If your campaign is ending, there are certain steps to take in the database in order to prepare for the final compliance report filing, as well as what to do to close your ISP account.
When all is said and done, you’ll need to make sure your balances for anything outstanding is $0 in order to terminate the campaign.
Some states have specific requirements so it may be wise to reach out to a state analyst to determine what is specifically needed.
Once you know what you need to do from them, in ISP you’ll work to lower any outstanding balances.
If your total loans outstanding is more than the total Cash on Hand, then it’s usually a simple matter of adding loan repayments to the outstanding loans until you are at $0 Cash on Hand. You can do that by navigating to Accounting > Balances, then clicking on the hotdog menu next to any outstanding loans and selecting Add Repayment.
If the total outstanding is greater than Cash on Hand, you’ll have to use the Add Balance Reduction hotdog menu option to indicate the loan amount is forgiven. This is done similarly to adding a repayment, but you will want to click in the Tags field on the Add Balance Reduction transaction and select Forgiven. Please be sure to also add a Compliance note explaining the transaction.
Once the Net Worth is at $0, you can file your Termination Report.
Once you have filed your Termination Report, if you want to stop billing on your account, navigate to the Gear Icon (System menu) > Account Management. At the bottom of the page is a button Stop Billing/Make Dormant option. This will end billing on your account.