How To Cancel A Contract's Budget

Canceling a contract's budget involves the following steps:

Update the contract to indicate the contract is no longer on a budget.
Issue an adjustment to make the contract's current balance equal the payoff balance.

Note: Credit and collections (C&C). You can change the arrears date on the adjustment that synchronizes current and payoff balance to reflect the true age of the debt. You do this on the financial transaction associated with the adjustment. If you do this, C&C will monitor the old debt accordingly.