NetLoan 2023.1

NETLOAN VERSION 2023.1 KEY UPDATES

  • Loan Calculation
    • Variable Rate Indexes
      • New custom record, NetLoan Rate Index, allows users to upload rates to an index record and leverage automated modifications to have loans with the index automatically uptake the rate changes.
    • Recalculation Timing
      • Define when to run schedule recalculation of the loan's payment, rate, or balloon/term via the "Default Calculation Timing" field on NetLoan Setup.
      • Previously the loan was always recalculated on field change, but now there is the option to run this "On Save" of the loan or "Never". For the "On Save" and "Never" options there is also the introduction of a "Recalculate" button on the loan to facilitate ad-hoc loan recalculations.
      • This can be overridden at the loan type level via the "Loan Calculation Timing" field.
    • Override of Payment Timing at the Loan Level
      • New field on the loan record, "Default Payment Time of Day", allows users to have loans of the same type paid at the beginning or the end of the day.
    • Beginning Accumulated Accrued Interest
      • Specify accumulated interest already accrued at the start of the loan for a simpler go-live of mid-life loans.
  • Loan Management
    • Payment and Rate Registers
      • Navigate to NetLoan > Loan Management > Payment Register to view all NetLoan payment records in the system
      • Navigate to NetLoan > Loan Management > Rate Register to view all NetLoan payment records in the system
    • New "Delete Rates" option added to the Time Machine that allows a user to delete all "NetLoan Rate" records created from the selected loans
  • Transaction Processing
    • New global setting, "Monthly Journal Filtering Preference", allows users to specify whether they'd prefer to run monthly amortization journals by accounting period (this is the default) or by date range (helpful for loans with weekly payments).
    • New fields on the NetLoan Type record, "Loan Payment Interest Item" and "Loan Payment Principal Item", allow lenders to split out the payment into it's principal and interest components on client invoices.
  • Reporting
    • New "Run" buttons on report listing allow users to inline edit the report listing while still being able to run the report with 1 click.
    • Scripted waterfall reports updated to pull convert amounts using the consolidated exchange rate table as of the day before the From Date filter
    • Loan Balance Roll Forward Report updates:
      • New option to configure the Loan Balance Roll Forward Report to display a "Payments" column.
      • Opt-in checkbox to show reversing transactions on the Loan Balance Roll Forward Report so that Loan Liability/Receivable can be separated out into its short-term and long-term components.
    • New "Loan Balance Waterfall Report" to show the draw down of the loan balances over time

WHAT DO YOU NEED TO DO?

  • Your NetSuite Administrator should use the instructions outlined here to update the bundle
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