NetLoan - Global Settings
Overview
As part of the initial setup, a user must navigate and set the global accounting preferences.
STEP BY STEP PROCESS
- Once the NetLoan bundle is installed, navigate to NetLoan setup page. NetLoan > NetLoan Setup > System Setup
- The navigation will bring you to NetLoan Setup which constitutes your global settings.
GENERAL SETTINGS DESCRIPTIONS
- Select the appropriate settings under the General tab described in more detail below.
Field Name | Required | Description | Example |
Go-Live Date | Yes | The go-live date on which loans will be commenced and accounts will be impacted. | Jan 1, 2022 |
Module Use | Yes | Indicate the role that will be played in the loan transactions (Borrowing, Lending, Intercompany). Borrowing- when making principal payments and/or interest payments on a loan received. Lending- when receiving principal payments and/or interest income from a loan given. Borrowing, Lending, & Intercompany- when intercompany loans are used or if the borrowing AND lending modules are required. | Borrowing✓ |
| Default Loan Calculation Accounting | Yes | Indicate the default way to calculate the monthly payments / interest rate for the loan. Simple: Uses an IRR calculation method which assumes an evenly distributed flow of payments. Precision: Uses an XIRR calculation method which incorporates the specific dates that payments were made within the month. | Precision |
| Default Calculation Timing | Yes | Specify how often you would like loan inputs like monthly payment and rate to re-calculate when entering in a new loan or a loan modification. | On Field Change |
| Schedule Period Numbering Precision | Yes | Specify the number of decimal places to go out to when numbering schedule line activity within the same period (e.g. 3.1, 3.2 vs. 3.01, 3.02). 1 decimal place precision is normally all that is needed, however, if you anticipate more than 9 unique payments within a single calendar period, 2 decimal place precision may be necessary. | 1 |
| Default Loan Payment Day | Yes | Indicate the default day of the month to apply payments to the loan balance on the amortization schedule. | 31st |
| Default Loan Payment Time of Day | Yes | Indicate the default time of the day that payments are paid. | End of Day |
| Default Loan Term Unit | Yes | Indicate the length of 1 unit when entering the loan term. (e.g. Loan Term of 12 = 12 recurring payments starting from the initial payment date when entering payments.) | Active Accounting Periods |
| Generate Schedule On Loan Creation | No | Indicate whether to automatically generate the loan schedule on creation of the loan record in the user interface (will not run on CSV import). | ✓ |
| Regenerate Schedule On Loan Save | No | Indicate whether to automatically regenerate the loan schedule on save of schedule-impacts changes to pending loan records in the user interface (will not run on CSV import). | ✓ |
| Default Origination Fees Amortization Method | Yes | Indicate the method used to calculate amortization of loan origination fees, discounts, and premiums. Straight Line: evenly amortizes the fees/discount/premium over the life of the loan. Effective Interest : Loan Principal: each period, the fee/discount/premium is amortized by calculating the difference in interest between using the effect interest rate and the APR as applied on the loan balance. Effective Interest : Loan Principal - Fee/Discount/Premium: each period, the fees/discount/premium is amortized by calculating the difference in interest between using the effect interest rate as applied on the loan balance after subtracting out fees and discount/premium and the APR as applied on the loan balance. | Straight Line |
| Allow Auto-Generation Of Bill From New Payments | No | Check this box to display the "Automatically Generate Bill" option on the Loan Modification Suitelet and Loan Modification Proposal record. | ✓ |
| Default Loan Billing Day | Yes | Indicate the default day of the month on which to post vendor bills and invoices. | 31st |
| Monthly Journal Filtering Preference | No | Specify whether to provide an Accounting Period filter when running monthly NetLoan journals (commonly preferred for loans with monthly payments) or Start/End Date filters (commonly preferred for loans with daily/weekly payments). | Filter by period |
| Allow Closed Period Selection | No | Check this box to enable the selection of closed period for processing on the monthly journal and time machine pages. | ✓ |
| Allow Summarized Journals | No | Indicate whether users should be allowed to post amortization entries by subsidiary instead of by loan. Contact support@netgain.tech to get this feature enabled. | ✓ |
| Auto Eliminate Intercompany Transactions | No | Indicate whether intercompany loans should generate an auto-eliminating intercompany journal or separate NetLoan transactions. | ✓ |
| Auto Approve Transactions | Yes | Indicate the loan transactions to be automatically approved upon generation by the NetLoan module. Our recommendation is to approve all as the entries are system-generated. Many journal entries are created on a loan by loan basis, which may require a more extensive approval process. Hold down the Ctrl button to select multiple entries. | NetLoan Amortization Entry |
| Reclass Transaction Form | No | Specify the transaction form to use when creating reclass journals. | - Preferred Form - |
| Vendor Bill Transaction Form | No | Specify the transaction form to use when creating vendor bills. | - Preferred Form - |
| Invoice Transaction Form | No | Specify the transaction form to use when creating invoices. | - Preferred Form - |
| Automatically Filter Sublists | No | Automatically apply filters entered on loan selection pages (recommended unless volume is very high). | ✓ |
| As Of Date Reporting: Allow UI Update | No | Check this box to allow saving of Loan Summary fields if user edits the "As Of Date" field on Loan Records in the User Interface. If this box is unchecked, the loan summary values will be reset upon saving the Loan. | ✓ |
| As Of Date Reporting: Auto Update On Billing & Payment | No | Check this box to automatically update the "As Of Date" field on loans when Bills/Invoices are created and paid. | ✓ |
| Default Script Concurrency Limit | No | Specify the number of processors to use when running map/reduce scripts. | - None - |
| Default Script Priority | No | Specify the priority when running map/reduce scripts. High: Use to mark critical scripts that require more immediate processing. These jobs go to the processing pool first. Standard: This is the default setting. It is considered to be a medium priority level. These jobs go to the processing pool after all high priority jobs. | Standard |
- Next, move to the Loan Origination tab to select the appropriate features to enable, described in more detail below.
