NetLoan - Payment Application Script Setup

Purpose

The NetLoan Payment Application Script automates the process of applying NetSuite Customer Payments to individual loans based on a predefined hierarchy. It ensures that NetSuite Customer Payments are systematically allocated to loans according to priority, generates corresponding NetLoan Payment records, creates invoices, and applies NetSuite Customer Payments to invoices within NetSuite.


Step-By-Step Setup Guide

1. Pre-Setup Requirements

  • Ensure you have NetSuite access with the required permissions.

  • Identify unapplied customer payments that need to be allocated to loans.

2. Create a Saved Search for Payment Hierarchy

  • Navigate to Lists > Search > Saved Searches > New.

  • Select NetLoan Loan Record as the base record.

  • Name the search (e.g., NetLoan Payment Application Hierarchy).

  • Set the Sort Criteria to determine payment allocation priority

  • If more than 3 hierarchies are needed, create additional saved searches and exclude loans accordingly.

  • Save and run the search to verify results.

3. Configure the NetLoan Payment Type

  • Go to NetLoan Payment Type Settings.

  • Ensure the correct Parent Type is selected (e.g., Principal Adjustment Payment).

  • Set Override Calculation Type to Default to prevent system overrides.

  • Enable Auto-Generate Bill on Creation to speed up the invoice generation process.

4. Deploy the Payment Application Script

  • Navigate to Customization > Scripting > Scripts.

  • Search for NetLoan Automated Jobs MR script and open it.

  • Go to the Deployments tab and find NetLoan - Automatic Payment Application MR.

  • Open the deployment and configure the Schedule:

    • For testing, select Single Event.

    • For automation, choose a suitable frequency (e.g., daily or every 15 minutes, depending on transaction volume).

5. Configure Script Parameters

  • In the Parameters section, set:

    • Apply Payments Loan Sort Search: Select the saved search created in Step 2.

    • Apply Payments Payment Type: Choose the custom payment type from Step 3.

6. Execute & Verify the Script

  • To manually trigger the script, select Save & Execute.

  • Check that payments are applied correctly and invoices are generated.

  • If using multiple saved searches, ensure a second script deployment is created and linked.

This setup ensures seamless application of customer payments to loans, improving efficiency and reducing manual intervention in NetSuite.

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