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General Ledger
The GMS Accounting and Financial Management/Reporting System offers a flexible accounting structure designed to respond to virtually all management, audit, Board of
Directors, and funding source requirements. From transaction entry to financial statements to detailed account ledgers, the GMS General Ledger provides complete audit trails.
Chart of Accounts
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 universally used across the organization with 10000s reserved for assets and 20000s 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 below) are assigned to a project or equity account.
- 5 digit codes are used to describe revenue and expenditure items. These are universal with 40000s describing revenues and 50000-99999 used for expenditures.
All accounts may be designated as active or inactive. The system does not allow deleting accounts with activity. The GMS chart of accounts is designed based on the needs of each individual client
organization.
Program
Elements
Program Elements are activities or components within projects or grants. Since the elements 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 center) 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.)
Reporting
There are several standard reports that result from month end processing, those reports include:
- Timesheet Reporting and Labor Distribution
Monthly Timesheet Charges by Activity
Monthly Timesheet Charges by Employee
YTD Timesheet by Employee and YTD by Activity
Monthly Workers Comp Analysis
(optional)
- General Ledger Activities Transaction Code Listing
Project Element Charge Listing
General Ledger with Current Detail
- Cost Allocation
Leave Rate Computation and Analysis
Fringe Benefit Rate Computation and Analysis
Indirect Cost Rate Computation and Analysis
Year-To-Date Cost Allocation Summary
- Financial Reporting
Balance Sheet
Revenues and Expenditures by Program Element
Revenues and Expenditures by Project
Agencywide Revenue and Expenditure Report
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Kensington, MD 20895 · All Rights Reserved