NetLoan 2024.2

Credit Applications

• Added functionality to auto-default the most recent customer credit application on sales orders.
• Added credit application global setting to control whether credit app fields show up on sales orders.
• Added name to credit application that defaults to first_name last_name | application_date to make applications easier to find.
• Added new field to the customer record, NetLoan Available Credit, to track the available credit of a customer including both unpaid orders and orders with a NetLoan Loan associated. Works with native NetSuite Credit Limit field.

Deferred Interest

• Added new global setting system feature, Deferred Interest, to keep track of interest that does not apply to the loan yet.
• New payment type, Capitalize Deferred Interest, facilitates capitalizing this balance into the loan balance.
• Accumulated deferred interest is automatically capitalized upon refinance to facilitate a promotional loan period.

Fees

• Added support for daily precision origination fee, discount balance, and custom fee straight line amortization.

Financing Options

• Added new field to the sales order, NetLoan Financing Approval Status, to facilitate a separate approval process for the transformation of Financing Options into loans in addition to just the sales order itself being approved. Applies when NetLoan Financing Option is not an Auto-Approved Transaction in NetLoan global settings.
• Added support for per-line creation of loans once financing option is approved.
• Added new global setting, Split Loan on Partial Shipment of Source Transaction, to auto-update loans upon partial fulfillment of sales order with financing options.
• Added new global setting, Commence Loan on Billing of Source Transaction, to commence loans associated with sales order upon invoicing of that sales order.

Interest Capitalization

• Added new payment types to help facilitate capitalization of interest at non-standard intervals:
  • Capitalize Accrued Interest
    • Adds any Accumulated Accrued Interest to the Loan Balance.
  • Capitalize Deferred Interest
    • Adds any Accumulated Deferred Interest to the Loan Balance.
• Added new "Daily" option for Interest Capitalization Frequency.

Loan Calculation

• Updated maturity date to re-calculate based on loan term unit as follows:
  • While loan is pending:
    • If the Loan Term Unit is set to “Payments (From Initial Payment Date)” and there is a change to the Initial Payment Date:
      • Recalculate Maturity Date.
    • If the Loan Term Unit is set to “Months (From Origination Date)” and there is a change to the Origination Date:
      • Recalculate Maturity Date.

Modifications

• Updated the automatic modification process that updates schedule lines with new payments to trigger schedule line tagging of auto-generated bills that were generated prior to the schedule update and thus do not have schedule line tags.
• Added the ability to execute a full refund of a fully amortized loan.
• Separated out global quick access buttons for modifications into Modify Loan, Propose Modification, Refinance, and Reverse Modification for greater control of what modifications are available to users.

Reporting

• Added new "A/R Aging Report" to allow users to keep track of in arrears payments in customizable date range buckets.
• Added 2 new waterfall options: Current Portion of Loan Balance and Accumulated Accrued Interest.
• Updated waterfall reports and roll forward reports to show borrower loans as negative and lender loans as positive in intercompany accounts.
• Added new "Daily Interest Report" subledger report detailing to the date interest amounts.
• Added global setting to include XNPV calculation based on valuation rate in management tab loan summary calculations.

Refinancing

• Added the ability to use a refinance to merge one or many loans into another loan.
• Added the ability to automatically close out loans selected in the refinance (no need to perform a refinance modification beforehand as this modification will now automatically be created).

Revolving Credit Loans

• Added support for revolving credit loans.
• These credit card style loans can sync with charge and payment transactions posted in the system via new "Sync Transactions" page available under NetLoan > Process Monthly Transactions.
• Once all transactions for the month are synced, do the following at month end (month end is driven by Billing Date field on loan):
  • Calculate minimum payment
    • See Minimum Payment Calculation Method on the Loan Type record for details on how this is calculated.
  • Calculate interest
    • Interest will be the average loan balance over the period ignoring any new charges.
• Setup
  • Navigate to NetLoan > NetLoan Setup > System Setup and turn on Revolving Loans under the System Features subtab.
  • Navigate to NetLoan > NetLoan Setup > Manage Loan Types > New to create a loan type with the following new fields:
    • Loan Schedule Type : Revolving
      • Ensures the schedule generates only the initial balance line to start and all other schedule lines are added via transactions that are synced.
    • Minimum Payment Calculation Method
      • Determines the method by which the minimum payment at the end of the month is calculated.
    • Revolving Charge Clearing Account
      • Determines what account new revolving credit charges should be posted to so that they can be synced to the loan.
• Added new field, Auto-Generate Change Journal on Creation, to the NetLoan Payment Type record to facilitate a journal mimicking the impacts of an invoice (Debit Charge Account (A/R), Credit Income) when an invoice isn't necessary on a principal adjustment fee payment.
• Added new field, Revolving Charge Account, to the customer record to save the customer's primary revolving charge loan line of credit. When empty, a "Create Revolving Charge Account" button will be added to the customer record to facilitate creation of a new line of credit loan.

Statements

• Added the ability to group statement generation by customer.
• Added the ability to designate a statement template as the "Preferred Template" so it shows up 1st when generating statements.

Miscellaneous

• Updated help links to point to Capacity instead of Doc360.
• Added the ability to block Netgain from performing managed upgrades via new global setting, Block Managed Upgrades.
• Added a control to prevent un-installation of the bundle if any transactions had been posted by the bundle unless new global setting, Allow Uninstalls, is enabled.
• Added the ability to hide the side navigation in the system settings.
• Fully tested for the NetSuite 2024.2 release.