NetLoan - Run Go-Live Journals
Once loans are commenced, they are ready for go-live entries, a one-time setup task which books the loans to the general ledger. See our Go-Live Overview to make sure you're ready.
STEP BY STEP PROCESS
Navigate to the NetLoan run go-live journals page by selecting NetLoan > NetLoan Setup > Run Go-Live Journals
The period filter will default to the period containing the go-live date set on the NetLoan System Setup page. All other filters are optionally available to run on a subset of loans. Select the entries you would like to run. When you’re ready, click Generate Transactions 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.
Clicking on the Processing Status column will sort by that column and show you if there were any issues
To drill into the G/L impact, click the link to the NetLoan Go-Live Entry in the Journal Entry column to reveal the journal:
Borrower
- Debit Loan Type’s “Go-Live Clearing Account ” for the sum of the NetLoan Schedule Entry’s prior period “Loan Balance" and “Accumulated Accrued Interest Balance”
- Credit Loan Type’s “Loan Liability - Long Term Account” for the NetLoan Schedule Entry’s prior period “Loan Balance”
- Credit Loan Type’s “Accrued Interest Payable” for the NetLoan Schedule Entry’s prior period “Accumulated Accrued Interest Balance”
Lender
- Debit Loan Type’s “Note Receivable - Noncurrent” for the NetLoan Schedule Entry’s prior period “Loan Balance"
- Debit Loan Type’s “Accrued Interest Receivable” for the NetLoan Schedule Entry’s prior period “Accumulated Accrued Interest Balance”
- Credit Loan Type’s “Go-Live Clearing Account” for the sum of the NetLoan Schedule Entry’s prior period “Loan Balance" and “Accumulated Accrued Interest Balance”
The G/L Impact sublist on the Accounting subtab will give a summary of the precise impacts to the general ledger.
A "Reverse Transactions" button will appear at the top of the record once the entries have been run and until another action takes place. This button can be used to reverse out the entries if you notice something was wrong.