Accounts: Termination - Loan
This screen is used to terminate a loan as complete or repossessed. It may also be used to flag/unflag a loan for repossession.
Note: If future payments have been made, you will not be able to terminate the loan until the future payment date has been reached.
If you only wish to flag/unflag a loan for repossession, then simply check the Repossession in Progress box. There is no save button to click; your change will be reflected immediately. (The same goes for the date field; simply change the date and it will automatically be saved for you.)
Post all outstanding payments before terminating the loan.
All terminations on this screen will go to a zero dollar balance. ALMSys will post an adjustment, if necessary, to get the loan to a zero balance. If this is not what you want, then do not terminate the loan.
Balance information will be shown for the date provided by the Termination Date field. If you change this date, always press the Calculate button to obtain a new balance.
For normal terminations, use the Terminate Loan to Zero Balance button. For repossessions, use the Terminate Loan to Zero Balance and Mark as Repossessed button.
Before using this screen, you should have received the final payoff funds from the customer. This screen is not a "final bill" screen, but more of a "final receipt" screen. If you are looking for something that you can give the customer in order for them to make a final payment, then it is recommended to use the Loan Payoff Projection that is part of the Loan Overall screen.
Post the final payoff you received from the customer. Then click the Fill In from Payments Posted button and select their final payment from the grid. Most likely, it is the second one listed. If you have not posted the payment yet, then you may manually fill in the Payoff Received amount and Payoff Date fields.
Click the Preview Statement button to make sure the report looks accurate. Once that looks OK, click the Final Statement button to produce the final loan payoff statement. Once the final payoff statement has been created, the loan will be internally marked so that it never produces a statement again. If ALMSys is set up to produce statement image files, then you may always view/print the image. (Your loan payoff statement will be added to the invoice control file under the term number of 20000.)