NetLoan - Loan Statuses
Overview
Loan records have an assigned status that represents one of the various stages a loan record may be in. These statuses allow/disallow certain functionality to be performed on the loan record (making edits, generating journal entries, etc.).
Loan Statuses
The statuses that a loan record may be in are:
Pending: The loan record has been created but not yet commenced. No accounting entries have been posted and it has no GL impact yet. A loan sits here after creation (or after a full rewind via the Time Machine, which reverts it to Pending and deletes prior transactions). Modifications aren't allowed in this state.
Commenced: The active, live state. The loan has been commenced (schedule generated and initial entries posted), so it's accruing interest, generating journal entries, and eligible for billing, modifications, transfers, and statements. This is where a healthy loan spends most of its life. For revolving loans, a loan type setting "Stay Commenced When Fully Paid" can keep it Commenced even after the balance hits zero.
Fully Amortized: The loan has reached the end of its schedule: both the principal balance and any accumulated accrued interest have been reduced to zero through the normal amortization schedule. It remains GL-active for final processing. The loan may not be fully paid off at this point in that the associated invoices may not yet be paid.
Fully Refunded: Set when a refund is processed against the loan (including a full refund of a fully amortized loan). The refund journal books and the loan is closed out.
Ready to Refinance: An interim/staging state. A Refinance modification prepares loans by moving them into Ready to Refinance; the user then runs NetLoan > Mass Update Loans > Refinance Loans to complete the process, at which point they become Refinanced. It stays GL-active while awaiting the refinance run.
Refinanced: A terminal state for a "child" loan that has been merged into a new (parent) loan via the Refinance process. A loan only moves to Refinanced once both the refinance journal has been created and the new parent loan exists.
