Creating a Lease Record Manually

To create a lease record manually:

1. Go to Fixed Assets > Leases > Lease > New.

2. Enter values for the following fields:

   Primary Information

   • Mid-life Lease – Check this box if you're creating a mid-life lease.

   • Lease Company – Enter the company where the asset is being leased from.

     Note:

     If the source transaction for a mid-life lease is a Vendor Bill, the Vendor is set as the Lease Company. If the source transaction is a Journal, you must manually enter the Lease Company.

   • Lease Contract Number – Enter the contract number of the lease agreement.

   • Asset Description – Enter the name of the lease asset.

   • Lease Start Date – Enter the start date for the lease.

   • Lease End Date – Enter the end date for the lease.

   • Finance Lease – Check this box if the asset is under a finance lease. Leave the box unchecked if the asset is under an operating lease.

   • Transaction – If you are creating a mid-life lease, select the source journal entry or bill transaction for the lease asset. If the transaction includes a proposal, make sure the asset type matches the lease type you're creating (operating or finance).

     Note:

     The source transaction's debit account must be a Fixed Asset account type.

     The source transaction's credit account must be one of the following account types: Accounts Payable, Other Current Liability, or Long-term Liability.

   • Prior Interest Periods Recognized – For mid-life leases, enter the number of interest periods have already been recognized before importing the lease into NetSuite. The value must be greater than or equal to 0, and less than or equal to the lease term.

   • Rental Frequency – Select the frequency of the rental payments:

     • Annual – Select this option if the lease is paid every year.

     • Monthly – Select this option if the lease is paid every month.

     • Quarterly – Select this option if the lease is paid every quarter.

     • Semiannually – Select this option if the lease is paid every six months.

   • Lease Term – Enter the expected term of lease. The lease term and rental frequency determines the duration of your lease. See the following examples:

     Rental Frequency	Lease Term	Lease Duration
     Annual	2	2 years
     Monthly	2	2 months
     Quarterly	2	6 months
     Semiannually	2	1 year

   • Annual Interest Rate – Enter the implicit interest rate to be charged on the financing of this asset.

   Classification

   • Subsidiary – If you're using a OneWorld account, select the subsidiary of the lease company.

   • Class – Select the class of the lease asset.

   • Department – Select the department of the lease asset.

   • Location – Select the location of the lease asset.

   • Currency — This field shows the base currency of the subsidiary.

     Note:

     Multi-currency is currently not supported.

   Note:

   For mid-life leases, the Subsidiary, Class, Department, and Location fields are sourced from the transaction attached to the lease record

3. Click Save.

   The status of the Lease appears at the top of the record page. For more information, see Lease Record Status.

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