News From GMS a publication for GMS clients

Volume 27, No. 8 August 2015

July Accounting Revisions Released

The latest accounting revisions were posted to our website www.gmsactg.com on July 7, 2015. You should have received an email from GMS on July 7th that included instructions for downloading and installing these revisions. It is VERY important that all revisions be installed in a timely manner. It is also important that all staff using the GMS Accounting System read through the List of Changes included with the revisions to familiarize themselves with the new features or changed items. Note: Some of the more recent List of Changes are included in the Help Manual. Some of the changes in this revision are detailed below. See your Help Manual for additional information regard-ing these changes. Payroll

Pursuant to the Affordable Care Act (ACA) we have added an option to generate the Full Time Equivalent Status Report. This option is located in Payroll\Annual\Health Insurance. The report generated will include two lists: employees working under 130 hours per month and employees working 130 hours or over per month. Should your organization operate on a bi-weekly pay cycle (where a working month is not easily defined) you will need to select the starting date for each month. Please see the GMS Help Manual for more details about this report.

OR State tax calculation has been changed to reflect the current rates. IN State tax calculation has been changed to reflect the current rates. Supplement # 517 Retirement Report

1. For the state of Iowa, the electronic file format has been corrected to properly report the zip codes when the file is uploaded.

2. For American Funds, two columns have been added to include information for a Roth deferral and employer optional match amounts.

Accounts Payable

In Manual Check, you can now un-post a batch even if there is information missing from the table tblGLDetail.

Supplement # 405 Accounts Payable Direct Deposit Select Voucher for Payment: Choosing Select by Direct Deposit now includes vendor setup as DD Type 32 (Savings Live).

General Ledger

Supplement # 314 Board of Directors’ Reports: The percentage calculations when Agencywide R&E by Category with Category Detail have been corrected.

Supplement # 412 R&E Report Designer: The percentage calculations have been corrected when a format is chosen and Use Agencywide Budget is selected.

In this Issue

July Accounting Revi-sions Released

Archiving Your Ac-counting Database

Page 2 Amortization Sched-

ules GMS Client Referral

Program Make-A-Wish Recipi-

ent Shares a Recap of

Her Trip

Page 3 GMS Staff at the

2015 Summit Be a Part of the GMS

Online Community

Page 4 Upcoming Webinars GMS President/CEO

opens the 2015 Sum-mit with a Special

Toast

GMS, Inc. 10559 Metropolitan Avenue

Kensington, MD 20895

Phone: 800-933-3501

Fax: 301-933-3502

E-mail: service@gmsactg.com

Archiving Your Accounting Database Are you finding that your accounting database is processing more slowly even though you have been compacting and re-pairing it daily? Do you have more than the last two fiscal years’ data in the database? You may need to “archive” your database. “Archive” means that you will have the software remove old records, based upon the cutoff date you’ve selected, from your database. By doing this, the software will not need to sort through this old data in order to prepare your current reports, thus speeding up the processing time. You may select which records are archived and what the cutoff date is for the archiving process. Only two or more fiscal years before your current fiscal year are available to be archived. Your archiving selections are:

Monthly Processing: records will be deleted from the tables used for the General Ledger, Prior Year budgets and amounts, journal entries, accounts receivable and cash receipt batches, cost allocation, timesheets, and expense reimbursements.

Continued on page 4

Present versions of Software are: Accounting 1.2.302 RLSS 1.0.0.11

Amortization Schedules Amortization Schedules prepared using the GMS-RLSS software may be edited in many differ-ent ways to correspond with your lending practices.

If your loans specify a balloon payment is to be collected at the end of the loan, simply edit the Final Payment Due field to be the date the balloon payment is due when entering your loan terms.

Should you change the First Payment Due date to be greater than or less than one payment cycle from the Note Date when you click on the printer icon you will receive the message “Since you have changed the first payment due date, do you wish to adjust interest in the first pay-ment?” If your loans collect interest on an amortized basis, you will want to answer No to this question, thus collecting only one payment cycle of interest. If your loans collect interest on a daily basis, answering Yes will show the first payment collecting interest based upon the num-ber of days elapsed between the Note Date and First Payment Due date. In the event the First Payment Due date is extended beyond the regular payment’s ability to cover current interest, the uncollected portion will be reflected in the final column and will be collected from future payments. This could result in a larger than normal final payment.

Increasing or decreasing the payment amount mid-term is very easy too. Once you have en-tered your basic loan information, click on the printer icon. Close the viewable Amortization Schedule and select the Edit Amortization Schedule tab. Find the payment you wish to change, click in the Payment column and delete the current payment amount. Enter your new payment amount and hit the down arrow key or click in the next field down. All subsequent payment amounts will change to your newly entered amount. You may continue to edit remaining pay-ment amounts as necessary.

Page 2 NEWS FROM GMS A PUBLICATION FOR GMS CLIENTS VOLUME 27 NO. 8

Life is like a ten speed bicycle. Most of us have gears we never use.

