Fixed Loan Manual Account Close
Purpose
To close any Fixed Loan Account before any instalments are posted (account incorrectly established)
Timing
May be run at any time, but must be before instalments post
Access
- Fixed Loans |
Process
Field | Explanation |
Fixed Loan - Thanks You Letter | Not Used |
Termination Reason | [F2] to |
Once the process has run, all Opening Balance transactions with a reference of OPEN will have posted with the reverse sign and have a reference of CLOSE
Related Articles
Automatic Account Close
Purpose To close all accounts with future and current ledger balances that are zero Timing May be run at any time Usually run at month end Access Accounts | Auto Close Accounts Process Field Explanation Fixed Loan - Thank You Letter Not used Severity ...Fixed Loan Account Details
Purpose Fixed Loan Accounts are used to record and manage loans that are fixed in nature. The interest rate is fixed for the life of the loan and the expected repayments usually do not alter. Timing Fixed Loan Accounts may be viewed or set up at any ...Fixed Loan Account Type Setup
Purpose The Fixed Loan Account Type details setup will specify the calculation rules, Transaction Types and General Ledger codes that are used to post control transactions on the Fixed Loan Account. Access Account | Edit/View Account Types | | ...Fixed Loan Accounts Pending Closure Report
Purpose Identify accounts that are approaching closure from natural termination (i.e almost fully paid out) This report is particularly important for accounts where the arrears balance is in credit and an interest rebate may be due to the client as ...Fixed Loan Cashflow Report
Purpose To show the Cashflow impact on the business if all accounts are paid when due Displays the split between principal and interest each month Timing The report may be run and any time, it is strongly recommended it is always run prior to month ...