NetLoan - Summarized Journals
Summarized Amortization Journal Entries
Use Case: The summarized journals feature allows you to book monthly amortization entries by subsidiary rather than by loan. The system will book one summarized journal entry for each subsidiary instead of booking an individual entry for each loan. This can be useful if you have a very large quantity of loans and want to avoid your general ledger getting cluttered with lots of transactions.
STEP BY STEP PROCESS:
1. Before you can run summarized journal entries, the feature needs to be activated in system settings. Navigate to NetLoan > NetLoan Setup > General. At the bottom of the screen under System Settings check the box next to Allow Summarized Journals. Save changes.
2. Once the settings are set to allow summarized journals, this option will appear on the monthly processing screen. Navigate to NetLoan> Process Monthly Transactions > Monthly Loan Transactions. The box will automatically be checked, but you can uncheck it on this screen if there is a situation when you don't want to summarize.
3. Once the feature is turned on you can run journals like normal. Simply select the loans you would like to run entries on and click Create Journals. As long as the Summarize Journals box is checked the system will generate journals by subsidiary rather than by individual loans.
Limitations:
1. There are some limitations to be aware of when using this feature. Because the journal entries will include multiple loans, the loanswill not be tagged to the journal entries. This means transaction based reports cannot be utilized since these reports rely on loan tagging to organize the transactions.
2. If you ever need to refresh an loan or delete a journal for an individual loan, you will need to delete the entry for the whole subsidiary and then re-run journals on all the loans in that subsidiary.