NetLoan 2023.2

NETLOAN VERSION 2023.2 KEY UPDATES

  • Schedule Generation
    • Quarterly and Annual Interest Capitalization
      • New Interest Capitalization Frequency type, Quarterly and Annual, allow interest to be capitalized based on the calendar year
    • 360/360 Day Count Convention
      • New Day Count Convention, 360/360, added as a close alternative to the 30/360 day count convention
        • Full months will have their interest calculated as ((loan principal * interest rate) /12)
        • Partial months will use the full month calculation, but multiplied by (actual number of days held / number of days in the specific month)
    • Schedule Period Numbering Precision
      • Navigate to NetLoan > NetLoan Setup > System Setup to update the "Schedule Period Numbering Precision"
        • This number is the number of decimal places to go out to when numbering schedule line activity within the same period (e.g. 3.1, 3.2 vs. 3.01, 3.02)
        • 1 decimal place precision is normally all that is needed, however, if you anticipate more than 9 unique payments within a single calendar period 2 decimal place precision may be necessary
  • Modifications
    • New modification type, Refund, allows users to completely reverse out all loan balances to date and refund payment made to date back to the borrower
  • Transaction Processing
    • Added support for posting of accumulated accrued interest on the go-live journal entry
  • Customer Statements
    • Navigate to NetLoan > Mass Update Loans > Generate Statements to create create and email customer statements in bulk
    • Navigate to NetLoan > NetLoan Setup > Manage Statement Templates to create a custom statement template to send to borrowers
  • Summarized Amortization
    • Contact your account manager to inquire about enabling summarized amortization if you loan volume qualifies you
  • Managed Bundle Upgrades
    • Navigate to NetLoan > NetLoan Setup > System Setup and open the new "Manage Upgrades" subtab to control the frequency with which upgrades to the product are pushed out as well as who receives release notes
  • Minor Updates
    • Added lender/borrower filters to paginated selection pages
    • Remaining Payment calculation updated to take down payments into effect
    • Navigate to NetLoan > NetLoan Setup > System Setup to opt into applying the down payment to the loan balance by checking the "Apply Down Payment to Loan Balance" checkbox
    • New "Previous Payment" and "Next Payment" fields added to the loan record to quickly show the user the recent/upcoming activity on the loan based on the current date
    • Various bug fixes (see minor release notes)
  • Fully tested for the NetSuite 2023.2 Release

WHAT DO YOU NEED TO DO?

  • Your NetSuite Administrator should use the instructions outlined here to update the bundle
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