Loan Closing With Refund to Member

This happens when a member wants to SETTLED the loan and has overpaid or going to overpay a loan .

1) Go to Loan Closing and search for Loan Number - See what is the difference after a payment is made i.e. the refund amount after this new payment is done. If correct, go to Step 2.

2) Go to Loan Master and set Status equal to CLOSED.

3) Go to Closed Loan Repayment to key in the entry and charge to Principal. If there is a need to charge to ODI, please select that option. If everything is ok, then Approve this transaction. A receipt will be generated.

4) Go To Loan Closing and see whether the access amount to be paid back is correct. If, Yes, please proceed to settle the loan - A payment Voucher will be generated.