Zero Collective Balance
In order to close a Collective, you'll need to first ensure that your balance is zero. Learn about all of the methods that you can use to accomplish this here.
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In order to close a Collective, you'll need to first ensure that your balance is zero. Learn about all of the methods that you can use to accomplish this here.
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Before changing hosts or closing a Collective, the balance must be at zero.
You can move money out of your Collective in several ways:
Submitting expenses to withdraw funds.
Donating to another Collective in the same Fiscal Host.
Giving the remaining balance to your Fiscal Host. You can access that option by navigating to your Collective's Dasboard > Settings > Advanced.
Let the Payee cover the fees
When emptying the balance for a Collective, you have the option of charging the payment processor fees to the payee, which will guarantee that 100% of the Collective's balance will go out. This option is only available for bank transfers for hosts that support Transferwise at the moment.
When these conditions are met, the host admins will see a checkbox on the Pay expense modal.
Dealing with small leftovers
When it's not possible to use the feature previously described, you may sometimes end up with a small amount left behind if you try to withdraw 100% of your balance. This is usually caused by fees being hard to predict exactly.
If this happens, go to your Collective's Dashboard > Settings > Advanced and use the Empty Balance button to transfer the remaining funds to your Fiscal Host.