LOAN ORIGINATION DESCRIPTIONS
| Field Name | Required | Description | Example |
| Auto-Numbering Preference | Yes | Indicate the method by which Loan IDs should be populated. Default: Uses the prefix and the numbering conventions laid out directly on the NetLoan Loan custom record. Manual: Forces users to specify the loan ID manually whenever creating a new loan record. Custom: Allows user to specify their own loan ID prefix. Loan Type: Uses the loan prefix listed on the loan type record and numbers according to the number of loans within that loan type. Subsidiary: Uses the loan prefix listed on the subsidiary record and numbers according to the number of loans within that subsidiary. | Default |
| Auto-Numbering Prefix | No | Indicate the prefix used when auto-generating loan IDs. | LN |
| Auto-Numbering Minimum Digits | No | Indicate the minimum number of digits that should follow the prefix when auto-generating loan IDs. | 4 |
| Allow Billing Of Down Payment | No | Indicate whether the down payment should be captured in the Initial Balance entry. Enabling this setting will debit the "Loan Payment Receivable Clearing" account for the down payment amount, and increase the credit to the "Loan Origination / Proceeds Clearing" account for the down payment amount. | ✓ |
| Apply Down Payment To Loan Balance | No | Indicate whether the down payment should be allocated to the loan balance entered or should be considered already applied to the loan balance prior to entry. | ✓ |
| Initial Payment Calculation Type | Yes | Setting the default way to calculate the initial payment date or the payment date when entering a loan. | Never |
| Initial Payment Periods In Arrears | Yes | Select the default number of periods to push the initial payment date past the origination date. | 0 |
| Initial Payment In Arrears Unit Of Measure | Yes | Select the unit of measure to use when calculating the default initial payment date. | Payments |
| Allow Interest Free Periods | No | Indicate whether to allow the user to enter interest free periods into the beginning of the loan. Interest Free Term and Initial Date will be hidden unless this is turned on. | ✓ |
| Show Original Loan Inputs | No | Select whether to display original loan inputs on the loan record. | ✓ |
| Commence Loan On Shipment Of Source Transaction | No | Select whether to automatically commence the loan upon fulfillment of the source sales order transaction. | ✓ |
| Default Origination Date From | Yes | Select how the loan origination date should be defaulted in. | Source Transaction Date |
| Financing Options Sublist Search | Yes | The search used to create the columns in the sublist on the sales order that user can calculate financing options and create a loan from. | NetLoan Financing Options Sublist |
- Next, move to the System Features tab to select the appropriate features to enable, described in more detail below
SYSTEM FEATURES DESCRIPTIONS
| Field Name | Required | Description | Example |
| Automated Billing | No | Check this box to turn on the ability to automate the creation of vendor bills or invoices based on loan data. | ✓ |
| Automatic Modifications | No | Check this box to automatically update loan amortization schedules on a regular basis for new, updated, or deleted NetLoan Payment and/or NetLoan Rate records without going through a formal modification process. Update the NetLoan - Scheduled Schedule MR deployments to change the frequency of schedule updates. | ✓ |
| Collections | No | Check this box to turn on the ability to track the payment status of customer invoices and automate the creation of cases to track overdue payments. | ✓ |
| Custom Calendars | No | Check this box to turn on the ability to create custom accounting calendars (e.g. 4-4-5) that will drive the amortization schedule line period start and end dates. | ✓ |
| Discount & Premium Amortization | No | Indicate whether a Discount or Premium amount should be available on the loan. | ✓ |
| Financing Options | No | Check this box to turn on the ability to create financing options for customers directly from sales order which will ultimately become a NetLoan Loan record if the sales order is approved and a financing option is selected. | ✓ |
| Non-Loan Payments | No | Check this box to turn on the ability to account for non-loan payments. | ✓ |
| Servicer Loans | No | Check this box to turn on the ability to allow loans to be serviced for underlying investors. | ✓ |
| Bill Loan | No | Indicate whether a "Bill" button should be added to the loan record to allow a user to quickly create a vendor bill for the next loan payment that is due. | ✓ |
