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To integrate GMS Accounting and Revolving Loan Software by allowing cash receipt and cash disbursement batches related to loan payments and disbursements to be pulled into the RLSS system and posted automatically, thus eliminating the need for data entry into both systems.
Important Note: Prior to using RLSS Books, borrowers must be set up in the accounting program. If using Accounts Receivable supplement, borrowers are entered as customers and vendors. If not using Accounts Receivable, borrowers are entered as vendors. When possible, the customer/vendor number should match the loan ID number, which will make posting into RLSS easier. However, opportunity is given within RLSS Books to enter the loan ID number if it differs from the customer/vendor number.
Recommendation: When possible, the Cash Receipts and Voucher batches entered in accounting should consist of only loan activity. However, if the batch has mixed activity, the entries that do not relate to loans will be deleted prior to posting into RLSS.
Once the cash receipt and/or voucher and cash disbursement have been entered into the accounting program, RLSS Books is accessed through the GMS-RLSS Supplements menu. Whether the batch has been posted in accounting is not important when pulling it into RLSS.
Select the accounting database, then select Customer/Borrower Matrix tab, and map loan ID numbers by entering the loan ID number in the “loan ID” field under both AR Customer and AP Vendor. Even if they are the same, the mapping is a one-time required step for each loan processed through RLSS Books. Once the loan ID is entered, and the matrix is saved, it will not be necessary to set up that loan ID again. Gradually, as disbursements are made and payments are received for each loan, the setup will become complete and matrix mapping will no longer be required, except for new loans.
Note: all vendor/customer codes and names will be available on the grid. If not related to active loans, leave the loan ID field blank. You may sort a column by clicking on that column’s title. They first appear in loan # order but you may sort according to name if that is easier for you.
From the RLSS Books tab, select the appropriate accounting database, then select either CR batch or AP batch, depending upon whether you wish to post repayments or disbursements. Note: batches must be posted in chronological order. Next, select the batch # to be posted into the RLSS program. Activity Period will default to the current date according to the computer’s calendar, but may be edited if required. This Activity Period will determine which Monthly Activity Report these RLSS entries will appear in, which in turn determines which monthly Journal Entry they will be a part of.
Once the batch is selected, it will appear on the RLSS Books screen. Enter the “Date Received/AP Ck Issued” as the date the payment was actually received (format mm/dd/yy), which is not usually the same date as the deposit date or the date the check was given to the client. The received/issued date is very important because it will be reflected as the activity date when the batch is posted, and used to calculate the proper amount of interest for the payment. You may also enter a check number if you desire.
Select “print” and carefully review the report for accuracy. Any activity with a date that is older than previously recorded activity will not be included and will need to be manually posted. If the payment results in a negative loan balance, the loan will be so noted on the report. If the decision is made for any reason to not automatically post a payment, it can be deleted from the batch prior to selecting “post” by double-clicking on that line of the batch grid. The payment can then be researched and manually entered correctly through Loan Activity.
Once the report has been printed and carefully reviewed for accuracy, select the Post button to apply the payments to the loan histories.
Things You Should Know
Important Note: Entering a correct “Date Received/AP Ck Issued” is vital to the program posting activity with correct calculations of interest and principal. For this reason, it is required that the report be printed prior to posting the batch. Review the report carefully to be certain each date, amount, etc. is accurate. If inaccurate data is entered and the batch posted, manual adjusting entries through Loan Activity will be required to correct the loan history.
Because the date the check was received is not a part of the cash receipts entry into the accounting program, it may be necessary to institute an incoming monies log to have on hand when the batch is pulled into RLSS. In addition to allowing accurate activity dates for loan payments, a log can be an important component of your accounting procedures and internal controls. If a procedural change is required, please discuss the process with your comptroller or accountant.
All activity must be posted in chronological order, regardless of batch type.
Only one check per loan ID may be entered in a batch. If more than one is entered, the second one will not be posted into RLSS. Also, be careful if the loan is set up as Amortized and the client pays more than one payment with their check. The additional amount will not be considered to be more than one payment. It will be applied to principal and will not collect the next payment’s interest and other fees. For both Daily and Amortized loans, the paid thru/next payment due dates will need to be manually advanced for this additional payment.
It is strongly recommended that when the batch report is printed prior to posting, a hard copy be kept on file as documentation of activity posted through RLSS Books.
When a loan is due to make the final payment, it is often necessary to manually adjust/alter the automatic calculations done in the program in order to create a zero loan balance. For this reason, try to be aware of final payments or payoffs and delete them from the batch prior to posting. Manual entry of these payments is best because the calculations can be reviewed prior to saving the entry.
A batch can only be posted once, so review the report carefully prior to posting. If errors are found after the posting is complete, manual adjusting entries will be required to correct the loan histories.
It is necessary that the staff using RLSS and pulling the batch from accounting have network rights to the accounting folder and database. Check with your computer technician to ensure you can utilize the accounting database for this purpose.
You will be given the opportunity to print Acknowledgment Forms when you click on the Post button. Individual Acknowledgment forms may be printed from Loan Activity. Select/enter the desired loan ID number, click on prev/next buttons until the activity is on screen, then select “print”. The Features menu also gives opportunity to print by activity date.