NetLoan - Payment Upload
Purpose: This article will define the purpose of the Payment tab and fields of data found in the NetLoan Upload Template and NetLoan Payment Upload Template.
NetLoan Payment Upload Template
Note: A single loan needs to include a new set of data shown in a separate row for each change in payment. Note that loans that don't have changes in payment don't need to be included on this tab.
| Field Name | Required | Description | Example |
| Loan ID | Auto-generated | A unique ID for the loan and the primary identifier within NetLoan for the loan record. This loan ID will match the loan ID from above if it is not system-generated. | LN0037 |
| Loan Name | Yes | Free form input for NetLoan users. This can be used for the loan contract # or other identifying information for the asset the loan was issued for. | Fleet Truck |
| Concatenated Name | Yes | This column should be a concatenation of the Loan ID and the Loan Name. | LN0037 17 Cherry Tree Lane, London KY |
| Payment Type | Yes | This column establishes the payment type for the loan | Standard |
| Effective Date | Yes | The date the payment changes. | 12/31/2023 |
| Payment Frequency | Yes | The frequency of the payment after the change. | Monthly |
| Payment Amount | Yes | The new payment amount. | 9,500.00 |
Choosing a Payment Type
The payment type field designates how the payment amount will be applied to the interest, principal, and non-loan payments. It is important that the correct payment type is selected since this will greatly influence your loan schedule.
| Payment Type | Description | Use Case |
| Standard Payment | Standard payment is applied to interest first while the remaining payment is applied to principal | Monthly payments changes |
| Principal Adjustments Gain/Loss | Adjustment to principal without a payment and is posted to your gain/loss account | Debt forgiveness |
| Defined Principal Payments | Payment amount that should be applied to principal in addition to paying off the outstanding interest | Want to pay off specific principal amount without needing to calculate outstanding interest |
| Principal Adjustments | Payment or debt issuance that is only applied to the principal balance (does not pay off interest) | Only want to reduce/increase principal balance through payment/additional debt issuance |
| Non-Loan Payments | Adjusts non-loan payment schedule if you are using the Non-Loan payment add-on | Loan-related expense increases or decreases |
Pay Off Remaining Balance | Pays off remaining principal and interest outstanding | Allows you to pay off the remaining loan balance early. |
| Pay Off Remaining Interest | Pays off interest outstanding | Allows you to pay off the remaining interest amount |
CSV Import
To upload the template make sure the file has been saved as a comma delimited (csv) file.
Navigate to Setup > Import/Export >Import CSV Records in NetSuite.
Select Custom Records as the import type, NetLoan Payment for the Record Type, and select the CSV file you are wanting to upload. Click the Next button.
In the import options select Add and click the Next button.
Map the individual fields in the template to the corresponding fields in NetLoan. Note that the Loan ID and Loan Name will not be mapped since these are contained in the Concatenated field in the template that will be mapped to the Loan field in NetLoan. Click Next once finished.
You will have the option to save the import selections and mapping for future use by entering a name in the Import Map Name field. Click the Save & Run or Run button to begin the import process.
Note: You will be able to track the progress of your import by navigating to Setup > Import/Export > View CSV Import Status or clicking the link that appears in the banner above when the import is run.