Property management teams running NetSuite operate at the intersection of two specialized vocabularies - real estate operations and enterprise ERP. Understanding both is non-negotiable if you want to configure the platform correctly, communicate clearly with implementation partners, and get the most from your investment.
This glossary defines 100+ terms across property management, real estate accounting, lease administration, compliance, and NetSuite platform terminology written specifically for real estate operators, not generic ERP users. Every definition is contextualized for how the term applies inside a NetSuite property management environment.
At RIOO, we built this reference because we noticed clients and implementation teams using the same terms differently and that misalignment costs real money during configuration. Bookmark this page. You'll come back to it.
For the operational foundation behind these terms, see our complete guide to NetSuite for property management.
How to Use This Glossary:
- Terms are organized by category, not alphabetically — so related concepts sit together
- Each definition explains what the term means in a NetSuite property management context
- Cross-references link to deeper RIOO guides where applicable
- Use Ctrl+F / Cmd+F to search for a specific term
Terms That Cause the Most Implementation Confusion:
These are the terms we see misunderstood most often during NetSuite property management implementations. If you're mid-project, start here.
- Subsidiary vs. Property
In NetSuite, a "property" isn't a record type. Each property is typically configured as a subsidiary (or a segment within one) for financial isolation. Teams that conflate these two concepts end up with broken reporting hierarchies. - Gross Lease vs. NNN Lease
The billing logic in NetSuite is completely different for each. Misconfiguring this at setup means rebuilding every billing schedule later. - RSF vs. USF
Rentable vs. usable square footage determines how CAM is allocated. Getting this wrong means every tenant's pro-rata share is incorrect. - SuiteApp vs. Bundle
A SuiteApp is the product. A bundle is the delivery mechanism. Teams sometimes install bundles expecting full SuiteApp functionality. - NOI vs. EBITDA
NOI excludes debt service and depreciation. EBITDA excludes interest, taxes, depreciation, and amortization. They are not interchangeable, but investor reports frequently confuse them. - Custom Record vs. Custom Field
A custom record creates an entirely new data structure. A custom field adds a data point to an existing record. Choosing wrong affects your entire data architecture.
Financial & Accounting Terms
| # | Term | Definition |
|---|---|---|
| 1 | Net Operating Income (NOI) | Total property revenue minus operating expenses, excluding debt service, depreciation, and income taxes. The primary valuation and performance metric for every income-producing property. In NetSuite, NOI is calculated at the property/subsidiary level using GL actuals. See all 25 KPIs |
| 2 | Gross Potential Rent (GPR) | The total rental income a property would generate if 100% occupied at market rates with zero concessions. Used as the baseline for vacancy loss and effective rent calculations. In NetSuite, GPR is typically modeled through budget records or custom saved searches at the property subsidiary level. |
| 3 | Effective Gross Income (EGI) | Gross potential rent minus vacancy loss and credit loss, plus other income (parking, laundry, late fees). Represents the realistic revenue a property will collect. |
| 4 | Operating Expense Ratio (OER) | Operating expenses divided by effective gross income, expressed as a percentage. Measures operational efficiency. Lower is better. Industry benchmark: 35-45% for multifamily, 40-50% for commercial. In NetSuite, calculated through saved searches pulling OpEx and EGI from the GL by property subsidiary. |
| 5 | Capitalization Rate (Cap Rate) | NOI divided by the property's current market value. Used to estimate the return on a real estate investment. A 6% cap rate means the property generates 6% annual return on its value before debt. |
| 6 | Debt Service Coverage Ratio (DSCR) | NOI divided by annual debt service (principal + interest). Lenders typically require DSCR of 1.20x or higher. Below 1.0x means the property cannot cover its debt from operations. In NetSuite, tracked through custom saved searches or NSPB models that compare NOI against loan payment schedules. |
| 7 | Cash-on-Cash Return | Annual pre-tax cash flow divided by total cash invested. Measures the return on the actual equity invested, not the total property value. In NetSuite, calculated at the fund or subsidiary level by comparing cash distributions against equity contribution records. |
| 8 | Internal Rate of Return (IRR) | The discount rate that makes the net present value of all cash flows (including disposition) equal to zero. The standard return metric for real estate private equity. In NetSuite, IRR is typically calculated through NSPB models or custom reports pulling historical cash flow data from the fund subsidiary. |
