Paying out a loan in TaxTank is quick and simple. Whether you're closing off a loan early or it's reached the end of its term, here's how to mark it as paid out in just a few clicks.
Step-by-step to payout a Loan
Navigate to the Loan
Open the tank with the relevant loan.Allocate all loan transactions
Make sure all repayments and interest charges are fully allocated.đĄTip: If your live bank feed ended before the final transactions came through, you can import those last few via CSV. Just allocate them to get the loan balance to zero.
Check that the loan balance is $0
Once all transactions are allocated, your loan balance in TaxTank should be $0.Click the Loan Details tab
Youâll now see the Loan Payout button.Select the Loan Payout button
This will deactivate the loan and mark it as paid out.Enter the payout details
Add the date and any relevant notes, then click Apply.
Need to undo a loan payout?
No worries! If youâve marked a loan as paid out by mistake, you can easily reverse it.
Toggle on âDisplay Active Bank Accounts onlyâ
This will reveal any deactivated accounts or paid-out loans in your account.Navigate back to the loan
Open the relevant loan and head to the Loan Details tab.Click Remove Payout
This will reactivate the loan and return it to your active accounts.
đĄ Tip: Donât forget about borrowing expenses!
If you had any borrowing expenses linked to the loan, make sure theyâre claimed in the financial year the loan is paid out. TaxTank wonât let you miss them â but itâs always worth a quick check to ensure you're getting every dollar youâre entitled to!