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How do you record a loan payoff against an existing mortgage?

lbkovar

I have an existing mortgage account attached to an asset. We sold the property and the original loan has now been paid off. There is no option that I can see in the loan register to record the payoff. How would I go about getting the transaction entered before I close the account?

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NotACPA

You'd record a transfer of funds received into the Loan account to take it's balance to $0.

There is no "Payoff" function per se.

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