NetLoan - Accounts payable process guide
Overview
Accounts Payable records loan transactions through vendor bills that require specific treatment in order for the GL and the NetLoan subledger to integrate.
Prerequisites
- NetLoan Loan Types and Chart of Accounts have been configured.
- Vendor bill forms have been customized and configured.
Pre-commencement transactions
When Accounts Payable records origination fees or down payments, the transaction must debit/credit the Loan Proceeds & Orig. Fees Clearing account and select the related loan in the NetLoan Loan (Body) header field.
- Navigate to your preferred vendor bill form.
- Enter all the desired primary information.
- Select the related loan in the NetLoan Loan (Body) field on the NetLoan subtab of the vendor bill. If your vendor bill form has been customized, the field may appear on a different subtab.
- Enter the Loan Proceeds & Orig. Fees Clearing Account on the expense line of the vendor bill.
- Tag the loan on the expense line of the vendor bill. This step is not required to link the bill to the loan, but it is recommended as best practice.
The NetLoan Loan (Body) field links the bill to the loan
The vendor bill appears on the loan's Related Records subtab only when the NetLoan Loan (Body) field is set at the header level.
- Navigate to the loan record and select the Related Records subtab. The vendor bill will now appear in the Loan Bills & Payments sublist.
Monthly loan payments
When Accounts Payable records monthly loan payments, the transaction must debit the Loan Payment Payable Clearing account and select the related loan in the NetLoan Loan (Body) header field.
- Navigate to your preferred vendor bill form.
- Enter all the desired primary information.
- Select the related loan in the NetLoan Loan (Body) field on the NetLoan subtab of the vendor bill. If your vendor bill form has been customized, the field may appear on a different subtab.
- Enter the Loan Payment Payable Clearing Account on the expense line of the vendor bill.
- Tag the loan on the expense line of the vendor bill. This step is not required to link the bill to the loan, but it is recommended as best practice.
The NetLoan Loan (Body) field links the bill to the loan
The vendor bill appears on the loan's Related Records subtab only when the NetLoan Loan (Body) field is set at the header level.
- Navigate to the loan record and select the Related Records subtab. The vendor bill will now appear in the Loan Bills & Payments sublist.
For more information on reconciling the loan-related clearing accounts between the GL and the NetLoan subledger, see the NetLoan - Loan Payable Clearing Account Reconciliation article.
