how to change loan repayment amount in mid

[Former Member]

Can anybody explain me how to change loan repayment installment after 2 installment have been made.

[Former Member]

Hie,

copy the existing record and with new start date. In that new record you need to mention your new repayment amount. System will deduct latest repayment amount based on the start dates and the sequence number.

please check and confirm.

[Former Member]

I tired it but it is showing old log.

Regards

David

[Former Member]

For making of whole loan amount, under payments head follow the following:-

a) If the same is to be deducted from Payroll , check Special payment (payroll)

elese if outisde payroll, check Special payment (External)

Regds,

[Former Member]

Thanks praveen .but can we close the loan before complete repayment if yes than how?

[Former Member]

David,

Yes technically it is possible and anyway if you are closing one then you are creating a new as well so there is no functional impact on this. Try using the payment tab of IT0045 with complete repayment option and put the remaining amount here.

Make sure that this closing amount should be have any impact of payroll to ensure the payroll smoothly.

[Former Member]

Thanks praveen i will get back to you .

[Former Member]

David,

I feel there no option for this. What you can do is close the current loan and create a new record as a loan with new installment.

- Praveen