Track Loans in NetSuite

There is no separate transaction type to enter and pay Loans in NetSuite. This is currently a system limitation and has been logged in Enhancement #80559.  

But as an alternate solution, create a Deposit transaction to enter the loan amount and a Check transaction to record the payment. 

Entering Deposit record 

1. Navigate to Transactions > Bank > Make Deposits 

2. On the ‘Other Deposits’ subtab, enter the Name (the bank/financial institution), Account (the Long-term liability account for the line of credit), and the Loan Amount. 

We have created the entity ‘Bank Loan Test’ as a vendor record for testing purposes.  

The GL Impact of the Deposit will be as shown in the screenshot below 

Entering Check transaction 

Create Checks to track loan payments on a monthly basis. 

3. Navigate to Transactions > Bank > Write Check 

4. Select the payee (the bank/financial institution where the credit is owed) 

5. On the Expense subtab, select the Account (the Long-term liability account for the line of credit), and the Loan payment amount. 

The GL Impact of this transaction will be as in the screenshot below 

Note: The check payment can be memorized to either remind you that there are checks to write or it will automatically post the check as a loan payment.