| 9 | General Ledger (GL) | The master accounting record in NetSuite containing all financial transactions. Every property management transaction — rent, maintenance, vendor payment — ultimately posts to the GL. |
| 10 | Chart of Accounts (COA) | The structured list of all GL accounts in NetSuite. For property management, the COA should be designed to capture revenue and expenses at the property level, with segments for property type, entity, and cost center. |
| 11 | Accounts Receivable (A/R) | Money owed to the property company, primarily from tenant rent, CAM charges, and other billings. In NetSuite, A/R aging reports show outstanding balances by tenant and days overdue. |
| 12 | Accounts Payable (A/P) | Money the property company owes to vendors, contractors, and service providers. NetSuite automates AP through Bill Capture, purchase orders, and approval workflows. See vendor management guide |
| 13 | Accrual Accounting | Revenue and expenses are recognized when earned or incurred, not when cash changes hands. Required under GAAP. In property management, rent revenue is recognized when due per the lease, not when the tenant pays. |
| 14 | Cash Basis Accounting | Revenue and expenses recognized only when cash is received or paid. Not GAAP-compliant for most property companies but sometimes used for tax reporting or small portfolios. |
| 15 | Straight-Line Rent | GAAP requirement to recognize uneven rental income (free rent periods, stepped increases) evenly over the lease term. NetSuite can automate straight-line rent calculations and journal entries through SuiteApps or custom scripts. |
| 16 | Deferred Revenue | Cash received for services not yet delivered — such as prepaid rent or advance lease payments. Recorded as a liability in NetSuite until the revenue is earned. |
| 17 | Revenue Recognition | The accounting process of recording revenue in the correct period per GAAP/IFRS rules. Critical for property companies with free rent periods, TI allowances, and mixed-use billing. |
| 18 | Intercompany Eliminations | The process of removing transactions between related entities (e.g., management fees charged from a parent to a property subsidiary) during consolidation. NetSuite OneWorld automates these eliminations. |
| 19 | Bank Reconciliation | Matching bank statement transactions against NetSuite GL entries to verify accuracy. NetSuite 2026.1 added AI-powered bank transaction matching with confidence scoring. |
| 20 | Fixed Asset | A long-term tangible asset — buildings, HVAC systems, elevators, parking structures — recorded on the balance sheet and depreciated over its useful life. NetSuite's Fixed Asset Management module tracks acquisition, depreciation, and disposal. |
| 21 | Depreciation | The systematic allocation of a fixed asset's cost over its useful life. Common methods: straight-line, declining balance. Property companies track depreciation at the asset level within each property subsidiary. |
| 22 | Journal Entry (JE) | A manual or automated GL posting that records a financial transaction. In property management, common JEs include straight-line rent adjustments, accruals, and reclassifications. |
| 23 | Budget vs. Actual | A report comparing budgeted amounts to actual GL results. In NetSuite, this runs in real time - no month-end wait. |
| 24 | Variance Analysis | The process of identifying and explaining differences between budgeted and actual performance. NetSuite 2026.1's GenAI Flux Analysis automates draft explanations of material fluctuations. |
| 25 | Month-End Close | The process of finalizing all financial transactions for a reporting period. Includes reconciliations, accruals, intercompany eliminations, and report generation. NetSuite's Intelligent Close Manager (2026.1) monitors close progress with AI. |
Lease & Contract Terms
| # | Term | Definition |
|---|---|---|
| 26 | Gross Lease | Tenant pays a fixed rent amount; landlord covers most or all operating expenses (taxes, insurance, maintenance). Common in multifamily residential and some office properties. In NetSuite, gross leases use straightforward recurring billing with no pass-through calculations. |
| 27 | Net Lease | Tenant pays base rent plus some or all operating expenses. Comes in three variants: Single Net (N), Double Net (NN), Triple Net (NNN). |
| 28 | Triple Net Lease (NNN) | Tenant pays base rent plus property taxes, insurance, and CAM. The landlord's most expense-protected lease structure. Common in retail and single-tenant commercial. In NetSuite, NNN leases require separate billing schedules for base rent and each pass-through category, linked to GL expense pools for annual reconciliation. See CRE guide |
| 29 | Modified Gross Lease | A hybrid where landlord and tenant share operating expenses according to negotiated terms. Common in multi-tenant office buildings. Requires configurable billing rules in NetSuite to handle the specific split per lease. |
| 30 | Percentage Lease | Tenant pays base rent plus a percentage of gross sales above a defined threshold. Typical in retail, especially shopping centers. In NetSuite, percentage rent is calculated through custom records tracking tenant-reported sales against contractual breakpoints. |
