NetLoan - Payment Requests (Dynamic Installment)
Overview
Payment Requests are billing records used exclusively with Dynamic Installment loans in NetLoan. They replace standard NetSuite invoices for this loan type, tracking what is owed, when it is due, and how much has been paid for each billing cycle.
Payment Requests were introduced in NetLoan 2025.1.5.0 and do not apply to other loan types (Fixed Installment – Simple, Fixed Installment – Precision, or Revolving), which continue to use standard NetSuite invoices or bills.
Key Concepts
NetLoan Payment Record vs. Payment Request
For Dynamic Installment loans, the billing workflow involves two distinct records that work together.
A NetLoan Payment Record is an entry on the payments sublist of the Amortization Schedule subtab on the loan record. It defines the terms of a recurring or one-time-payment - the payment type, amount, frequency, and effective date. It serves as the standing instruction that drives when and how Payment Requests are generated. Multiple payment records can exist on a single loan to reflect changes over time, such as an escalating payment schedule.
A Payment Request is the specific billing event generated from a NetLoan Payment Record for a single payment period. It tracks the amount due, the due date, and how much has been paid for that cycle.
| NetLoan Payment Record | Payment Request | |
|---|---|---|
| What it is | An entry on the Payments sublist (Amortization Schedule subtab) | A billing record for a single payment period |
| Created by | Users on the loan record, mass CSV upload, or auto-generated | Auto-generated from the Netloan payment record |
| Purpose | Defines payment type, amount, frequency, and effective date | Tracks what is owed and paid for each billing cycle |
| Recurrence | One entry per payment charge or fee | One record per billing cycle |
A Payment Request Application is a child record that links a synced payment transaction to a Payment Request. When a payment is received and synced to the loan, the system creates Application records to allocate the payment across open Payment Requests, tracking how much of each has been satisfied.
How Payment Requests Are Created
Payment Requests can be generated in three ways:
1. Manually - Request Payment Button
A Request Payment button appears on the loan record for eligible Dynamic Installment loans. It is visible when the loan has been Commenced, is not fully paid, and does not have any active processing jobs running (e.g., actively running journal entries).
Selecting it displays a confirmation dialog showing the upcoming Request Date, Due Date, Frequency, and Terms. Upon confirmation, the system generates the next Payment Request from the NetLoan Payment Record with the earliest pending Next Request Date.
Note: If the Request Payment button is not visible on an eligible loan, verify that the Request Payment quick access button is enable in NetLoan System Setup (NetLoan > NetLoan Setup > System Setup > System Features tab > Quick Access Buttons section) and the user's role has the necessary permissions.
2. Automatically - Batch Job
A schedule Map Reduce job runs on a configurable schedule and generates Payment Requests for all eligible loans. It evaluates Payment Records whose Next Request Date is on or before the configured execute as date, which can be set to today or today plus a defined number of days in advance. This is the primary mechanism for automated billing.
3. Automatically -At Loan Conception and Fee Generation
- When the initial balance journal is posted on a new Dynamic Installment loan, the first Payment Request is created automatically.
- When a fee is generated for a Dynamic Installment loan, its corresponding Payment Request is created immediately.
Payment Request Statuses
| Status | Meaning |
| Requested | Generated and awaiting payment |
| Partially Paid | Payment has been received, but a balance remains |
| Fully Paid | The full amount has been received |
| Cancelled | Manually cancelled by a user, or voided by the system |
| Refunded | Reversed as part of a Refund loan modification |
Status is calculated automatically based on the sum of the Payment Request Application amounts compared to the amount originally requested.
Cancelling a Payment Request
A Payment Request can be cancelling in two ways:
- Manually: A Cancel button appears on any Payment Request with an unpaid balance that has not already been cancelled. Selecting it sets the status to Cancelled.
- System-initiated:The system automatically cancels or modifies Payment Requests in the following scenarios:
- Refinance Modification: All open Payment Requests are reassigned to the new refinanced loan.
- Refund Modification: All unpaid Payment Requests are cancelled; previously paid requests are marked Refunded, and a Customer Deposit is created for amount alreadypaid.
- Superseded Payment Record: If a newer Payment Request is added with an effective date that covers the same billing cycle, the older Payment Record is cancelled.
How Payments Are Applied
When a payment transaction (such as a journal entry or Cash Sale) is synced to a Dynamic Installment loan, the system allocates the payment across all open Payment Requests in the following order:
- One-time Payment Requests (fees, one-off charges) - oldest due date first
- Recurring Payment Requests - oldest due date first
For each open Payment Request, a Payment Request Application record is created recording the allocated amount. The Payment Request's paid, unpaid, and status fields update immediately.
Applied payments appear as individual lines on the Payment Requests tab under Related Records on the loan record.
*Click- Through demo coming soon!*
Overpayments
If a synced payment exceeds the total unpaid amount across all open Payment Requests, an overpayment Payment Request is automatically created to absorb the excess. This record is removed if the payment is later unsynced. *Article coming soon for step-by-step instructions on unsyncing transactions.*
Considerations
- Dynamic Installment loans only. Payment Requests are exclusive to Dynamic Installment loan types. The standard Bill button is hidden for these loans.
- Payment Request amounts do not break down principal and interest. The total payment amount is displayed on the Payment Request. Interest due is calculated when the actual payment is made and synced.
- Statements are built from Payment Request data. For Dynamic Installment loans, the loan statement reflects Payment Request information rather than invoice data. This includes total payments received, total amount due, total overdue, days past due, next payment date, and remaining payments.
- Loan Payment Status reflects open Payment Request overdue days. For Dynamic Installment loans, the loan's Payment Status and Days Past Due fields on the Management tab are calculated based on overdue Payment Requests. For more information, see NetLoan Management Tab (As-of-Date Reporting) *ARTICLE COMING SOON*
- Lenders typically send statements rather than Payment Requests to borrowers. Payment Requests are internal records used for tracking. Lenders generally send loan statements to communicate amounts due.
- Unsupported payment types. The Pay Off Remaining Balance payment type cannot be used on Dynamic Installment loans. Fee payment types can only be one-time and cannot be set to a recurring frequency.
- Payment Record constraints. Once a Payment Request has been generated from a NetLoan Payment Record, the payment record's effective date cannot be changed. For recurring payments, a new NetLoan Payment Record's effective date must be after the last generated Payment Request's due date.