How to cancel a payout and reverse a loan ?
#loan_menu_options
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#loan_menu_options
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To cancel or reverse a loan, follow the steps outlined below. This guide will walk you through the process for both cancelling a loan and reversing a payout, depending on the specific scenario.
Navigate to the Loan Menu
Go to the Loan Menu within the system interface.
Select "Cancel Loan"
Click on Cancel Loan to begin the cancellation process.
Post a Capital Refund Receipt
When prompted, post a Capital Refund Receipt as a payout deduction.
This step is necessary to create a zero-based payout for the loan.
Issue a New Loan (if needed)
Issue a new loan for the same amount if you wish to replace the cancelled loan. This will re-establish the loan with a zeroed-out payout balance.
Occasionally, you may need to reverse a loan that has already been paid out due to unforeseen circumstances. To perform a reversal:
Access the Loan Menu
Go to the Loan Menu and select the Reverse Payout option.
Cancelling a Receipted Loan
Note: If a receipt has been posted on the loan you’re trying to cancel, Mobiloan will detect this and display a warning message.
To proceed, go to the Client Ledger and unlink or contra all receipted transactions associated with the loan. This will clear the loan's account status, allowing you to perform the reversal.
Initiate Loan Reversal
In the Reverse Loan screen, select the desired Reversal Action:
Reverse Payout Transaction Only (Keeps Promissory Note Active)
This option will:
Change the loan status back to Approved (enabling the loan to be paid out again via Verify Payout in Active Loans).
Refund the Capital Payout.
Cancel any collection tickets (if cash-based).
Send an email notification to the Branch Manager.
Reverse Payout Transaction and Cancel Loan (Cancels Promissory Note)
This option will:
Change the loan status to Reversed (sent to SACCRA for resubmission at the end of the day).
Refund the Capital Payout.
Cancel any collection tickets (if cash-based).
Cancel the active Promissory Note.
Send an email notification to the Branch Manager.
Important Note
Although the loan is reversed, it can still be reinstated in the Loan Menu if needed.