| 31 | Lease Term | The duration of the lease agreement, from commencement to expiration. In NetSuite, lease terms drive billing schedules, renewal alerts, and straight-line rent calculations. |
| 32 | Lease Commencement Date | The date the tenant's rights and obligations under the lease begin. Not necessarily the move-in date or the first rent payment date. |
| 33 | Rent Escalation | A scheduled increase in base rent over the lease term — typically annual. Can be fixed (e.g., 3% per year), CPI-indexed, or stepped to specific amounts. NetSuite automates escalation billing through date-based price rules in billing schedules. |
| 34 | Free Rent / Rent Abatement | A concession where the tenant pays no rent for a specified period, usually at lease commencement. Must be accounted for under straight-line rent rules for GAAP. In NetSuite, the billing schedule skips the abatement period while the straight-line calculation spreads the total rent evenly. |
| 35 | Tenant Improvement Allowance (TIA) | Funds provided by the landlord for the tenant to customize their space. Accounting treatment depends on who owns the improvements — recorded as either a lease incentive (amortized) or a fixed asset (depreciated) in NetSuite. |
| 36 | Lease Incentive | Any concession from the landlord to induce the tenant to sign — free rent, TI allowances, moving cost reimbursements. Amortized over the lease term under GAAP. |
| 37 | Security Deposit | Cash held by the landlord as financial protection against tenant default or damage. Recorded as a liability in NetSuite until returned or applied. |
| 38 | Letter of Intent (LOI) | A non-binding document outlining the key terms of a proposed lease before the formal agreement is drafted. Tracked in NetSuite CRM as a deal-stage milestone on the opportunity record. |
| 39 | Lease Abstract | A summary document extracting the critical terms from a lease — dates, rent, escalations, options, obligations. AI tools like Re-Leased Credia automate this from uploaded PDFs. |
| 40 | Renewal Option | A lease clause giving the tenant the right (not obligation) to extend the lease for a specified term at predetermined or market rates. In NetSuite, renewal options are tracked on the lease record with automated alerts triggered by SuiteFlow at configurable lead times (e.g., 120 days before expiration). |
| 41 | Termination Option / Break Clause | A lease provision allowing either party to end the lease before expiration, usually with notice and/or a penalty payment. |
| 42 | Holdover Tenant | A tenant who remains in possession after their lease expires without signing a renewal. Holdover terms (typically month-to-month at a premium rate) are defined in the original lease. |
| 43 | Sublease | An arrangement where the original tenant leases all or part of their space to a third party. The original tenant remains responsible to the landlord. In NetSuite, subleases are tracked as linked records to the master lease for proper revenue allocation. |
| 44 | Assignment | The transfer of all lease rights and obligations from the original tenant to a new tenant. Unlike a sublease, the original tenant is typically released from future obligations. |
| 45 | Estoppel Certificate | A signed statement by the tenant confirming the lease terms, rent amounts, and that no defaults exist. Required during property sales and refinancing. |
| 46 | Subordination, Non-Disturbance, and Attornment (SNDA) | A three-part agreement protecting the tenant's lease rights if the property is foreclosed. Standard in commercial leasing when new financing is placed on the property. |
| 47 | Right of First Refusal (ROFR) | A lease clause giving the tenant the right to match any third-party offer on adjacent space or on the purchase of the property before the landlord accepts it. |
| 48 | Lead-to-Lease | The full pipeline from initial prospect inquiry through application, screening, approval, and executed lease. NetSuite CRM and SuiteFlow automate this workflow end-to-end. See automation guide |
| 49 | Rent Roll | A report listing every tenant, their unit, lease term, current rent, and payment status. The single most important operational document in property management. In NetSuite, the rent roll is a live, real-time report built through saved searches - not a monthly snapshot. |
| 50 | Pro-Rata Share | A tenant's proportional share of building expenses, typically calculated as the tenant's rentable square footage divided by the building's total rentable square footage. Used to allocate CAM, taxes, and insurance in NetSuite's recovery billing workflows. |
Property Operations Terms
| # | Term | Definition |
|---|---|---|
| 51 | Common Area Maintenance (CAM) | The costs of maintaining shared building areas — lobbies, hallways, parking lots, landscaping, security. In NNN leases, CAM is passed through to tenants based on their pro-rata share. NetSuite automates CAM pooling by linking GL expense actuals to tenant recovery rules. |
| 52 | CAM Reconciliation | The annual process of comparing estimated CAM charges billed to tenants against actual CAM expenses incurred. Tenants receive a credit or owe additional payment. NetSuite automates reconciliation by linking GL actuals to tenant-specific recovery calculations. |
