NetLoan - Statement Adj. Bulk
Statement Adjustments
Purpose: This feature is designed to help borrowers tie out their interest to lender-provided statements. This is only necessary if the NetLoan calculated interest for the period does not align with the statement provided by the lender.
Prerequisites: To be able to access the Statement Adjustment Modification, the loan must be commenced, the Go-Live or Initial Balance journal entry must have been run, and the amortization entry can't have been run for the month you are attempting to adjust.
Step-By-Step Process
- Navigate to NetLoan > Mass Update Loans > Statement Adjustments
- Use the top filters to choose the current accounting period to be adjusted. Other filters can be used to narrow down results.
- On the line of the loan that needs to be adjusted, double-click the pencil icon to adjust the payment or interest amount.
- Once adjusted, the status will change to "Pending." The Principal amount will be updated to reflect the difference between the total payment amount and the interest amount. There will also be a new column displaying what the payment was before editing.
- Repeat the above steps to edit all loans that need adjustments for the current month. A yellow ribbon will appear at the top of the page indicating there are changes that have not been saved. After all changes are made, click Submit.
- After submitting, the banner below will display. DO NOT exit the browser until it turns green to confirm everything has been processed.
- Once processed, all loans edited will have an "Adjusted" status and be greyed out. This indicates that the loan schedules have been updated to reflect that statement adjustments made.