{"id":5059,"date":"2016-12-02T14:11:09","date_gmt":"2016-12-02T14:11:09","guid":{"rendered":"https:\/\/margill.com\/?p=5059"},"modified":"2025-10-10T10:47:29","modified_gmt":"2025-10-10T14:47:29","slug":"enter-record-write-off-loan-margill-loan-manager","status":"publish","type":"post","link":"https:\/\/margill.com\/en\/enter-record-write-off-loan-margill-loan-manager\/","title":{"rendered":"How do you enter the record to write off a loan in Margill Loan Manager"},"content":{"rendered":"

Question:\u00a0<\/strong>How do you enter the record to write off a loan in the MLM?<\/p>\n

<\/p>\n

Answer: What I suggest is to create a Line status called “Payment – Write-off” in Tools > Settings > Payment Line status.<\/p>\n

In the example below I changed “Paid Pmt 4” to “Paid – Write-off”. This is a non-cash transaction and can be isolated from the normal payments (monetary) in your accounting.<\/p>\n

\"\"<\/p>\n

You would then bring the balance of the loan to 0.00 with this Line status.<\/p>\n

\"\"<\/p>\n

You can then delete the rest of the payments that were actually never paid and are of no value.<\/p>\n

I recommend taking a snapshot before doing so (actually even before the write-off) so you have a history of what the initial loan looked like. This is done in two clicks with Attach:<\/p>\n

\"\"<\/p>\n

This brings all your accounting balances to 0.00 (exception here where Setup Fees were charged but never actually paid from an accounting perspective – thus a Balance for these fees and a negative Due Principal amount – nothing is ever lost or gained ;-))<\/p>\n

\"\"<\/p>\n

For reporting, you can isolate the payments called “Paid – Write-off” and as of version 4.2 you can even get the Principal, Interest and Column Fees that were “paid” (actually written off):<\/p>\n

\"\"<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Question:\u00a0How do you enter the record to write off a loan in the MLM?<\/p>\n","protected":false},"author":25,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","footnotes":""},"categories":[405,193,404],"tags":[],"class_list":["post-5059","post","type-post","status-publish","format-standard","hentry","category-margill-loan-manager-documentation","category-knowledge-base","category-margill-loan-manager"],"yoast_head":"\r\nMargill | How do you write-off a loan in the Loan Manager<\/title>\r\n<meta name=\"description\" content=\"Find oud how to write-off a loan record in our loan servicing software.\" \/>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/margill.com\/en\/enter-record-write-off-loan-margill-loan-manager\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" 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