Reverse a loan payment

Loan payments can be reversed only from Lending Management.

You can reverse a loan payment if the following criteria are met:

  • The loan account has not been paid off or fully written off.
  • Interest and statements have not been generated for the period.
  • The subledger is opened for the period.
  • The payment was initially recorded as undeposited funds and it has been deposited to a bank account. Also, the other receipt in Cash Management has a state of Approved.
  • For non-revolving (amortized) loans:
    • The payment did not result in the loan being reamortized.
    • The loan was not reamortized any time after the payment was posted.
Subscription Lending Management
Regional availability United States
User type Business user
Permissions

Lending Management

  • Loan payments: List, View, Edit, Reverse
  1. Go to Lending Management > All > Payments.
  2. Find the payment that you want to reverse.
  3. Select More actions > Reverse at the end of the row.

    A Reverse Payment page appears and displays information about the payment.

  4. In the Reverse the transaction on date field, enter the transaction reversal date for the payment.
  5. You can enter a Memo for the reversal.
  6. Select Reverse.

    If you decide not to reverse the payment, select Cancel.