How to Close a Loan Account

To close a loan account, the loan account's outstanding balance must be zero or within the specified tolerance amount.

To close a loan account

To close a client or group loan account, select the client or group. Click the General tab.

1. Click the loan account to be closed.

2. Click More, Close on the action bar.

3. Accept the date default for Closed on or pick a date in the past from the calendar pop-up

4. Optionally, type a descriptive Note.

5. Click Submit.

The loan account status will be changed to Closed (Rescheduled).

Related articles

• Page:Share Accounts

• Page:How to Prepay a Loan Account

• Page:Using collection sheet or other payment types for making payments

• Page:How to Assign a Loan Officer

• Page:How to Add a Charge to a Loan Account