News From GMS - August 2015Current and back issues are provided in Adobe Acrobat format. (Requires the free Adobe Acrobat reader.)
|
| ||
|
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 regarding these changes. Payroll
Accounts Payable
General Ledger
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:
For more information regarding the Archiving process, please consult your Help Manual under Tools/Archive Database. An excellent time to archive 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.
|
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!
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).
GMS Summit Welcome Reception
"Cigarette Girls" handing out candy to guests. A good time was had by all. 
|
Amortization Schedules
Amortization Schedules prepared using the GMS-RLSS software may be edited in many different 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 payment?” 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 number 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 entered 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 payment amounts as necessary.
Amortization Schedules prepared using the GMS-RLSS software may be edited in many different 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 payment?” 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 number 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 entered 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 payment amounts as necessary.
GMS Staff at the 30th Annual GMS Summit in Denver.
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 recognize some as wigs and other accessories were adorned.
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.
|
|
