NetLoan - Go-Live Overview
Go-Live Summary
Our go-live process is simple. (1) Load loans through the CSV import tool or input loan data via the user interface and generate the amortization schedules. (2) Commence loans. (3) Kick off a system generated journal entry to establish the proper balances. (4) Reverse out your existing balance.
Pre-Requisites
Prior to go-live we need to have the following steps complete:
- NetLoan global settings complete
- See NetLoan Global Settings for guidance
- Loan types and account mappings finalized
- See Configure Loan Types & Mappings for guidance
- Loans loaded and reviewed
Transition Journal Entries
Borrower
NetLoan will book the following entries for each loan:
Debit: Go-live Clearing Account
Credit: Loan Liability
Credit: Interest Payable
Customer should book the following entry for each Loan*:
Debit: Loan Liability
Debit: Interest Payable
Credit: Go-live Clearing Account
Lender
NetLoan will book the following entries for each loan:
Debit: Notes Receivable
Debit: Interest Receivable
Credit: Go-live Clearing Account
Customer should book the following entry for each Loan*:
Debit: Go-live Clearing Account
Credit: Interest Receivable
Credit: Notes Receivable
*IMPORTANT:
- the entry booked by the customer should be a native NetSuite journal entry, and not a NetLoan-specific transaction
- do not tag loan records to the manual reversing entry
- the amounts in the manual reversing entry may not be an exact mirror of the NetLoan Go-Live journal entry. Only the Go-Live Clearing Account will always be the same amount in both the Go-Live journal entry and manual reversing entry (see below for handling adjustments)
- while a separate Go-Live journal entry will be created by NetLoan for each lease, the manual reversing entry can be one combined journal entry
Together these entries net to zero (or small transition adjustment amount).
See our NetLoan Run Go-Live Journals for more information.