Writing-off a Loan
- Updated On 22 Nov 2019
- 1 Minute To Read
Writing-off a loan account takes the remaining loan balances off the portfolio, registering them as a loss.
To write-off a Loan Account open the loan account > click on Close > Write Off > add a note if desired > Close.
This will settle the remaining loan balances with a specific transaction type (Write-off), and close the account, changing its state to Closed (Written off) .
If the loan has guaranteed amounts from other customer's savings accounts, an option to collect the guaranteed amounts before write-off will be available. If selected, these amounts will be withdrawn from the deposit account and entered as a payment on the loan account before the write-off transaction is posted, thus effectively reducing the amount to be written-off.
Undoing a Write-off
To undo a write-off Click on More > Undo Write-off.
This will reopen the Loan Account and revert the loan write-off transactions, so the account will be back to its previous state.
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