ASPIRE Debt Note Termination

ASPIRE Debt Note Termination

Debt Note Payoff Calculation

This is a calculator that will compute the debt note payoff amount due to the lender based on the payoff date and the last payment made to the lender.

This can be reached from the Debt Note by selecting the dollar icon





Or from the Task menu go to Debt > Debt Payoff

Select the Note, Payoff Date and Last Debt Payment Made





Terminate the Debt Note

1.  From the Debt Note screen select Termination as the Rewrite Type
2.  Enter in the Effective Date and a Reason Code.
3.  Go to the Termination tab to enter in any adjustments to the payoff amount. These adjustments are to bring ASPIRE in-line with what the lender has quoted as the payoff.




4.  Click the Posting icon to post the termination.





5.  ASPIRE will generate the GL entry to remove the remaining principal balance based on the Effective Date chosen.

6.  It will also remove the remaining Accrued Interest Payable, record the Interest Expense through the effective date and record the Current Payable to the lender for the payoff amount.

7.  Click OK to the journal entry to commit the termination and general ledger entries.

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