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Secured Loan: disbursement & EMI repayments never knock off

in Ask A Guru 2 comments

Unresolved NetSuite issues currently faced across the Group NetSuite OneWorld environment (India Localization / legacy tax). India localization SuiteTax bundle is already implemented.

Summary

Asset-backed loans are booked by a Journal Voucher for the disbursement and by monthly “Bank GL Payment” custom transactions for repayments, each splitting principal and interest. The principal sits in a Long-Term Liability account (2020111000 ‘Secured term loans’). Because this is not an AR/AP account, the disbursement credit and each principal debit can never be applied to one another — the loan, the lender (vendor) ledger and the term-loan schedule never show the loan as settled.

Contributing factors: no loan-identifier links an EMI to its disbursement (only free-text memo); inverted chronology (disbursement dated after the EMIs start); repayment is a custom transaction type outside the bill→payment flow; and each EMI mixes principal, interest (P&L) and, where the lender is not a bank/NBFC, TDS u/s 194A.

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