NetLoan - Auto-generate payoff invoice
Overview
NetLoan can automatically generate the final invoice (or vendor bill) for a loan once a Pay Off Remaining Balance modification finishes processing. This removes the manual step of billing the paid-off loan through Process Monthly Transactions, so a loan can be closed out end to end without user intervention.
The feature is opt-in and is controlled at three levels:
| Level | Setting | Purpose |
|---|---|---|
| Global | Allow Auto-Generation of Bill From Payoff Modification (NetLoan Setup) | Turns the feature on for the account |
| Loan Type | Auto-Generate Payoff Invoice | Sets the default for loans of that type |
| Modification | Automatically Generate Invoice / Automatically Generate Bill | Controls whether this specific payoff generates the transaction |
For lender loans the modification checkbox is labeled Automatically Generate Invoice; for borrower loans it is labeled Automatically Generate Bill.
Key assumptions
- The loan payoff is recorded with a Pay Off Remaining Balance modification.
- Invoice or vendor bill generation is already configured for the loan type (the same setup used by Process Monthly Transactions).
Step-by-step process
Enable the feature globally
- Navigate to NetLoan > Setup > NetLoan Setup.
- In the Modification section, check Allow Auto-Generation of Bill From Payoff Modification.
- Click Save.
Set the default on each loan type
- Open the loan type you want to configure.
- Check Auto-Generate Payoff Invoice to default payoffs on loans of this type to auto-generate the invoice. Leave it unchecked to default to off.
- Click Save.
Existing loan types are not updated automatically
When the global setting is on, new loan types created in the NetSuite UI default Auto-Generate Payoff Invoice to checked. Existing loan types are not changed - check the box on each loan type that should use the feature.
Process the payoff
- On the loan, create a Pay Off Remaining Balance modification as usual.
- Confirm Automatically Generate Invoice (lender) or Automatically Generate Bill (borrower) is set as intended. It defaults to checked when both the global and loan type settings are on; uncheck it to skip auto-generation for this payoff only.
- Submit the modification.
When the modification finishes processing, NetLoan creates the invoice or vendor bill for this loan’s payoff period and links it to the payoff line on the amortization schedule. You don’t need to bill this loan’s payoff through Process Monthly Transactions. Keep running Process Monthly Transactions as usual for your other loans.
Limitations / things to be aware of
- Auto-generation applies only to Pay Off Remaining Balance modifications. Refund and Refinance modifications still require Process Monthly Transactions.
- When the global setting is off, the Loan Type and modification checkboxes are hidden and payoff invoicing remains a manual step.
- Loan types created by CSV import or other non-UI methods do not pick up the global default; set Auto-Generate Payoff Invoice on them directly.
Record structure
| Field Name | Field Type | Description | Example | Field ID |
|---|---|---|---|---|
| Allow Auto-Generation of Bill From Payoff Modification | Checkbox | Global switch for the feature (NetLoan Setup) | Checked | custrecord_da_gbl_auto_payoff_inv |
| Auto-Generate Payoff Invoice | Checkbox | Loan type default for payoff auto-generation | Checked | custrecord_da_type_auto_payoff_inv |
| Automatically Generate Invoice / Bill | Checkbox | Per-payoff override on the modification | Checked | custrecord_da_mod_auto_bill |
