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| Loan Activity |
No function is more critical than keeping track of loan transactions - disbursements and repayments.
Loan Activity allows loan repayments to automatically be computed based upon terms established in the loan master file. Calculation of principal, interest, service fees, late fees and escrow amounts are automatic. If special terms apply, you always have the option to override the automatic calculations.
Two methods of interest computation are built into GMS-RLSS: calculation based upon an amortization table and calculation based upon number of days lapsed since last payment (daily interest method). These options are loan specific, allowing flexibility.
Also available is the ability to have certain loans on a 365 day schedule and others on a 360 day
Monthly Loan Transaction Activity Reporting GMS-RLSS as the Subsidiary Ledger
GMS-RLSS may be used as a subsidiary system to an accounting system - either the GMS Accounting and Financial Management system or another current accounting system.
Many GMS clients use GMS-RLSS as a “stand-alone” system . They may be local or state government agencies, or other organizations who do not maintain their own accounting systems.
The Monthly Loan Transaction Activity Report is the key to reconciling with your accounting system each month, providing the data required to prepare a journal entry. This report also services as the proof register for all transactions entered throughout the month.
The report lists all transactions posted in the given month in chronological order and then automatically summarizes them by fund totaling principal, interest, service fees, penalties, escrow amounts, special fees, loan disbursements and repayments.
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