NetLoan - Automated Billing
Overview
NetLoan allows for automated billing/invoicing. Enabling this feature allows bills/invoices to be generated in bulk based on loan payments.
PREREQUISITES
The automated Billing feature must be enabled in NetLoan Setup by following the instructions below:
- Navigate to NetLoan > NetLoan Setup > System Setup
- Select the checkbox next to Automated Billing
Item Set Up
Please note that this section is optional as the system will automatically create a bill using the clearing account if an item is not needed.
- Create a non-inventory item. Navigate to Lists > Accounting > Items > New. Under the Non-inventory Item section, select For Purchase or For Sale depending on whether it is a bill or invoice.
- Enter the name of the billing item and any tagging information desired. Under the Accounting subtab, enter the loan payment payable clearing account as the Expense Account and the tax schedule associated with the item. Additional bill/invoice customizations can be selected if wanted. Once complete, click Save.
- Attach the loan item to each loan type. Navigate to NetLoan > NetLoan Setup > Manage Loan Type. Select Edit next to the loan type. Select the invoice item as the Loan Payment Billing Item.
- If using non-loan payments, select the same invoice item for the non-loan payment billing item.
- Verify a lender is linked to each loan. Add a lender by editing the loan record and selecting the relevant lender for the loan.
STEP-BY-STEP PROCESS OF GENERATING BILLS/INVOICES
- Navigate to NetLoan > Process Monthly Transactions > Monthly Bills. Select the period you would like to create the bills/invoices for, filter for the desired loans, and press Generate Transactions.
Multiple Selection
NetLoan allows the selection of multiple loans and payments for the same loan within a given period. The system will create an individual bill for each payment on a loan.
- Click Refresh until the Processing Status shows as Complete. Click on the hyperlink to view the bill.