Previous Next JavaScript must be enabled to correctly display this content

## 7.3 Account Closure Status

This topic describes the systematic instructions to view the status of the closure request for a specific virtual account.

Specify User ID and Password, and login to Home screen.

1. On Home screen, click Virtual Account Management. Under Virtual Account Management, click Queues.
2. Under Queues, click Account Closure Status.
   The Account Closure Status screen displays.

   Figure 7-5 Account Closure Status

   Description of "Figure 7-5 Account Closure Status"
   For more information on fields, refer to the field description table.

   Table 7-5 Account Closure Status – Field Description

   Field | Description
   --- | ---
   Virtual Account Number | Displays the virtual account number.
   Reference | Displays the reference number.
   Customer Number | Displays the customer number.
   Current Status | Displays the current status.
   IBAN | Displays the IBAN number.
   Authorization Status | Displays the authorization status of the record. The available options are: Authorized Unauthorized

3. In the Account Closure Status screen, click a tile to open a record.
   The Account Closure Request Status screen displays.

   Figure 7-6 Account Closure Request Status

   Description of "Figure 7-6 Account Closure Request Status"
   For more information on fields, refer to the field description table.

   Table 7-6 Account Closure Request Status – Field Description

   Field | Description
   --- | ---
   Customer Number | Displays the customer number of the virtual account being closed.
   Customer Name | Displays the customer name.
   Virtual Account Number | Displays the account number being closed.
   Account Description | Displays the account description.
   Branch Code | Displays the branch code of the account.
   Currency | Displays the account currency.
   Currency Status | Displays the current account closure status.
   Reference Number | Displays the reference number.
   Process Status | Displays the process status.

4. Click View Errors to view the error details of a marked stage.
   The Error popup screen displays.

   Figure 7-7 Error

   Description of "Figure 7-7 Error"

Account Closure Status

The available account closure status are:

- In-Progress: The status of the closure request is marked as In-Progress until all the closure stages are successfully completed.
- Completed: On successful closure of the Virtual Account, the status of the closure request is marked as Completed.
- Aborted: The status of the closure request is marked as Aborted, whenever a user aborts a closure request before the account is closed. Click Abort to abort a closure request.
- Failed: The status of the closure request is marked as Failed if any of the closure stages fail. Click View Errors to view the failure reason. Click Retry to retry the closure request. The Retry process will start from the first closure stage (i.e. Account and Balances) irrespective of which stage the error has occurred.

Account Closure Stages

The account closure stages are as follows:

- Account and Balances: These are internal validations performed by the system.
- Open Contracts: These are external validations performed to validate, if any active Standing Orders, Future Value Dated Payments and Pending Payments are set on a virtual account in Oracle Banking Payments, and also the virtual account is an active liquidity account in Oracle Banking Liquidity Management.
- Interest Liquidation: Interest liquidation of the accrued Interest till date.
- Balance Transfer: Transfer of residual balance to a designated virtual account specified during account closure initiation.

  Note:

  Transaction postings on virtual accounts with zero net balance are not allowed while the account closure is pending/in-progress.

  Transactions posting on virtual account (with an initial balance), after the balance transfer stage for which the closure request is in progress, will either be allowed or disallowed based on a parameter.

- Delink From Structure: Delinking of virtual accounts that are a part of structure and do not have any child accounts.
- Account Closure: Successful closure of virtual account.

Parent topic: Account Closure