What happens when a loan is fully repaid?
This article is for churches and charities that account on an accruals basis.
You can view all your organisation's active or closed loans and mortgages on the Loans Screen.
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 the 'X' button to the right-hand side of the loan screen (no longer greyed out).
When you click the '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'.
However, the 'closed' loan will remain on the Loans screen.
You can also reopen the loan at a later date via the Loans screen.
