Security Statement, PPSR, Discharge Financing Statement

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Once an Account has been closed (settled) you need to Discharge the Financing Statement. However, when an Account is closed there is normally a period of time where the payment made could be rejected, i.e. bounced. Therefore it is unusual to immediately discharge Securities upon the Account being settled. Instead this process normally occurs after the payment is cleared.

To Discharge a Financing Statement:

From the Security menu, click Security Statements.
Select the relevant Security Statement.
Go to the PPSR section and click "Discharge Financing Statement".

It may be more desirable to use the PPSR Update wizard to Discharge in bulk, instead of Discharge Financing Statements individually. If the wizard is used on a regular basis, i.e. daily, it is less likely that Discharges will be missed.

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