NetLoan - Single Loan Rewind
Use Case: Circumstances may require a current loan record to be completely refreshed or reverted back to a prior period. NetLoan has a function called Rewind on the Loan Record that will cause all the journal entries to be deleted through the selected period.
NOTE: In order to fully refresh a loan, the accounting periods that you wish to rewind to must be open. This is also the case when performing this function in mass using Time Machine.
Prerequisites: To have access to the Rewind functionality in NetLoan, the loan must be Commenced and Journal Entries run. Any changes you wish to make before then can be done while the loan is in Pending Status.
Users will also need to be granted permission to use this functionality. This article walks through how to do so.
See the article on how to perform this function in mass.
STEP BY STEP PROCESS
- If viewing the loan record, select the Rewind button at the top of the record above the Primary Information.
- Required: Select a From Period
- A Full Rewind will PERMANENTLY delete all transactions and flip the status of the loan back to pending. In a pending status, all fields on the loan record are editable.
- Providing a period will PERMANENTLY delete all transactions on or after this period and revert the loan back to how it was at the beginning of the period.
- A Full Rewind will PERMANENTLY delete all transactions and flip the status of the loan back to pending. In a pending status, all fields on the loan record are editable.
- Optional: Select a loan refreshing option:
Option | Description |
Regenerate Schedules | Check this box to trigger the re-generation the amortization schedules following the refresh. |
| Delete Payments | Check this box to delete all the custom payment records of all selected loans as part of the refresh. |
| Delete Bills | Check this box to delete all the vendor bills generated from all selected loans as part of the refresh. |
Delete Loans | Check this box to delete all selected loans as part of the refresh. |
- Click the Submit button.
- A warning box will appear prompting you type "CONFIRM". This is a safeguard in order to proceed. As this is an action that cannot be undone, make sure that you have selected the correct loan and are sure you wish to permanently delete all journal entries associated with that loan from the selected period. Once you have confirmed, type "CONFIRM" and hit OK.
- Continue to click Refresh until the status shows Complete. You will see your Updated Loan.
- Click the hyperlink of the refreshed loan to see the updated loan record.