NetLoan - Accounts Payable Process Guide
Overview
Accounts Payable records loan transactions through Vender Bills that require specific treatment in order for the GL and the NetLoan subledger to integrate.
Prerequisite:
1. NetLoan Loan Types and Chart of Accounts have been configured.
2. Vender Bill customization and configuration.
Pre-Commencement Transactions
When Accounts Payable records origination fees or down payments, the transaction must debit/credit the Loan Proceeds & Orig. Fees Clearing account and tag the related loan.
Step By Step Process
- Navigate to your preferred vendor bill form
- Enter in all the desired primary information
- Enter the Loan Proceeds & Orig. Fees Clearing Account on the expense line of the vendor bill.
- Tag the loan on the expense line of the vendor bill.
- The vendor bill will now be tagged to the related records subtab of the loan
- Navigate to the loan record and select on the Related Records subtab
Monthly Loan Payments
When Accounts Payable records monthly loan payments, the transaction must debit the Loan Payment Payable Clearing account and tag the related lease.
Step By Step Process
- Navigate to your preferred vendor bill form
- Enter in all the desired primary information
- Enter the Loan Payment Payable Clearing Account on the expense line of the vendor bill.
- Tag the loan on the expense line of the vendor bill.
- The vendor bill will now be tagged to the related records subtab of the loan
- Navigate to the loan record and select on the Related Records subtab
- For more information on reconciliation reports of the loan related clearing accounts per the GL and the NetLoan subledger view the Loan Payable Clearing Account Reconciliation article.