NetLoan - Mass Create Go-Live Transition Journals
Once all loans commenced, they are ready for transition entries, a one-time setup task which books the loans to the general ledger.
STEP BY STEP PROCESS
- Navigate to the Run Transition Journals page by selecting NetLoan > NetLoan Setup > Run Go-Live Journals
- The period filter will default to the period containing the transition date set on the NetLoan System Setup page. All other filters are optionally available to run on a subset of loans. When you’re ready, click Run Transition Journals to initiate the journal creation process.
- You can monitor the status on the subsequent page, periodically refreshing until the status has changed to Complete. Any journals generated will appear on the Batch Summary sublist.
- Click the link to the NetLoan Transition entry in the Journal Entry column of the Batch Summary to reveal the GL impact
- Debit Loan Type’s “Cap. Loan Orig. Fees Account - Current” for the NetLoan Schedule Entry’s prior period “Loan Origination Fee Balance”
- Credit Loan Type’s “Loan Liability Long Term Account (Primary)” for the NetLoan Schedule Entry’s prior period “Loan Balance”
- Credit Loan Type’s “Transition Entry Clearing Account” for the difference between the “Loan Origination Fee Balance” and the “Loan Balance”
- The loan itself will have the period containing the transition date split out into two to NetLoan Loan Schedule Entries to record the NetLoan Transition Entry and the normally scheduled NetLoan Amortization Entry