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Cutdown General Ledger
GMS General Ledger and Financial Reporting System
Does your agency need a general ledger package for cash receipts, general journal,
budgeting and month end reporting, but not necessarily other components of an accounting system?
GMS now offers the GMS General Ledger and Financial Reporting System, a cut-down version of the GMS Accounting and Financial Management/Reporting
System. This system includes the Chart of Accounts, Cash Receipts, General Journal, Month-End Reporting, Budgeting and Prior Year Maintenance.
It is designed for clients like those that run the Revolving Loan Servicing System within
their agency and do not necessarily need Accounts Payable, Payroll, Cost Allocation, etc.
Data entry functions allow transactions to be entered with a minimum number of keystrokes and can be easily changed, displayed, printed or exported.Transactions
can be easily stored in batches for efficient proofing and control before posting. Data entry activities include Cash Receipts and General Journal.
General Ledger Codes
Rather than require a large number of digits to code
accounting transactions, our integrated structure streamlines data entry enhancing system performance.
- 5 digit codes are used to describe asset and liability accounts. These are used universally across the organization with 10000's reserved for assets and 20000's for liabilities.
- 5 digit codes are used to describe projects or equity accounts (these are in the 30000 series).
- All program elements (6 digit codes discussed on the following page) are assigned to a project or equity account.
- 5 digit codes are used to describe revenue and expenditure items. These are universal with 40000's describing revenues and 50000-99999's describing expenditures.
Program Elements
Program Elements are activities or components within projects or grants. Since they are pre-linked to projects when they are created, data entry is simplified.
Program Elements are the building
blocks for the financial reporting structure. Line item revenue and expenditure reports will be generated at the program element (cost centers) level, summed up to the project level, and finally added into agencywide reports.
- 6 digit codes are used to describe program elements (cost centers, activities, components, work program activities, etc.)
Cash Receipts
This portion of the system eliminates the need for multiple bank accounts and allows the user to code the revenue directly to the grant or project it was intended.
All cash receipt entries have to be in
balance to be saved.
General Journal
All journal entries have to be in balance to be saved. Recurring general journal entries can be created with optional software.
Reporting
There are several standard reports that result from month end processing that can be printed or exported. These reports include:
General Ledger Activities
- Transaction Code Listing
- Project Element Charge Listing
- General Ledger with Current Detail
Financial Reporting
- Balance Sheet
- Revenues and Expenditures by Program Element
- Revenues and Expenditures by Project
- Agencywide Revenue and Expenditure Report
Budget and Prior Year Maintenance
This portion of the GMS General Ledger and Financial Reporting System allows the user to create budgets for projects and agencywide reports as well as import budgets from spreadsheets,
etc. This will allow the user to monitor Program Element (activities) and Project Budgets (grants) for program-to-date grant periods as well as Agencywide Budgets for the organization's fiscal year (which may differ from contract and grant
reporting periods).
Budgets may be added, changed, displayed, printed or exported at any time. Budget amounts automatically appear on all appropriate financial reports. Project totals are compared to budget with under/over amounts and percentage
of budget reflected on the reports.
The GMS General Ledger and Financial Reporting System also allows the user to input opening general ledger balances and prior year revenues and expenditures and has year end roll forward capabilities.
Computer Requirements
Pentium III or higher computer
Version of Access 2000 or higher
Windows 2000, XP or Vista Recommend 256MB or more of RAM
Cost
The cost for the GMS General Leger and Financial
Reporting System is $2,000. Installation of the software and any off-site training required will be accomplished at the prevailing rate, and can be scheduled by calling the GMS offices.
License/Warranty
Cost
of license/warranty is $35 per month per user/security level.
Support/Maintenance
GMS strives to respond to any support calls within two working hours. Cost for support will be $75 per month per organization. Support is required
for the first 12 months of use. Pay as you use support can be implemented at $100 per hour, or prevailing rate, if the agency chooses to discontinue full support after one year with a 60 day written notice to GMS . You may elect to return to full support at any
time.
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Kensington, MD 20895 · All Rights Reserved