Creating New Versions of Existing Credit Facilities

In Loan Management, the credit facilities are set up for versioning. Thus, if you want to update the details of an approved credit facility, then you must create a new version of the record.

To create a new version for a record with the Approved status, follow these steps:

1. While in the Credit Facility List page, double-click the credit facility record selected for updates.

2. Click the New Version button in the top right corner of the page.
   
   A new version of the credit facility is created, with Version Draft status, thus restarting the life cycle.
   
   

3. Edit the desired fields in the Credit Facility tab.

4. Click the Save and Reload button.

If you approve the draft version, then the original record transitions into the Version Closed status and the secondary version becomes the Approved currently active credit facility record.

Read more details about versioning a record on the How to Version an Entity Record page.