With STRATAFOLIO, our Loan Dashboard helps track and give analytics on the performance of your Debt Service. Keeping it updated when your loan status changes helps keep STRATAFOLIO’s reporting accurate. Updating your loans when it is time to close them out is an easy way for a lender or investor to quickly see all of your loans in one place. You have all the information you need by exporting the Loan Dashboard in Excel or PDF.
Find the Proper Loan
Use the left-hand navigation bar to locate Finances and then Loans. Select the i for more information on the loan that you would like to edit.
Note: You will only see the active loans for unsold assets in the Loan Dashboard in STRATAFOLIO. To see all loans that have been entered in STRATAFOLIO, you must look under the left-hand navigation bar, then click Asset, then Loans.
Change the Loan Status
Click the Edit Loan button to make any edits.
Scroll down to Loan Status and Mapping until you reach the Loan Status.
Choose from the Loan Status which situation is the most accurate.
- Loan status options:
- Active – this is a current loan
- Refinanced – this loan will be refinanced into a new loan
- Paid in Full – this loan has been paid in full and zeroed out on the books
- Closed/Sold – this property has been sold and the loan is closed
Then press Save Changes.
If this loan is refinancing, you will need to add the new loan that is replacing it. For more help with how to add a new loan in STRATAFOLIO, the article How to Add a New Loan will guide you through the steps.
Helpful Tips:
- To keep your QuickBooks and accounting accurate, ensure you have zeroed out this loan account in your QuickBooks before closing it in STRATAFOLIO.
- If you are refinancing a loan, it is best practice to create a new loan account in your Chart of Accounts. After that, create the new loan in STRATAFOLIO and connect the new loan appropriately. This will keep all historical information in STRATAFOLIO and your QuickBooks account.
- If you have sold the property, please follow our steps on How to Mark an Asset as Sold in our Knowledge Base.
