Membership can be renewed from the dashboard if payment was collected offline.
Search the member in Active or Expired Memberships list or do a top level Search, click on the "Action" icon next to the particular membership. You will see a panel with four tabs. Click on the Membership Tab and then click on the manage icon. You will see a drop-down with "Renew Membership". Click on it and enter the details such as mode of payment, expiry date etc. and the confirm it. This way, you will be able to renew the membership for a member.

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