NetLoan - Payment Type Billing Setup
Payment Type Billing Setup
If this payment type has a parent type for which invoices are created you will want to make sure to select the necessary settings in the Billing Information section outlined below:
| Field | Description |
| Default Payment Terms | Determines how many days after the invoice date the amount becomes due |
| Default Item Description | Description presented on the transaction line of the invoice |
| Billing Item | Item that will be displayed on the transaction line of the invoice for this payment. The item needs to be created beforehand and then selected here |
| Auto-Generate Bill On Creation | Checkbox indicates whether the bill should be automatically generated when a payment of this payment type is added to a loan |
Step-By-Step Setup
- Select the desired Default Payment Terms you've created in NetSuite. If you haven't set these up you will need to do so and return to the payment type to make your selection. This NetSuite article can help with that process.
- Input a Default Item Description you would like to appear on the invoice item line. This will appear as follows on the invoice item:
- Select a Billing Item from your list of billing items in NetSuite. If you have not already set these up in NetSuite you will need to do so and return to the payment type to make your selection. You can follow the instructions in this article.
- Determine whether the bill should be created immediately after a payment of this payment type is added to a loan record. If that is desired, check the Auto-Generate Bill On Creation box. If not, skip this step.
- Save the Payment Type record to apply these settings.