Cancelling Accounts in Orion

Cancelling or Closing Accounts

Cancelling accounts marks them as inactive and brings their balance in Orion to $0. All account history remains available in the Orion system for reporting purposes, and the best practice is to include closed/inactive accounts in reporting. Use this option when a client leaves or when you close an account that is no longer needed inside of an active client household.  

If cancelling 1 account: Go to portfolio audit > accounts> and right click on the account > cancel account

If cancelling multiple accounts: Go to portfolio audit > accounts > shift + click / CTRL +  click to select your list of accounts to cancel > actions > mass cancel accounts...

When the prompt opens, you'll need to first select the cancel date. You can back-date the cancellation if you'd like, but note that's the date at which Orion will zero out the account balance(s).

Additionally there are 3 check boxes to review:

• Zero balances <--- yes, that's the whole point of cancelling
• Add to download exclusions. <--- yes, otherwise Orion will bring the account back if they see the custodian send a balance the next day
• Create final bill.  <----optional, only needed if you need to create one last bill before the client leaves

And the last item is to be sure the accounts themselves have their boxes checked at the bottom left of the window.

Deleting accounts is another option, and very different. If deleting, all of the history will be lost. Only use this option in situations where you have extra data in Orion that isn't needed. 

First, cancel the account per the instructions above. After that is complete, navigate to the account again in portfolio audit > change your view so it includes both active and inactive accounts on the bottom of the right panel > right click on the account > delete.