Create a Loan as the Borrower

A loan taken from a financial institution will be created, where the authorization information will be left to default as that level of detail is not needed for the internal loan. If the loan was to an existing authorization, then this task would be very similar "Create a Loan Application".

To create a Loan Setup (LOANS) transaction in order to create a new loan authorization, perform these steps:

1. Create an instance of the LOANS transaction.

2. Navigate to the Authorization tab and complete as follows:

3. Auto Generate ID: selected.

4. Debt Type: External Taken.

5. Skip the Authorization COA tab. (This task assumes 1 loan for the authorization and no Loan Authorization Event Type is entered for your External Taken code selected from the Debt Type page.)

6. Navigate to the Debt Instrument tab, take the Insert Line action and complete as follows:

7. Debt ID, Debt Instrument Name, Debt Instrument Short Name, Issue Date, and Principal: (enter values as desired).

8. Debt Instrument Status: Active Loan

9. Use the Save action to save the Debt Instrument Data, which will infer the Debt Type from the Authorization. This will trigger the transaction to create you a record on all the remaining transaction tabs that apply to that type of loan.

7. Navigate to the Lender Information tab and enter the following:

8. Vendor Code: (the financial institution that is the lender)

9. Address ID: If there is no default payment address, choose a value else the field will default.

8. Skip the Lender COA tab and Borrower Information tabs as they do not apply to this type of loan.

9. Navigate to the Borrower COA tab and enter the following:

10. Type of Payment: ALL

11. Percentage: 100%

12. Bank: Enter the default bank for the Fund

13. COA: Enter all necessary to record expenditures of loan repayment

10. Navigate to the Schedule tab to enter information about the payment schedule. The financial institution has sent you the payment schedule, which you want to upload as Schedule Details.

11. Schedule Type: Amortized Payment

12. Selected Schedule: true

13. Use the Get Template action.

14. Open the Excel file and paste in your payment schedule, completing the Schedule Detail Type column with a 1 (for Regular Payment) for all rows.

15. Save the Excel file.

16. Attach the Excel file to the Schedule line.

17. Use the pick for the Import File field to choose your Schedule Details file.

18. Take the Import Detail action.

11. Validate the transaction.

12. If errors exist, fix the errors and repeat Step 9. If no errors exist, continue with Step 11.

13. Submit the transaction.