NetLoan - Billing Item Setup

Billing Item Setup

Use case: When NetLoan generates invoices/bills it uses billing items to designate the amounts charged and if desired to break out the outstanding amount into interest, principal, and other custom payments to provide visibility. These billing items need to be configured during the NetLoan setup process.

Step-By-Step Process

1. Navigate to Lists>Accounting>Items>New to create a new billing item. View full size
2.  You will need to select either the For Purchase (you are Borrower) or For Sale (you are Lender) options under the Non-inventory Item section. View full size
3. Decide on a name for the billing item. Then make sure to either select the parent-subsidiary from the subsidiary list and check the Include Children checkbox or select all subsidiaries under which you foresee housing your loans. If this is not done correctly you will have trouble generating invoices/bills later. Select all other options under the Primary Information and Classification sections you would like to before moving on. Note, that your form might look slightly different than below.
   For Sale Item (lender): View full size For Purchase Item (borrower): View full size
4. The income/expense account under the Accounting tab will need to be set to the Loan Payment Receivable/Payable Clearing account so it will clear out the NetLoan amortization payment amount that will be posted.
   For Sale Items (lender): View full size For Purchase Items (borrower): View full size
5. These are the only required steps to use the item from a NetLoan invoicing/billing perspective but many other settings can be selected at your discretion on the various other tabs. Once you have made all necessary selections click the Save button to create the billing item.