NetLoan - Automated Loan Record Creation From Sales Order (General)
Overview
NetLoan Loan records can be created to finance a Sales Order either as an automated NetLoan process or manually/via API integration. This article focuses on the NetLoan automation process.
Prerequisites:
- You must have selected the appropriate Source Transaction settings found on the "Loan Origination" tab of the NetLoan Setup page.
- You must have previously enabled the "Financing Option" feature on the "System Features" tab of the "NetLoan Setup page.
- Make sure that "Financing Option" is not selected in the "Auto Approve Transactions" multiselect on the "General" tab of the "NetLoan Setup" page. If it is selected, the financing options will not be displayed on the sales order. To unselect it from the mutiselect, click "Financing Option" while holding the control/command button.
- You must have previously set up Financing Options as templates, selected a NetLoan Financing Option on the Sales Order, and approved the NetLoan Financing Option on the Sales Order.
Navigation
- Navigate to Transactions > Sales > Enter Sales Order > List.
- Then, view the sales order from which you would like to create.
- NetLoan Loan records used to finance the Sales Order are shown on the "NetLoan" tab under the NG Loan field and Loan column in the Financing Option sublist.
Step-By-Step Instructions
- The creation of a NetLoan Loan record to finance the Sales Order is triggered once the NetLoan Financing Option selected on the Sales Order is approved.
One or multiple NetLoan Loan records will be created in a "Pending" status indicating that the loan records are still subject to changes. The following fields on the loan record will be sourced from the Sales Order:
Loan Field Sourced From Calculation Initial Loan Balance Sales Order Transaction Amount Down Payment Customer Deposit SUM of Customer Deposits Subsidiary Sales Order Subsidiary Location Sales Order Location Borrower Sales Order Customer Source Sales Order Sales Order Transaction ID Financing Option Financing Option Name
All other loan fields will need to be sourced from the selected NetLoan Financing Option or the Loan Type selected on teh financing option.
Whether one or multiple loan records are created intitially will depend on whether the "Create Loan for Each Line of Source Transaction" checkbox is selected on the "Loan Origination" tab of the "NetLoan Setup" page. If selected, a loan record will be created for each line on the Sales Order
All of the settings and terms from the approved NetLoan Financing Option will immediately be sourced to the new loan record
Depending on the selected "Default Origination Date From" option on the "Loan Origination" tab of the "NetLoan Setup" page the "Origination Date" will later be updated upon fulfillment or invoicing of the Sales Order. The "Initial Payment Date" and "Maturity Date" will also be dynamically updated to maintain the same "Payment Day" and "Term".
The total amount on the Sales Order to be financed can be split out into multiple loans upon partial shipment or partial billing of the Sales Order if the below Source Transaction Settings are selected on the "Loan Origination" tab of the "NetLoan Setup" page. This is helpful when the loan for a partial shipment needs to commence before the remainder is shipped and therefore needs to be broken out into multiple loans.
The loans will automatically transition to the "Commenced" status upon shipment of the Sales Order or upon creation of the Sales Order Invoice if either the "Commence Loan on Shipment of Source Transaction" or "Commence Loan on Billing of Source Transaction" checkboxes are selected on the "Loan Origination" tab of the "NetLoan Setup" page.
If the "Automate Invoicing of Source Transaction" checkbox is selected on the "Loan Origination" tab of the "NetLoan Setup" page then NetLoan will generate the Sales Order Invoice automatically upon posting of the Initial Loan Balance entry.
If the "Automate Payment of Source Transaction" checkbox is selected on the "Loan Origination" tab of the "NetLoan Setup" then NetLoan will generate the Customer Payment paying off the Sales Order Invoice automatically upon posting of the Initial Loan Balance entry.
Note that in all of the above processes the Sales Order will still need to be manually fulfilled.
Your loan is now active and can be serviced as normal.
For more details on the setup of the Source Transaction Settings that dictate the behavior of the above automation view the "Source Transaction Settings For Financing Options" article.