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Editing or Removing a Loan

Correct a loan's details or remove a loan, and see what it does to your account balance.

Keep Your Loan Records Accurate

Typed the wrong principal, picked the wrong account, or added a loan by mistake? You can edit a loan's details at any time, or remove it entirely. Officaid keeps the linked account balance in step with your changes.

How Loans Affect Your Account

When you add a loan, Officaid puts the principal into the linked account, because that is where the borrowed money arrived. Editing or removing the loan adjusts that account to match:

  • Changing the principal moves the account by the difference. For example, changing a loan from 5,000 to 6,000 adds 1,000 to the linked account.
  • Removing the loan takes the principal back out of the account.

How to Edit a Loan

  1. 1 Navigate to Finance → Loans from the main menu
  2. 2 Click on the loan you want to change
  3. 3 Click Edit Loan in the Quick Actions panel (or click the pencil icon on the loan's row in the Loans list)
  4. 4 Change the Reference, Lender, Principal, Currency, Account or Notes as needed
  5. 5 Click Update Loan to save

You return to the Loans list, which shows the updated principal and balance.

How to Remove a Loan

  1. 1 Navigate to Finance → Loans from the main menu
  2. 2 Click on the loan you want to remove
  3. 3 Click Remove Loan in the Quick Actions panel (or click the trash icon on the loan's row, or Remove on the edit form)
  4. 4 Your browser asks Are you sure? Click OK to confirm

The loan disappears from the Loans list and its principal leaves the linked account.

A loan with recorded repayments cannot be removed. Officaid shows "This loan has payments recorded. Remove the payments first, then delete the loan." Open the loan, click Remove Payment on each entry in Payment History, then remove the loan.

Frequently Asked Questions

The loan's principal sits in the linked account. When you change the principal, Officaid moves the account by the difference so your balance stays accurate.

The loan still has repayments recorded against it. Remove each payment from the loan's Payment History first, then remove the loan.

No. A fully repaid loan changes to Paid status and stays in your records for reference. Only remove a loan that was added by mistake.

What's Next?

Explore related loan guides:

loans finance edit remove