NetLoan - Payment Type Parent Type Options

Parent Types Options

As part of creating a new payment type, you will always need to select a parent type that determines some of the general behaviors of the payment type you are creating. Below are the options you will be able to select from and their characteristics:

Parent Type	Description	Amortization Possible	Invoiced	Adjust Loan Balance
Standard	Applies payment to the outstanding interest and the remaining amount (if there is any) to the principal balance.	No	Yes	Sometimes
Principal Adjustment Gain/Loss	Adjusts the principal balance via a gain/loss entry.	No	No	Yes
Pay Off Remaining Balance	Pays off the remaining outstanding balance via a payment.	No	Yes	Yes
Defined Principal	Pays off the total amount of interest outstanding and the defined amount of principal via a payment.	No	Yes	Yes
Principal Adjustment Payment	Adjusts the principal balance via a payment.	No	Yes	Yes
Non-Loan Payment Only	Creates an expense/income entry for a loan-related payment.	No	Yes	No
Pay Off Remaining Interest	Pays off the full amount of interest outstanding via a payment.	No	Yes	No
Principal Adjustment Fee	Increases the principal balance via a fee.	Yes	No	Yes
Fee	Creates a fee that creates an expense/income entry.	Yes	Yes	No

Was this article helpful?