NetLoan 2024.1

NETLOAN VERSION 2024.1 KEY UPDATES

Billing
- New global setting, Allow Billing of Down Payment, for the ability to automation the bill creation for the down payment
- New field on the loan, Default Payment Terms, drives the payment terms used on invoices/bills generated from the loan (i.e. Net 30)
Collections
- Added new record, NetLoan Payment Status, to facilitate custom collections
  - Out of the box these are the payment statuses:
    - Pending
    - Current
    - In Arrears
    - Fully Paid
  - Custom payment statuses can be created to create/update NetSuite case records or update the loan when the days overdue for the latest unpaid invoice on the loan reaches a certain number of days
Loan Modifications
- New modification type, True Up, to facilitate partial refunds and general loan corrections
- New global setting, Allow Auto-Generation of Bill From New Payments, allows a user to designate individual new payment to automatically generate a bill/invoice upon modification processing
Payment Types
- Custom payment types allow users to make their own payment types that have unique account mappings, default payment amounts, default payment frequencies, capitalization settings and interest capitalization settings. Navigate to NetLoan > NetLoan Setup > Manage Payment Types to create one.
- New payment type, Fee, adds an additional way to directly hit the Loan Payment Receivable Clearing account without affecting the loan balance (offset is to the new Loan Type account: Additional Fees Amortization Income).
- New payment type, Principal Adjustment Fee, add an additional way to increase the Note Receivable - Non Current account balance without affecting (offset is to the new Loan Type account: Additional Fees Amortization Income).
- Added ability to instantly invoice upon payment record creation
- Added ability to straight-line amortize fee payment types
- Added ability to auto-generate fees via scheduled job for loans with payments in arrears
Financing Options
- Added a new record, NetLoan Financing Option, which can be used as a template to:
  - Default fields onto the loan record
    - Fields will default once new "Financing Option" field is populated on the loan
  - Propose financing options at the point-of-sale based on credit score entered on the sales order
    - New "Financing Options" sublist added to the NetLoan subtab of the sales order
    - Upon approval of a sales order with a selected financing option, a loan will automatically get created
  - New global setting, "Commence Loan on Shipment of Source Transaction", automatically updates the loan status to commenced once the source transaction has been fulfilled
  - New global setting, "Default Origination Date From", controls how the origination date is determined when creating a loan from a financing option on a sales order
  - New global setting, "Financing Option Sublist Search", controls which loan fields are present and editable on the sales order financing option sublist
Loan Origination
- New global setting, Generate Schedule on Loan Creation, which automates the generation of the loan amortization schedule when the loan is created
- New global setting, Regenerate Schedule on Loan Saved, which automates the generation of the loan amortization schedule when pending loans are saved
- New global setting, Default Loan Term Unit, allows users to fine tune precisely what entering the Loan Term on a new loan means in their environment, options include:
  - Active Accounting Periods
  - Months (From Origination Date)
  - Payments (From Initial Payment Date)
- New global settings for defaulting the Payment Day or the Initial Payment Date when entering a loan for the first time
  - Initial Payment Calculation Type
    - Set Payment Day from Initial Payment Date
      - Option to always update Payment Day whenever the user changed the Initial Payment Date on a new loan
    - Set Initial Payment Date from Payment Day
      - Option to always update Initial Payment Date whenever the user changed the Payment Day on a new loan
    - Both/Neither
      - Apply both or neither of the above settings
  - Initial Payment Periods In Arrears
    - The number of periods after the Origination Date that the Initial Payment Date defaults to
  - Initial Payment In Arrears Unit of Measure
    - The unit of measure used when applying the Initial Payment Periods In Arrears to the Origination Date to calculate the Initial Payment Date
- Interest Free Periods
  - Navigate to NetLoan > NetLoan Setup > System Setup and check "Allow Interest Free Periods" to enable the "Initial Interest Date" field on the loan record
  - When "Initial Interest Date" field is set, interest will not be accrued until after the selected date
  - Initial Interest Date can be updated via "Adjust Loan Terms" modification
Payment Reporting
- Added new Management subtab with new G/L payment summary fields that update on-demand whenever the "As Of Date" field is updated
Customer Statements
- Added XNPV calculation to statement generation
- Navigate to NetLoan > Mass Update Loans > Generate Statements to create create and email customer statements in bulk
- Navigate to NetLoan > NetLoan Setup > Manage Statement Templates to create a custom statement template to send to borrowers
Performance
- Implemented new batching mechanism to support higher volumes when running bulk jobs
Minor Updates
- Added navigation pane to side of all NetAsset custom records and suitelet pages
- Added ability to have multiple one-time payments on the same day
- Added support for copying loans (must be enabled as an action on the preferred loan form)
- New global setting, Discount & Premium Amortization, on the System Features subtab which drives the display of the discount/premium amortization field on the loan.
- Various bug fixes (see minor release notes)
Fully tested for the NetSuite 2023.2 Release

WHAT DO YOU NEED TO DO?

Your NetSuite Administrator should use the instructions outlined here to update the bundle

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