~Charles M. Schulz

GMS Summit Welcome Reception

“Cigarette Girls” handing out candy to guests. A good

time was had by all.

What better way to help other organizations like yours than to refer what software works for you to them?

If you know of an organization that could benefit from the GMS Account-ing and Financial Management or Revolving Loan Servicing software, send us your referral and you will automatically receive a $50 credit to use towards the purchase price of any supplement or webinar registration.

In addition, if your referral schedules and views a live demo with us, you will receive an additional $50 credit.

And it doesn't end there. If your referral purchases our accounting and financial manage-ment software you will receive an additional $400 credit and if they purchase our re-volving loan software you will receive an additional $200 credit.

Get started by submitting your referral today!

...or do you just love GMS? Write a review.

*For more information contact Era Williams, Director of Sales and Marketing, at 800.933.3501 ext. 420.

17 year-old Make-A-Wish recipient, Kuhu Basak shares pictures and a recap of her wish trip to Italy. Please visit the GMS Blog to enjoy!

VIEW GMS BLOG

BE A PART OF THE GMS ONLINE COMMUNITY!

then

then

...and finally

...and don’t forget...

Page 3 NEWS FROM GMS A PUBLICATION FOR GMS CLIENTS VOLUME 27 NO. 8

A great time was had by all at the GMS Summit. In honor of the anniversary of our 30th

Summit, we had a Frank Sinatra impersonator as our entertainer for the Welcome Reception on Sunday evening and attendees were asked to dress in Hollywood Glamour/1930’s attire. Below is a photo of our staff at the reception. You may not recog-nize some as wigs and other accessories were adorned.

GMS Staff at the 30th

Annual GMS Summit in Denver.

Left to right, front row: Barb Rassler, Service & Support Specialist; Deann Hasbrouck, Implementation & Training Manager; Ann Dragoo, Director of Service & Support. Back row: Yongling Xin, Senior Software Developer; Jie Chen, Software Developer; Robin Berseth, Events & Technology Director; Rod Jones, Implementation & Training Manager; Sara Drury, Director of Administrative Operations; Era Williams, Director of Sales & Marketing; Kim Cosentino, Service & Support Specialist; Marilee Floener, RLSS Director/Service & Support Specialist; Jill Siewert, Service & Sup-port Specialist; Donald Cassady, President/CEO; Duane Scott, Administrative Operations.

Wednesday, August 19th @ 2:00pm Audit Prep Tools

This webinar is specifically designed to walk you through all of the features and reports generated by GMS Supplement # 419 Audit Preparation Tools. LEARN MORE

Wednesday, September 16th @ 2:00pm Using Master File Query

Learn how to create labels, lists and customized reports using your RLSS Master File Query. You'll learn how to select the data you wish to have included on your reports and how to select the criteria of which loans will be included. Saving and later retrieving the format of a report you need to prepare frequently along with changing the date range for report preparation will also be demonstrated. LEARN MORE

Wednesday, October 21st @ 2:00pm External Reporting

Once a Month End is completed, there can be a lengthy list of recipients for whom you need to generate a report. This list can include anyone from your program directors to your funding sources. LEARN MORE

Wednesday, December 16th @ 2:00pm Balance Sheet Issues and Reconciliations

One of the more time consuming duties of a fiscal person can be reconciling all items on the Balance Sheet. This webinar will cover tips and tricks to help ease the reconciliation process. LEARN MORE

Archiving Your Accounting Database continued from page 1

Payroll and 1099 Information: records will be deleted from the tables used for voucher and cash disbursement batches, prior year payroll, retirement, workers comp and weeks worked.

Inactive General Ledger/Element Codes: inactive records will be deleted provided they are not set up in Fixed Assets, are code 50000, or still exist in tables that relate to General Ledger, Cost Allocation, Budgets/Prior Year or Class setup.

Inactive Vendors: inactive vendors will be deleted if they have no existing vouchers as-sociated with them.

Terminated Employees: terminated em-ployees that were not paid in the current year will be deleted from tables related to employ-ee files, timesheets, worker’s comp, retire-ment, payroll adjustments, prior year state tax analysis and payroll information, weeks worked, personnel history and prior year cost allocation.

Inactive Customers: inactive customers will be deleted from tables related to customers, Accounts Receivable Invoices, and Cash Re-ceipts.

Disposed Fixed Assets: these will be delet-ed from tables related to inventory, location and depreciation history, and funding sources.

Completed Purchase Orders: completed Purchase Orders will be deleted from the ta-bles related to purchase orders.

For more information regarding the Archiving process, please consult your Help Manual under Tools/Archive Database. An excellent time to ar-chive is at the start of each new fiscal year after you’ve made a backup of your database and rolled forward into the new year.

Page 4 NEWS FROM GMS A PUBLICATION FOR GMS CLIENTS VOLUME 27 NO. 8

GMS President/CEO, Donald Cassady, kicks off the “Waking Up With Wishes” opening session of the 2015

GMS Summit, by toasting previous GMS President/CEO, Linda Berseth (1951-2014).