E-NEWS MAY

GMS is excited to offer an additional training opportunity to our clients. We are thrilled to announce the upcoming GMS Fall Regional Training Event in Charlotte, North Carolina.

Please take advantage of this incredible opportunity to expand your knowledge with our highly experienced staff, who are dedicated to your professional development. 

This practical training event is designed to enhance your skills and help you excel in the application of the GMS software, ensuring that your time and effort are well invested.

You will have access to exclusive training resources, tools, and materials supporting your professional growth long after the event ends.

Mark your calendars and be prepared to elevate your career to the next level. Stay tuned, Details will be released soon! 

🗓️ Date: October 1 & 2, 2024

🏨 Location: Hilton Garden Inn, Charlotte Airport
2400 Cascade Pointe Boulevard Charlotte,
North Carolina 28208

In preparation for the upcoming GMS Spring Regional Training Event on May 21 and 22, it’s essential to maximize your participation. As part of your preparation, please be on the lookout for email correspondence:

Training Materials Links: This email will contain links to the webpage where you can download the training database and documents. These resources are designed to compliment your learning during the sessions and serve as valuable references for future use.

Additionally, if you encounter any difficulties with downloading training materials or accessing the event platform, our dedicated technical support team will be available to assist you. Contact information for technical support will be provided in the emails you receive.

To avoid missing any important correspondence, we recommend checking your spam or junk folder regularly, particularly if you have strict email filters in place.

We eagerly anticipate your participation in the event and wish you a productive and enlightening training experience!

RLSS Interest Calculations 

Ever found yourself pondering over the intricacies of a Daily interest rate versus an Amortized interest rate in RLSS? Fret not! RLSS is designed to alleviate the burden of interest calculations, making it a breeze for you.

In Loan Master, on the Loan Terms tab, you have the flexibility to choose between Daily or Amortized for interest calculations. Opting for Amortized, the software will calculate interest for one cycle, (or one month), regardless of when the payment is made. For instance, if Borrower A is three months behind in payments and you receive a payment from them, the software will calculate interest for one cycle, typically a thirty-day cycle, irrespective of the delay.

If you choose Daily interest, the software will calculate interest based on the days elapsed between the last activity and the payment date. That means if Borrower A last paid on January 1 and the next payment received is on April 1, the software will calculate interest for 91 days and apply that to the payment.

What formula is used to calculate interest? If you choose Daily 365, interest is calculated by taking the loan balance as of the most recent activity, multiplying by the interest rate found in Loan Master, dividing by 365 to get the daily interest, and multiplying by the number of days elapsed. If you chose Daily 360, the calculation is the same, except you would divide by 360 to get the daily rate.

Have other questions about how RLSS works? Try our online Help Manual! You can get there from within RLSS by clicking on Help, then Help again, and then Contents. It’s a handy, quick reference guide to all the different features and screens within RLSS.

Included in your registration fee for both the GMS Spring and Fall Regional events is an automatic 50% supplement credit, applicable towards supplement purchases up to the value of your registration fee. This Supplement credit will expire on June 30, 2024, for all Spring Regional attendees and on October 31, 2024 for Fall Regional attendees. Should you wish to take advantage of this limited-time offer, kindly visit our website to browse available supplements and proceed with placing your order.

To illustrate how this credit works, consider the following examples:

1. If your registration fee is $699 and you order the #405 Accounts Payable Direct Deposit 1-2 user level for $800, the credit applied would be $400 (50% of the registration fee), resulting in a balance due of $400 and a remaining 50% credit of $299.

2. For a registration fee of $1398 and the same #405 Accounts Payable Direct Deposit for $800, the credit applied remains $400, leaving a balance due of $400 and a remaining 50% credit of $998.

3. If your registration fee amounts to $2097 and you order the #405 Accounts Payable Direct Deposit 3-4 user level for $1100, the credit applied would be $550 (50% of the registration fee), resulting in a balance due of $550 and a remaining 50% credit of $1547.

Please note the fee structure for #405 Accounts Payable Dir Deposit below:

Supplement purchases are based on the total number of licensed users.

Protecting Prior Month Information 

GMS Accounting software offers a feature to safeguard the integrity of financial data by preventing alterations to transactions for closed periods. This is managed through the “Month End Period” tab under Tools, User Setup, where users can set a “Posting Period” to designate finalized periods. Once a period is marked as final, no further modifications to transactions with that posting period or earlier are permitted.

To underscore the importance of data integrity, GMS strongly advises limiting access to change the posting period to a select few individuals. By entrusting this responsibility to a single person or a small group, the organization ensures that changes to prior period information are made with proper authorization, thus upholding the accuracy and reliability of financial records.

Service will not be available on Monday, May 20^th, and Thursday, May 23^rd, due to team members traveling. Service will be available on Tuesday, May 21^st, Wednesday, May 22^nd, and Friday, May 24^th, during normal business hours 8:30am to 5:00pm ET.

Please follow the normal practice of emailing service requests to service@gmsactg.com, placing a service call request through Contact, Support, and Request a Call on our website or calling our service number (800) 933-3501 ext. 1, and leaving a voice mail message.

The GMS Chat Room will be Closed the week of Monday, May 20th through Friday, May 24^th. The chat room will re-open on Tuesday, May 28^th, normal business hours, 8:00am – 4:30pm ET.

Note: Only one Service and Support Specialist will be handling service calls throughout each day during the Regional Training Event, as other GMS Team Members will be involved in the training sessions. Because of this, we may not be able to meet the 2-hour deadline for return calls, so please be patient with us.

We hope this will not inconvenience your agency.

Thank you for your patience and understanding!

We wish to inform you that there have been substantial updates to The Uniform Grants Guidance in 2024. A revised edition of the Uniform Grants Guidance was issued in April 2024. Please find the following link for more information:

Make sure to review these changes with your audit firm.