| 53 | Operating Expenses (OpEx) | Day-to-day costs of running a property — maintenance, utilities, insurance, property taxes, management fees. Distinct from capital expenditures. Tracked in NetSuite at the property subsidiary level through standard GL expense accounts. |
| 54 | Capital Expenditure (CapEx) | Spending on long-term improvements that extend an asset's useful life — roof replacement, elevator modernization, parking lot repaving. Capitalized on the balance sheet in NetSuite's Fixed Asset Management module and depreciated over the asset's useful life. |
| 55 | Work Order | A formal request to perform maintenance or repair work. In NetSuite, work orders are tracked through case management, assigned to vendors, and linked to the property and cost records. |
| 56 | Preventive Maintenance | Scheduled maintenance performed on a fixed calendar or usage basis to prevent equipment failures — HVAC filter changes, elevator inspections, fire system testing. Automated through recurring case records and SuiteFlow triggers in NetSuite. |
| 57 | Predictive Maintenance | Using data analysis (work order history, equipment age, sensor data) to forecast when maintenance is needed before a failure occurs. Requires structured historical data industry guidance suggests 18-24 months minimum. |
| 58 | Occupancy Rate | The percentage of leasable units or square footage currently occupied. Calculated as occupied units divided by total available units. In NetSuite, tracked through saved searches on unit/space records filtered by lease status. |
| 59 | Vacancy Rate | The inverse of occupancy rate - the percentage of units or square footage currently unoccupied. A primary driver of revenue projections and lender covenant compliance. |
| 60 | Vacancy Loss | The revenue lost due to unoccupied units. Calculated as GPR multiplied by the vacancy rate. One of the largest controllable revenue risks in property management. |
| 61 | Tenant Turnover | The process of a tenant vacating and a new tenant moving in. Includes make-ready costs, vacancy period, and leasing expenses. Harvard Housing Studies estimates turnover costs average approximately $4,000 per residential unit. |
| 62 | Make-Ready | The process of preparing a vacated unit for a new tenant — cleaning, painting, repairs, inspections. Make-ready speed directly impacts vacancy loss. In NetSuite, tracked as a case/work order with configurable task checklists and vendor assignments. |
| 63 | Rentable Square Footage (RSF) | The total area a tenant pays rent on, including their usable space plus a proportional share of common areas (calculated using a load factor per BOMA standards). The basis for pro-rata CAM allocation in NetSuite billing. |
| 64 | Usable Square Footage (USF) | The space exclusively used by the tenant — their private office, suite, or unit. Does not include common areas. Stored as a field on the unit/space custom record in NetSuite. |
| 65 | Load Factor / Common Area Factor | The ratio of rentable square footage to usable square footage. A 1.15 load factor means a tenant pays for 15% more square footage than they exclusively occupy. Defined by BOMA standards. |
| 66 | Net Absorption | The net change in occupied square footage over a period. Positive absorption means more space was leased than vacated. A key market health indicator tracked through period-over-period occupancy reports. |
| 67 | Utility Pass-Through | Billing tenants for their share of utility costs — electricity, water, gas either through sub-metering or allocation formulas. In NetSuite, utility pass-throughs are configured as separate billing line items linked to the lease record. |
| 68 | Sub-Metering | Installing individual meters for each tenant's utility consumption, allowing precise billing based on actual usage rather than allocation. Meter readings feed into NetSuite billing records for accurate invoicing. |
| 69 | Curb Appeal | The visual attractiveness of a property from the exterior. Directly impacts leasing velocity and tenant perception. Relevant to marketing and property improvement budgets tracked in NetSuite. |
| 70 | Certificate of Occupancy (CO) | A government-issued document confirming a building meets all building codes and is safe for habitation. Required before tenants can legally occupy a new or renovated space. |
Compliance & Regulatory Terms
| # | Term | Definition |
|---|---|---|
| 71 | ASC 842 | The US GAAP lease accounting standard (effective for public companies since 2019, private since 2022) requiring operating leases to be recorded on the balance sheet as right-of-use assets and lease liabilities. In NetSuite, ASC 842 compliance is typically managed through SuiteApps such as NetLease by Netgain. |
| 72 | IFRS 16 | The international lease accounting standard (effective since 2019) with similar requirements to ASC 842 — substantially all leases go on balance sheet. Applies to companies reporting under IFRS. NetSuite supports dual reporting through multi-book accounting. |
