NetLoan - Loan Receivable Clearing Reconciliation
Purpose
The Loan Receivable Clearing Reconciliation Report is used to review the end-of-period balances in the Loan Receivable Clearing Account by Loan. This activity should net out to zero for each month if the correct payments are received and NetLoan schedules are correct.
How To
Navigation:
NetLoan > Reports (All or GL & Recon) > Loan Receivable Clearing Reconciliation > Run
Filtering:
The report search can be narrowed down by adjusting the filters for subsidiary, currency, consolidated exchange rate, report level, department, class, location, loan, accounting period, or date . Once desired filters are set, click Preview to view the reconciliation.
Recommended
Filter by accounting period or date to match payments to report period.
Results
Upon running the report the user will see the Loan Receivable Clearing Account by loan. The individual loans can be drilled down to view the associated transactions. Select the Export button to download the report into Excel.
Troubleshooting
If the reconciliation does not net to zero check the following:
1. Does the payment received on the invoice match the loan schedule?
2. Is the loan payment transaction tagged with the appropriate loan? If a payment has been made and is not tagged with loan there will be a balance in "Unassigned".
3. Are the loan payments coded to the appropriate accounts? When AR makes a loan receivable the following journal entries should be recorded:
DR. Cash/AR
CR. Loan Payable Clearing Account