NetLoan 2022.2

NETLOAN VERSION 2022.2 KEY UPDATES

Daily Precision Calculations
- New loan type field, Loan Calculation Accounting, allows users to specify a loan type as a "Simple" loan type or a "Precision" loan type
  - Simple loan types match legacy functionality and allow for the following:
    - A single monthly payment
    - Interest calculated with a 30/360 day count convention
    - Payment applied to principal in advance or in arrears
  - Precision loan types allow for the following:
    - Precision Interest
      - New loan field, Day Count Convention, allows for pro-rating of interest based on the following conventions:
        30/360
        30/365
        Actual/360
        Actual/365
        Actual/Actual
    - Accrued Interest
      - New loan field, Interest Capitalization Frequency, allows the addition of unpaid interest to be applied to the principal balance of the loan at:
        Period End
        Payment Date
        Always
    - Business Day Calendars/Conventions
      - New loan field, Business Day Calendar, tells the system which days are holidays for the purpose of determining the proper payment dates
        Setup unique business day calendars by navigating to NetLoan > NetLoan Setup > Manage Business Days
      - New loan field, Business Day Convention, affects which days loan payments post when the expected payment day falls on a weekend or a holiday
        Unadjusted: Payment day always happens on the specified day of the month even if it is on the weekend or holiday
        Following: Payment happens on the specified day unless it is on the weekend or a holiday in which case it happens on the next good business day
        Mod-Following: Exact same as following but in the case where the next good business day is in the next calendar month, it happens on the prior business day.
    - Custom Calendars
      - New loan field, Custom Calendar, allows users to base schedules off non-standard accounting periods (e.g. 4-4-5)
        Setup unique custom calendars by navigating to NetLoan > NetLoan Setup > Manage Custom Calendars
    - Payments at the beginning or the end of the day
      - New loan type field, Default Payment Time of Day, allows users to specify whether payments are paid at the beginning or the end of the day by default
Variable Rate Loans
- New custom record, NetLoan Rate, allows users to define changes to the APR effective as of a certain date which will then be incorporated into the generated loan amortization schedule
Modifications Updates
- Adjust Loan Term type modifications now allow users to specify a Schedule Calculation Type which calculates the loan schedule in the following ways:
  - Default: allows input of both APR and payment adjusting the loan term and/or balloon payment if necessary to pay off the full balance of the loan
  - Calculate Payment: calculates new monthly payment based off of a known APR (or variable APR)
  - Calculate Rate: calculates new APR based off a known monthly payment (or variable payments)
- New modification type: Adjust Loan Balance
  - Allows users to adjust the loan balance up or down against the gain/loss account
  - Replaces the Loan Forgiveness modification
- Pay Off Remaining type modifications now allow for final payments "short" of the required amount with the difference posting to gain/loss

WHAT DO YOU NEED TO DO?

Ensure bundle is installed with ample time available before the next close as cutover scripts running to update fields on the schedule entry may take several hours
Your NetSuite Administrator should update your NetLoan bundle (Customization > SuiteBundler > Search & Install Bundles > List) with the bundle preferences outlined here
Update configured roles to add permissions to new records
- NetLoan Custom Calendar
- NetLoan Custom Calendar Line
- NetLoan Business Day Calendar
- NetLoan Holiday
- NetLoan Rate
Update the preferred form on the NetLoan Loan record to hide unused new fields from the release
Reach out with questions on any of the new features

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