| 73 | Right-of-Use (ROU) Asset | Under ASC 842/IFRS 16, the lessee's right to use the leased asset is recorded as an asset on the balance sheet, measured as the present value of lease payments plus adjustments. |
| 74 | Lease Liability | The lessee's obligation to make future lease payments, recorded as a liability under ASC 842/IFRS 16. Measured at the present value of remaining lease payments. |
| 75 | ASC 606 | Revenue recognition standard governing how and when revenue from contracts with customers is recognized. Applies to real estate service revenue, management fees, and non-lease components. NetSuite's Advanced Revenue Management module automates ASC 606 compliance. |
| 76 | GAAP (Generally Accepted Accounting Principles) | The standard framework of accounting rules in the United States. All financial statements in NetSuite for US property companies should comply with GAAP. |
| 77 | IFRS (International Financial Reporting Standards) | The global accounting framework used outside the US. NetSuite supports dual-GAAP and IFRS reporting through multi-book accounting, allowing the same transactions to be reported under both frameworks. |
| 78 | Fair Housing Act | US federal law prohibiting discrimination in housing based on race, color, national origin, religion, sex, familial status, or disability. Governs all tenant screening, marketing, and leasing decisions. |
| 79 | ADA Compliance | Requirements under the Americans with Disabilities Act for accessible design and reasonable accommodations in commercial and multifamily properties. |
| 80 | Environmental, Social, and Governance (ESG) | A framework for evaluating a company's sustainability and ethical practices. Increasingly required in investor reporting for institutional real estate portfolios. NetSuite supports ESG reporting through custom KPI dashboards and SuiteAnalytics. |
| 81 | SOX Compliance | Sarbanes-Oxley Act requirements for internal financial controls and audit trails. Applies to publicly traded REITs and property companies. NetSuite's role-based access controls, audit logging, and Financial Exception Management support SOX requirements. |
| 82 | Section 8 / Housing Choice Voucher | A federal program where the government pays a portion of a qualifying tenant's rent directly to the landlord. Requires split billing (HAP payment + tenant portion) tracked separately in NetSuite against the same lease record. |
| 83 | Rent Control / Rent Stabilization | Local laws limiting how much landlords can increase rent annually. Varies by jurisdiction. Must be tracked per unit in the lease record to prevent non-compliant escalations in NetSuite's billing schedules. |
Insurance & Risk Terms
| # | Term | Definition |
|---|---|---|
| 84 | Certificate of Insurance (COI) | A document from an insurance provider confirming a vendor's or tenant's active coverage, policy limits, and named insured. Property managers collect COIs from every vendor and many tenants. In NetSuite, COI expiration dates are tracked on vendor or tenant records with automated alerts via SuiteFlow before coverage lapses. |
| 85 | General Liability Insurance | Coverage protecting the property owner against claims of bodily injury or property damage occurring on the premises. Typically required in lease agreements and vendor contracts. |
| 86 | Property Insurance | Coverage for physical damage to the building and its systems from covered perils (fire, storms, vandalism). The landlord's core insurance policy. Premiums are often passed through to tenants in NNN leases as an operating expense. |
| 87 | Umbrella / Excess Liability Policy | Additional liability coverage that kicks in when underlying policy limits (general liability, auto, employers' liability) are exhausted. Common for property companies with large portfolios or high-traffic commercial assets. |
Investment & Portfolio Terms
| # | Term | Definition |
|---|---|---|
| 88 | Real Estate Investment Trust (REIT) | A company that owns, operates, or finances income-producing real estate and distributes at least 90% of taxable income to shareholders. NetSuite supports REIT fund structures through OneWorld multi-entity architecture. |
| 89 | Funds from Operations (FFO) | Net income plus depreciation and amortization, minus gains on property sales. The standard REIT performance metric, as defined by NAREIT. More meaningful than net income for real estate because depreciation is a non-cash charge on appreciating assets. In NetSuite, FFO is calculated through custom financial reports that adjust net income at the fund/parent subsidiary level. |
| 90 | Adjusted Funds from Operations (AFFO) | FFO minus recurring capital expenditures and straight-line rent adjustments. Considered the closest measure of a REIT's true recurring cash flow. In NetSuite, AFFO reports pull CapEx data from Fixed Asset Management and straight-line rent adjustments from lease accounting records. |
| 91 | Net Asset Value (NAV) | Total assets minus total liabilities. For real estate funds, NAV is typically calculated using market-value appraisals rather than book value. In NetSuite, NAV reporting combines balance sheet data with custom valuation records at the fund subsidiary level. |
