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To close a loan account, the loan account's outstanding balance must be less than or equal to zero or within the specified tolerance amount.Why would someone have to take action to close a loan account if it closes automatically when the balance is <=0?

 

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To close a loan account

To close a client or group loan account, selectthe client or group (needs link to how to find a 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).


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