| Commence Loan | No | Indicate whether a "Commence" button should be added to the loan record to allow a user to quickly update the status of a "Pending" loan to "Commenced". | ✓ |
| Export Loan | No | Indicate whether an "Export" button should be added to the loan record to allow a user to quickly export the loan amortization schedule for re-import. | ✓ |
| Generate Schedule | No | Indicate whether a "Generate Schedule" button should be added to the loan record to allow a user to quickly generate a schedule for a loan. | ✓ |
| Modify Loan | No | Indicate whether a "Modify" button should be added to the loan record to allow a user to quickly perform a loan modification. | ✓ |
| Propose Modification | No | Indicate whether a "Propose Modification" button should be added to the loan record to allow a user to quickly create a modification proposal. | ✓ |
| Run Journals | No | Indicate whether a "Run Journals" button should be added to the loan record to allow a user to quickly book monthly journals for a single loan. | ✓ |
- Restrict feature permissions allows customization for segregation of duties for specific people or roles to have access to each feature. Refer to the NetLoan Suitelet Access article for more information.
- Next, move to the Import Tools tab to see the import tool information:
IMPORT TOOLS DESCRIPTIONS
This tab houses various tools and links that a user might find helpful with regards to the import process. The tools/links are described in more detail below:
| Field Name | Description |
| Add Loans CSV Import Template | Click the link to download a CSV import template, which can be used to import lease records. |
| Update Loans Saved Search | Click the link to run a saved search on all loans, which can be downloaded as a CSV and re-imported in order to update existing loan records. |
| Add Loan Payments CSV Import Template | Click the link to download a CSV import template, which can be used to import loan payment records. |
| Update Loan Payments Saved Search | Click the link to run a saved search on all loan payments, which can be downloaded as a CSV and re-imported in order to update existing loan payment records. |
| Add Loan Rates CSV Import Template | Click the link to download a CSV import template, which can be used to import loan rates records. |
| Update Loan Rates Saved Search | Click the link to run a saved search on all loan rates, which can be downloaded as a CSV and re-imported in order to update existing loan rate records. |
| Bulk Custom Role Permissions Import | Click the link to open a tool that will help you get started in NetLoan by allowing you to bulk import role permissions to NetLoan custom records and transactions. |
| Request Knowledge Base Access | Click the link to request user access to Netgain's Knowledge Base. |
- Next, move to the Non-Loan Payments tab to see the non-loan payment information:
| Field Name | Required | Description | Example |
| Non-Loan Payment Name 1 | No | The name the user will see when entering this non-loan payment. | Escrow |
| Non-Loan Payment Name 2 | No | The name the user will see when entering this non-loan payment. | Taxes |
| Non-Loan Payment Name 3 | No | The name the user will see when entering this non-loan payment. | Fee |
For additional information on Non-Loan Payments, reference the NetLoan Non-Loan Payments Setup article.
- Next, move to the Managed Upgrades tab to set your preferences for managed bundle upgrades.
MANAGED UPGRADES DESCRIPTIONS
| Field Name | Description | Example |
| Upgrade Preferences | This field controls when your product will be upgraded next. You can choose to be upgraded every time there are changes, annually, bi-annually, or on a custom date of your choice. | Accept All |
| Last Upgraded Date | This field shows the date that your product was last upgraded. | 3/17/2024 |
| Next Upgrade Date | This field holds the date that you would like your next product upgrade to be if your upgrade preference is Custom. NOTE: This date must be within one year of your last upgrade. | 3/17/2024 |
| Send Release Notes To | List individuals who should receive release notes when the bundle is updated. | John Smith |
For additional information on managed bundles, reference the NetLoan Managed Bundle FAQ article.
SUBSEQUENT UPDATE NOT EXPECTED
Note that the NetLoan Setup selections and preferences are typically expected to only be addressed during the initial setup, and it is not expected that any of the selections should be updated subsequently.