| 92 | Special Purpose Vehicle (SPV) | A separate legal entity (usually an LLC) created to hold a specific property or group of properties. Isolates financial risk. Each SPV is typically configured as a subsidiary in NetSuite OneWorld with its own P&L, balance sheet, and bank accounts. |
| 93 | Limited Partner (LP) | An investor in a real estate fund who provides capital but has no management authority. LP reporting distributions, K-1s, capital account statements is tracked through custom records or NSPB models linked to the fund subsidiary in NetSuite. |
| 94 | General Partner (GP) | The managing partner in a real estate fund who makes investment decisions and manages operations. Typically earns management fees and a promoted interest (carried interest). GP fee calculations are tracked as intercompany transactions in NetSuite OneWorld. |
| 95 | Waterfall Distribution | The structured sequence in which cash flow and profits are distributed among partners — typically: return of capital, preferred return to LPs, then profit splits at escalating GP percentages. In NetSuite, waterfall logic is modeled through custom records or NSPB scenarios with configurable tier thresholds. |
| 96 | Preferred Return (Pref) | The minimum return LPs receive before the GP participates in profits. Typically 6-8% in real estate private equity. In NetSuite, preferred return calculations are tracked through custom fund performance records or NSPB models within the fund entity. |
| 97 | Equity Multiple | Total distributions received divided by total equity invested. A 2.0x equity multiple means the investor doubled their money. In NetSuite, tracked through custom reports at the fund subsidiary level comparing cumulative distribution records against capital contribution records. |
| 98 | Disposition | The sale of a property from the portfolio. Requires careful accounting for gain/loss on sale, depreciation recapture, and investor distribution calculations. In NetSuite, dispositions are processed through the Fixed Asset Management module (for the asset) and custom journal entries (for fund-level gain/loss allocation). |
| 99 | Due Diligence | The investigation process before acquiring a property financial review, physical inspection, environmental assessment, lease audit, title search. In NetSuite, due diligence milestones are tracked as opportunity stages in CRM, with document management for inspection reports, title work, and environmental assessments linked to the deal record. |
| 100 | Acquisition Cost | The total cost to purchase a property, including purchase price, closing costs, legal fees, inspection fees, and financing costs. Recorded as the initial fixed asset value in NetSuite's Fixed Asset Management module at the property subsidiary level and depreciated according to the asset's classification and useful life. |
NetSuite Platform Terms
| # | Term | Definition |
|---|---|---|
| 101 | NetSuite OneWorld | NetSuite's multi-subsidiary management module enabling a single instance to manage multiple legal entities, currencies, and tax jurisdictions. Essential for property companies with multiple SPVs or properties across regions. |
| 102 | Subsidiary | A legal entity within the NetSuite OneWorld hierarchy. In property management, each property, SPV, or fund is typically configured as a subsidiary for financial isolation and reporting. Not the same as a "property" a single subsidiary may contain multiple properties, or one property may be its own subsidiary, depending on the legal structure. |
| 103 | SuiteApp | A third-party or custom application built on the NetSuite platform, available through the SuiteApp Marketplace. Property management SuiteApps include RIOO, Re-Leased, Propertese, CloudTamers, and SuiteWorks Tech. A SuiteApp is the product — it is delivered to your NetSuite instance as a bundle (see #138). |
| 104 | SuiteFlow | NetSuite's visual workflow engine for automating business processes — approval routing, email notifications, record status changes, escalation rules. Powers automated lead-to-lease, maintenance dispatch, and renewal workflows in property management. |
| 105 | SuiteScript | NetSuite's JavaScript-based programming language for custom business logic custom validations, automated calculations, integrations, and triggered actions. Used to build property-specific automations beyond standard SuiteFlow capabilities. |
| 106 | SuiteAnalytics | NetSuite's built-in reporting and analytics engine including saved searches, reports, dashboards, and the Analytics Warehouse. The primary tool for building property management KPI dashboards and rent rolls. |
| 107 | Saved Search | A custom query in NetSuite that retrieves, filters, and calculates data across any record type. The workhorse of NetSuite reporting used to build occupancy reports, rent rolls, A/R aging, CAM reconciliation summaries, and maintenance KPIs. |
| 108 | Custom Record | A user-defined data structure in NetSuite for storing information not covered by standard records. Property management implementations use custom records for properties, units, spaces, lease terms, and tenant attributes. Creates an entirely new record type with its own fields, forms, and permissions. |
