetLease's journal entries and general ledger integration to be efficient and user-friendly.

### Lease Accounting Standards
Users consistently praise NetLease for its robust lease accounting standards capabilities, especially in the context of ASC 842 and ASC 840 compliance. They appreciate the ease of transitioning between the two standards with just a click of a button, streamlining their lease accounting processes. Some users have expressed a desire for additional features, such as capturing Financing Subleases for IFRS purposes, to further enhance the software's accounting capabilities. Despite minor suggestions for improvement, overall, users find NetLease to be a reliable and efficient solution for lease accounting standards.

### Lease Management Automation
Users consistently praise NetLease's lease management automation capabilities, highlighting its ability to streamline processes, increase efficiency, and automate various lease-related tasks. The integration with NetSuite is particularly lauded for simplifying monthly entries and reports, making the overall lease management process more efficient. Additionally, users appreciate the intuitive nature of the software, which has enabled them to automate lease accounting tasks that were previously managed manually. NetLease's automation features have proven to be invaluable for users with multiple leases, allowing for easy maintenance and accurate financial tracking.

### Lease Amortization Processes
Users consistently praise NetLease for its efficient lease amortization processes functionality. The software's ability to automate the calculation of amortization schedules, process amendments, and provide clear visibility into all related journals has garnered positive feedback. Customers appreciate the integration with NetSuite, which streamlines the accounting process for leases and eliminates the need for error-prone manual spreadsheets. Additionally, the ease of adding, modifying, and terminating leases, along with the straightforward recording of monthly amortization of ROU assets and interest expenses, has been highlighted as a strong point by users. The overall sentiment regarding NetLease's lease amortization processes is highly favorable, with users emphasizing the software's user-friendly interface and time-saving capabilities.

Netlease has proven to be a valuable tool for streamlining portfolio administration procedures for business real estate investors. Users have praised its extensive features, user-friendly interface, and thorough reporting, which enable data-driven investment choices. Additionally, the software's seamless implementation process, knowledgeable consultants, and easy transition for accounting departments have garnered positive feedback. By bringing leases into one software for tracking, entering monthly entries, and reporting, Netlease solves the problem of manually recording and tracking lease transactions. Furthermore, its integration with NetSuite provides assurance that the software works as expected. Users appreciate the standard reporting feature for quick and easy access to reports, which streamlines monthly processes and increases efficiency. The transition from ASC 840 to ASC 842 is also made seamless with Netlease, providing peace of mind with reporting and compliance. Overall, users highly recommend Netlease for lease management due to its ease of use and ability to solve various business problems related to procrastination during implementation, manual tracking in spreadsheets, reconciliation, set up work, and more.

User-Friendly Interface: Many users have praised NetLease for its user-friendly interface. They have found the software to be intuitive and easy to navigate, allowing them to efficiently manage their lease accounting tasks. 

Seamless Integration with Netsuite: Several users have highlighted the seamless integration of NetLease with Netsuite as a major advantage. This embedded add-on eliminates the need for a separate solution and allows entries to post directly to the general ledger. Users appreciate how this integration streamlines the accounting process for leases, making it more efficient and accurate.

Efficient Lease Management: Numerous reviewers have expressed their satisfaction with how NetLease helps them efficiently manage their lease portfolio. The software automates various lease-related tasks, eliminating the need for manual entries and saving valuable time. Users also appreciate features such as managing payment schedules, generating lease schedules and disclosures, and streamlining the close process, which contribute to overall operational efficiency.

Difficulties with Integrations: Some companies have found it challenging to set up specialized integrations with Netlease, which has been a source of frustration for users.

Lack of Automated Reports and Recons: Several users have expressed disappointment with the absence of automated reports and recons that can be sent directly to email. This limitation hinders efficiency for those who rely on these features.

Limited Customization of Reports: The customization options for reports within the menu item are not as flexible as some users would like. This lack of flexibility restricts users from tailoring reports to their specific needs.

NetLease is a tool for accountants, used to manage leases in-house with modifications, decreases in scope, ROU impairments, lease balance roll-forward and waterfall reporting, from Netgain Solutions in Englewood, Colorado. It is available in an ERP agnostic edition, or in an edition designed to integrate specifically with Netsuite. Netgain apps help accountants simplify and automate processes, from lease compliance to advanced fixed assets and loan management.

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Netlease

Lease Management

Netgain Solutions, Inc

NETLEASE - NETSUITE LEASE ACCOUNTING SOFTWARE. New FASB Standard- IFRS 16 / ASC 842.

NETLEASE - YOUR NETSUITE LEASE ACCOUNTING SOFTWARE.  New FASB Standard- IFRS 16 / ASC 842.

Schedule A Consultation Today
info@netgain.tech
+1 (888)222-3840
https://www.netgain.tech/netsuite-lease-accounting

Introducing NetLease, an ASC 842 and IFRS 16 compliant lease accounting solution built 100% on the NetSuite platform.  

NetLease for NetSuite is an enterprise-grade SuiteApp built specifically for NetSuite to streamline compliance with ASC 842 and IFRS 16.

NetLease provides an end-to-end lease accounting solution that produces the new disclosures that are now required.

Lease accounting software For NetSuite to meet FASB accounting standards. NetLease by Netgain addresses the entire lease accounting life-cycle including:
• Transition  
• Initiation
• Modification
• Early termination

Business Benefits  of NetLease NetSuite Lease Accounting Software: 
• Built on NetSuite’s world class ERP platform to best leverage your existing investment in NetSuite
• Easy to use
• Cost effective lease management software
• Scalable lease accounting software within NetSuite
• Seamless compliance with FASB Lease Accounting Changes: ASC 842 and IFRS 16

Accounting Benefits
• Supports both modified and full retrospective methods
• Full visibility into right of use asset and lease liability calculation
• Manages complex leases: fixed payment, lease incentives, prepayments, rent holiday, deposits, renewal options, removal costs
• Tracking of non-GL leases
• Automated the creation of monthly transactions as part of the period end close process
• Journal entries are linked within the amortization table
• Accounts for foreign currency leases
• Designed to produce disclosures required under IFRS 16 and ASC 842 in real time
• Captures non-financial data like Holdover Provisions, Renewal Options, Garuntors and Expected Costs

NetLease lease accounting software is developed by Netgain Solutions, a group of ex-Big Four accountants, CPAs, lease accounting specialists and NetSuite experts with years of experience working with Fortune 500 companies.

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