Since loans cannot be re-opened except on the same day on which they were closed (see the related item below), if a loan is being paid off with a check and you want to ensure that it clears before the loan is closed, we recommend you use this technique:
- Post the payment as usual and the loan will close.
- That same day, use Tool #711 to re-open the loan (balance will be zero).
- Create a tracker reminder to officially close the loan once the check clears.