NetLoan - Customer Deposits & Down Payments when Financing Sales Orders (General)
Overview
When creating loans directly from a sales order in NetSuite, there are times when the customer makes a partial deposit (down payment) at the point of sale that needs to be recorded prior to the Sales Order invoice creation. This will be factored into the creation of the loan which finances the Sales order as a down payment, essentially reducing the amount to be financed.
Prerequisites:
- You must have selected the appropriate Source Transaction settings found on the "Loan Origination" tab of the NetLoan Setup page.
- Make sure the "Allow Billing of Down Payment" setting on "Loan Origination" tab of the NetLoan Setup page is NOT selected.
- You must have previously enabled the "Financing Option" feature on the "System Features" tab of the "NetLoan Setup page.
- Make sure that "Financing Option" is not selected in the "Auto Approve Transactions" multiselect on the "General" tab of the "NetLoan Setup" page. If it is selected, the financing options will not be displayed on the sales order. To unselect it from the mutiselect, click "Financing Option" while holding the control/command button.
- You must have previously set up NetLoan Financing Options as templates.
Navigation
- Navigate to Transactions > Sales > Enter Sales Order > List.
- Then, view the sales order from which you would like to create.
Step-By-Step Instructions
- Under Transactions tab select "Create Deposit " or select the "Create Deposit" button on the Sales Order
- Enter the amount in the "Payment Amount" and other information as needed
- You can also indicate the method of payment as needed at the "Payment method" subtab
- The GL Impact of the Customer Deposit is shown below
- When the selected NetLoan Financing Option is approved and the Sales Order Invoice is either manually or automatically generated, the Customer Deposit will be applied to the Sales Order Invoice leaving the rest to be financed via the loan
- The NetLoan Loan record used to finance the remaining amount can either be manually entered or automatically created depending on the account's Source Transaction Settings. If entered manually, you will need to enter the following values:
- How you will need to enter the Initial Loan Balance will depend on whether the "Apply Down Payment to Loan Balance" checkbox on the "Loan Origination" tab of the NetLoan Setup page is selected or not.
- Enter Initial Loan Balance as either (a) the full amount of the Sales Order or (b) the amount of the Sales Order minus the amount of the Customer Deposit. If checked, follow option (a). Otherwise, follow option (b)
- Enter the Customer Deposit amount in the Down Payment field
- How you will need to enter the Initial Loan Balance will depend on whether the "Apply Down Payment to Loan Balance" checkbox on the "Loan Origination" tab of the NetLoan Setup page is selected or not.
- The Down Payment will automatically update to the amount of the Customer Deposit when the "Sync Down Payments With Customer Deposits"checkbox is checked on the "Loan Origination" tab of the NetLoan Setup page
- Depending on your Source Transaction Settings the Customer Payment transaction will either be automatically created upon posting of the loan's Initial Balance Entry or need to be manually created for the amount of the Sales Order minus the Customer Deposit that has already been applied to the Sales Order Invoice. Apply the Customer Payment to the Sales Order Invoice.