NetLoan — NetSuite Prerequisites for NetLoan Implementation

Overview

NetLoan is built on top of native NetSuite functionality — if you're new to NetSuite, this article walks you through what needs to be configured before your NetLoan implementation can begin. Completing these items up front keeps your implementation on schedule and avoids rework once NetLoan-specific configuration starts.

Prerequisites

  • An active NetSuite account with the NetLoan bundle installed, or scheduled to be installed.
  • NetSuite Administrator role or equivalent access, since several of the items below (subsidiaries, accounting periods, roles) are Administrator-level configuration.
  • A NetLoan implementation kickoff scheduled with the Netgain team. The items in this article should be completed before that kickoff, or during the earliest phase of the implementation, so NetLoan configuration isn't blocked waiting on core NetSuite setup.

Setup Options

Core NetSuite Configuration

The following must be completed for every NetLoan implementation before NetLoan is deployed into the account:

  • Subsidiary Setup — All subsidiaries that will hold loan activity must exist before NetLoan is deployed. On OneWorld accounts, any subsidiary that will originate or service loans must be set up before implementation, since loan records and their related transactions are tied to a specific subsidiary.
  • Segment Creation — Any custom segments (department, class, location, or custom segments) used for reporting must be created in advance. NetLoan transaction lines can source these segments, so they need to exist before loan transactions are generated.
  • Currency Setup — Every currency a loan will be denominated in must be enabled on the account.
  • Accounting Periods Configuration — Accounting periods must be created and in the correct status (open, closed, or locked as appropriate). NetLoan posts amortization schedule transactions — interest accruals, payments, and adjustments — into specific accounting periods, so periods need to be configured before transactions can post.
  • Chart of Accounts Setup — The GL accounts NetLoan will post to (for example, interest income/expense, principal, fees) must exist. Netgain products use clearing accounts to process transactions, and these may need to be added during implementation if you aren't already using them.
  • Basic Roles and Permission Structure — Core NetSuite roles must be in place before implementation, since NetLoan adds custom permissions onto existing roles rather than creating roles from scratch. If the roles you want your NetLoan users assigned to don't exist yet, they need to be created first.
  • Relationship Lists — Customer, vendor, and other relationship records used as lenders and borrowers on loans must exist. Loan records reference these entities directly, so they need to be populated before loans can be created.

Advanced NetSuite Functionality (As Applicable)

If you're already using any of the following advanced NetSuite functionality, it needs to be configured as applicable before implementation:

  • Accounting Books
  • Items
  • Projects
  • Cases

Once the applicable items above are configured, NetLoan can be introduced into the account and implementation can begin.

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