NetLoan Payment Statuses
Overview
The NetLoan Collections functionality includes a Payment Status record to facilitate custom collections. This article describes the out-of-the-box statuses and walks through how to create custom payment statuses to be used in collections.
Prerequisites
The Collections feature in NetLoan must be enabled. This is done by following the System Setup steps in the NetLoan Collections Module Overview article.
Out-of-the-Box Payment Statuses
The Payment Status field on the loan record is found in the Management tab in the Summary subtab.
This field will indicate whether any of the payments on the loan are past due. The statuses that come out of the box are found by navigating to NetLoan > NetLoan Setup > Manage Payment Statuses:
- Pending: The loan will show a Payment Status of Pending prior to commencing the loan.
- Current: The loan will show a Payment Status of Current if all payments to date have been made.
- In Arrears: The loan will show a Payment Status of In Arrears if any payments to date have not been paid on time. Once any payment on a loan becomes 1 day past due, the Payment Status will be In Arrears.
- Fully Paid: The loan will show a Payment Status of Fully Paid if all payments have been made through the entire loan term.
The Payment Status records contain additional fields that can be modified to meet user needs:
Status Information
- Days overdue: Indicates the number of days overdue at which the Payment Status will be applied to a loan.
- Saved Search: Optionally enter a loan saved search to further filter down loans that the payment status should be applied to.
Case Management
- Create Case: When this box is checked, movement into this payment status will automate the creation of a case record.
- Update Case: When checked, movement into this payment status will automate the update of any open case record associated with the loan.
- Case JSON: Enter data used to create or update the case record in this field, formatted as JSON. This will likely require custom development work by Netgain developers.
- Note: the payment status case management functionality utilizes native NetSuite Case Management. For more information, see this NetLoan Collections Case Management article.
Loan Updates
- Issue Fee: This field can be populated with a fee to be applied when a loan enters the payment status. For information about fees and how to set up custom fees, see this article: Custom Payment Type Overview
- Update Loan: Optionally check this box to apply additional updates (besides the payment status) to the loan when it enters the payment status.
- Loan JSON: Enter data used to update the loan record itself, formatted as JSON. This will likely require custom development work by Netgain developers.
Creating Custom Payment Statuses
Users wanting to create custom payment statuses can do so by navigating to NetLoan > NetLoan Setup > Manage Payment Statuses and clicking New NetLoan Payment Status:
Give the custom payment status a name and select a parent status. Enter the days overdue at which the payment status should be applied. Fill out any of the other optional fields to set up case management or loan updates as described above, then click save.