| 109 | Custom Field | An additional data field added to any standard or custom record. Used to store property-specific data unit type, square footage, lease classification, pet policy without modifying NetSuite's core architecture. Unlike a custom record, a custom field extends an existing record rather than creating a new one. |
| 110 | Role-Based Access Control (RBAC) | NetSuite's permission system controlling what each user can see and do based on their assigned role. Property managers see only their assigned properties; CFOs see portfolio-wide data; analysts get read-only access. Critical for SOX compliance and MCP security governance. |
| 111 | Dashboard | A personalized landing page in NetSuite displaying KPIs, reports, shortcuts, and alerts. Role-based dashboards are configured differently for property managers (occupancy, maintenance) vs. controllers (close progress, A/R aging) vs. executives (NOI, portfolio performance). |
| 112 | SuiteBilling | NetSuite's subscription and recurring billing module. Used in property management for automated rent invoicing, escalation billing, and recurring charge management. |
| 113 | Bill Capture | NetSuite's AI-powered invoice processing module that uses ML and OCR to extract data from vendor invoices, auto-populate bill records, and match to purchase orders. Add-on module — not included in the base platform. |
| 114 | Narrative Insights | NetSuite's AI feature that generates plain-language summaries from financial and operational reports with one click. Includes citations to the underlying data. Useful for investor reporting and board-level portfolio narratives. |
| 115 | Text Enhance | NetSuite's generative AI tool (introduced 2024.1) for drafting and refining content within record fields — tenant communications, vendor letters, journal explanations. Customizable via Prompt Studio (available since 2025.1). |
| 116 | AI Connector Service (MCP) | NetSuite's integration layer using Model Context Protocol to connect external AI systems (Claude, ChatGPT) directly to ERP data within role-based security. Introduced mid-2025. Requires dedicated MCP role — admin accounts cannot connect directly. |
| 117 | Financial Exception Management | AI-powered feature that continuously scans financial data to detect transaction anomalies — duplicates, misclassifications, unusual patterns — and suggests corrective actions. Limited release as of early 2026. Requires approximately 18 months of historical data for model training. |
| 118 | Intelligent Close Manager | AI-powered close monitoring tool (shipping 2026.1) that tracks close progress, highlights trends and errors, surfaces net income impact, and provides drill-down into transactional data. |
| 119 | Payment Date Prediction | ML-based feature that forecasts when invoice payments are likely to arrive based on each customer's historical payment patterns. Appears directly on invoice records with predicted date and estimated overdue days. |
| 120 | NetSuite Planning and Budgeting (NSPB) | Enterprise performance management module for scenario modeling, rolling forecasts, driver-based planning, and AI-powered analytics via Intelligent Performance Management (IPM). Separately licensed. See budgeting guide |
Tenant Management Terms
| # | Term | Definition |
|---|---|---|
| 121 | Tenant Screening | The process of evaluating a prospective tenant's credit history, rental history, income, and background before lease approval. Automated in NetSuite through integrated screening providers via SuiteFlow, with results posted directly to the application record. |
| 122 | Tenant Portal | A self-service web interface where tenants can pay rent, submit maintenance requests, view lease documents, and communicate with management. Typically provided through SuiteApps or integrated third-party platforms connected to NetSuite. |
| 123 | Tenant 360 View | A comprehensive record in NetSuite showing all tenant-related data in one place — lease terms, payment history, maintenance requests, communications, and account balance. Built using custom dashboards and related record sublists. |
| 124 | Rent Collection Efficiency | The percentage of billed rent actually collected in a given period. Calculated as total rent collected divided by total rent billed. A core KPI for cash flow management, tracked in NetSuite through saved searches comparing payment receipts against invoice totals. |
| 125 | Delinquency Rate | The percentage of outstanding rent that is past due beyond the grace period. Tracked in NetSuite through A/R aging reports filtered by tenant and property. |
| 126 | Late Fee | A charge applied when rent is not received by the due date plus any grace period. In NetSuite, late fee rules are configured per lease and applied automatically by billing workflows or SuiteFlow scripts. |
| 127 | Grace Period | The number of days after the rent due date before late fees are assessed. Typically 3-5 days for residential, negotiated for commercial. Configured as a field on the lease record in NetSuite. |
