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CHANGING LOAN FUNDS

Although it is advisable to determine the funding source prior to establishing a Loan Master profile within GMS-RLSS, it sometimes becomes necessary to make changes. Perhaps an administrative decision has been made to utilize a different funding source, or maybe a data entry error was made when the Loan Master file was entered. GMS-RLSS can handle funding source changes if specific steps are followed.

First, determine if any activity has been posted to the loan. If no activity has been posted, simply edit the Loan Master file with the new funding source. Since no activity has yet been posted to the loan's history, there are no repercussions to editing the funding source.

However, if activity has been posted, the funding source can still be changed; it just requires a little more effort. Consider that when the activity was originally posted it became a part of the Monthly Activity Report and was allocated to the funding source within the Loan Master file at that time. This report may have been utilized by accounting for journal entries, or reports may have been provided to staff or funders which showed the loan as part of the original fund. Since the funding source is now changing, those reports are no longer accurate. Be sure your accounting department is aware you are about to change the funding source before proceeding.

1) Print the loan history. You may also wish to export the loan history into a pdf file and then use attach/retrieve documents to attach it to the Loan Master file as documentation.

2) This loan history will need to be used to make the general journal entry within your accounting records to move the disbursement and repayment allocations from the old funding source to the new funding source. If you are not the one to make this entry then be sure to forward it to your accounting department so that they can make it.

3) Go to your Loan Master file, click on Edit. Select the Loan Terms tab and click on Funds/Amts. Click on Edit. When you receive the pop-up message, answer Yes. Change the funding source to the new one. Click on Save and Exit. Click on the Save icon within your Loan Master file.

4) As a result of the above steps, all reports will now reflect this new funding source, even if they are run for a prior period.