What happens when a loan is fully repaid?
This article is for churches and charities that account on an accruals basis only.
You can view all your organisation's active or closed loans and mortgages in the Loans module.
When a loan (money you owe) has been fully repaid, its balance will have reduced to zero.
When the loan value is zero, you will see an X button to the right-hand side of the loan screen (no longer greyed out).
When you click this X button, this will close the loan, which means it will no longer appear as an option on the bank reconciliation screen when you select 'Loan Repayment' in the bank reconciliation module.
Note that closing a loan is not deleting it - it's still there in your financial records, but you aren't able to adjust its balance any longer. The closed loan will therefore remain on the Loans screen, and you can also reopen the loan at a later date via the Loans module.