| 128 | Guarantor | A person or entity (often a parent company or family member) who guarantees the tenant's lease obligations. Common in student housing and startups. Guarantor records are linked to the tenant record in NetSuite for billing and communication purposes. |
| 129 | Lease Renewal Rate | The percentage of tenants who renew their lease at expiration. A primary indicator of tenant satisfaction and property quality. Higher renewal rates directly reduce turnover costs. Tracked in NetSuite through saved searches comparing renewed leases against total expirations per period. |
Technology & Integration Terms
| # | Term | Definition |
|---|---|---|
| 130 | Enterprise Resource Planning (ERP) | An integrated software platform managing core business functions — accounting, procurement, operations, reporting — in a single database. NetSuite is a cloud ERP. See digital transformation guide |
| 131 | Property Management System (PMS) | Software specifically designed for property operations — leasing, maintenance, tenant communications. Examples: Yardi, AppFolio, Buildium. Differs from ERP in lacking enterprise financial depth. Many property companies are replacing standalone PMS tools with NetSuite + SuiteApps to eliminate the PMS-to-ERP integration gap. |
| 132 | SuiteCloud Platform | NetSuite's development framework encompassing SuiteScript, SuiteFlow, SuiteTalk (APIs), SuiteBuilder, and SuiteAnalytics. The foundation for all customization and integration in NetSuite. |
| 133 | RESTlet | A SuiteScript-based API endpoint for custom integrations with NetSuite. Used to connect external property management tools, tenant portals, and IoT systems to NetSuite data. |
| 134 | Model Context Protocol (MCP) | An open standard (originally developed by Anthropic) for connecting AI systems to data sources. NetSuite's AI Connector Service uses MCP to bridge external AI models to ERP data within role-based security. |
| 135 | CSV Import | NetSuite's native tool for bulk-importing data from spreadsheet files. Used during migration for loading property records, tenant data, historical balances, and lease terms. Critical during go-live — data quality here determines system accuracy from day one. |
| 136 | SuiteTalk (Web Services) | NetSuite's SOAP and REST-based API for system-to-system integration. Used for connecting CRM platforms, banking systems, utility providers, and property listing sites to NetSuite. |
| 137 | Sandbox | A copy of your NetSuite production environment used for testing configurations, customizations, and SuiteApp installations without affecting live data. Essential before deploying property management changes to production. |
| 138 | Bundle | A packaged set of NetSuite customizations (scripts, workflows, records, fields) that can be installed as a unit. SuiteApps are delivered as bundles. A bundle is the delivery mechanism — the SuiteApp is the product. Installing a bundle does not automatically mean you have a full SuiteApp's functionality; configuration is still required. |
| 139 | IoT (Internet of Things) | Connected sensors and devices in buildings — smart thermostats, water leak detectors, energy meters — that feed real-time data into property management systems for monitoring and predictive maintenance. Data from IoT devices can flow into NetSuite through RESTlets or middleware for work order triggers. |
FAQs
Q1. What is NOI in property management?
Net Operating Income — total property revenue minus operating expenses, excluding debt service, depreciation, and taxes — the primary metric for property valuation and performance.
Q2. What does CAM mean in real estate?
Common Area Maintenance — shared building expenses (lobbies, landscaping, security, parking) allocated to tenants based on their pro-rata share of rentable square footage.
Q3. What is a SuiteApp in NetSuite?
A third-party or custom application built natively on the NetSuite platform that extends its functionality for specific industries or use cases like property management.
Q4. What is the difference between a gross lease and a NNN lease?
In a gross lease the landlord pays operating expenses from the rent collected; in a NNN lease the tenant pays base rent plus property taxes, insurance, and CAM directly.
Q5. What is ASC 842 and why does it matter for property management?
The US GAAP lease accounting standard requiring operating leases to appear on the balance sheet as right-of-use assets and lease liabilities, affecting every property company's financial statements.
Why This Glossary Exists
If you've read this far, you already know - property management ERP implementation fails more often from miscommunication than from bad software. When your implementation partner says "subsidiary" and your operations team hears "property," configuration goes sideways. When your CFO says "NOI" and the report shows EBITDA, investor confidence drops.
RIOO built this glossary from real implementation experience - the terms that cause confusion, the definitions that need property-management context, and the NetSuite-specific vocabulary that every real estate operator needs to speak fluently.
Bookmark this page. Share it with your team before your next NetSuite planning session.
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