News From GMS - January 2016
Current and back issues are provided in Adobe Acrobat format. (Requires the free Adobe Acrobat reader.)
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December 2015 Revisions Released
The latest accounting revisions were posted to our website www.gmsactg.com on December 29, 2015. You should have received an email from GMS on December 29th 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 under Help within your software (and also available in your Help Manual) to familiarize themselves with the new features or changed items.
Please Note: This revision includes the new Federal tax withholding rates and FICA maximum amounts effective January 1, 2016. It is important that you make sure you prepare the last payroll with checks dated in 2015 before you install this revision. Tools Bank Reconciliation
Leave Processing
RLSS – IRS Reporting for
Acquisition or Abandonment of Secured Property and/or Cancellation of Debt Following are excerpts from IRS Instructions for Forms 1099-A and 1099-C. If you believe you are required to complete these forms, please consult the IRS website for complete instructions. The IRS requires these forms to be filed by January 31.
File “Form 1099-A, Acquisition or Abandonment of Secured Property”, for each borrower if you lend money in connection with your trade or business and, in full or partial satisfaction of the debt, you acquire an interest in the property that is security for the debt, or you have reason to know that the property has been abandoned. If, in the same calendar year, you cancel a debt of $600 or more in connection with a foreclosure or abandonment of secured property, it is not necessary to file both Form 1099-A and Form 1099-C, Cancellation of Debt, for the same debtor. You may file Form 1099-C only. File “Form 1099-C, Cancellation of Debt”, for each debtor for whom you cancelled a debt owed to you of $600 or more if an identifiable event has occurred, and you are one of the following: 1. A financial institution described in section 581 or 591(a). 2. A credit union. 3. Any of the following, its successor, or a subunit of one of the following: a. Federal Deposit Insurance Corporation, b. National Credit Union Administration, c. Any other federal executive agency, including government corporations, d. Any military department, e. U.S. Postal Service, or f. Postal Rate Commission. 4. A corporation that is a subsidiary of a financial institution or credit union, but only if, because of your affiliation, you are subject to supervision and examination by a federal or state regulatory agency. 5. A Federal Government agency including: a. A department, b. An agency, c. A court or court administrative office, or d. An instrumentality in the judicial or legislative branch of the government. 6. Any organization whose significant trade or business is the lending of money, such as a finance company or credit card company (whether or not affiliated with a financial institution). The lending of money is a significant trade or business if money is lent on a regular and continuing basis. Although most RLSS users are not included in the above descriptions, you as a lender have the option of voluntarily submitting 1099-Cs. This can be useful in your collection process related to bad debts. When your agency has recognized a loan as a bad debt, and charged off the principal balance, you can then submit a 1099-C at the end of the year. Once you have issued a 1099-C to a debtor, you cannot actively pursue collection, but you can receive voluntary contributions from the debtor. If the debt was cancelled for reasons other than bankruptcy, the amount of the charge off may become taxable income for the debtor, which can in turn become an incentive for repayment. A note of caution: Reporting charged off loans on 1099-Cs should only be done when all avenues of collection have been exhausted. Because the cancelled debt is reported to IRS as potential income, any future recoveries toward that loan must be voluntary. |
State Payroll Tax Withholding Changes
Because not all states had published the changes to their payroll tax withholding charts by December 28, we felt it was best to get the Federal Tax changes out to you in the December revision and follow that with a January revision which will include the updated State Payroll Tax Withholding tables. This revision will be released the second week of January so please watch your email for the announcement that it is ready to be downloaded and installed. RLSS Software Revision
In early January, 2016, we will release a software revision for the GMS-RLSS software. You will receive an email with instructions to download and install this revision, making your version of software 1.0.0.12. Included in this revision will be a couple of minor alignment changes to Form 1098 so if you use this supplement, please do not print your forms until after this revision has been installed. 
Off-Site Accounting Services Available
GMS offers a wide variety of off-site services for our clients. Two of the more popular ones are year-end assistance and training on a specific feature or procedure in GMS. However, there are also other areas in which we may be of assistance. As you know, bank reconciliations being done timely are critical in order to produce accurate financial reports. Other accounts on the Balance Sheet are not to be taken lightly either. Not having your Accounts Payable Analysis reconciled to your General Ledger or not knowing the detail behind any asset or liability account on your Balance Sheet can have a dramatic impact on your financial reports. One of the services we offer is to reconcile these accounts for your agency. We know that there can be a variety of reasons that these reconciliations may have gotten behind. Why not let us help you get current with your procedures? We are also available to create some of the more involved Report Writer exercises for you. Don’t wait until your fiscal year ends to request these services. Should you require off-site assistance in any of these areas, please contact us at service@gmsactg.com to schedule these services. 
Service orders via email
As you know, GMS strives to provide the best possible service and support to our clients. To help us manage our service, we record all service calls from clients and our responses in our client tracking system. In order to make sure everything is recorded and nothing is overlooked, please make sure that if you send an email about a service issue it is sent to service@gmsactg.com. This will assure it is logged in properly. Even if you have been working with a particular service and support staff regarding an ongoing issue, please send the email to the above address rather than directly to GMS staff. Feel free to reference in your email that you have been working with a particular person. This will help us provide the best service possible. Thank you. |
GMS Gives Back: Blanket Drive for Ronald McDonald House of Tampa Bay/St. Petersburg, Florida
At our recent staff meeting in St. Pete Beach, Florida, the GMS staff gathered blankets to be donated to the Ronald McDonald House for our ongoing efforts to give back to the communities we meet in. Together we donated close to 50 new blankets. The Ronald McDonald House of Tampa Bay has been helping children with challenging medical needs, and their families, stay close together during difficult times. Since 1980, their four Tampa Bay Ronald McDonald Houses have comforted and cared for over 48,000 sick children and their families.
At our recent staff meeting in St. Pete Beach, Florida, the GMS staff gathered blankets to be donated to the Ronald McDonald House for our ongoing efforts to give back to the communities we meet in. Together we donated close to 50 new blankets. The Ronald McDonald House of Tampa Bay has been helping children with challenging medical needs, and their families, stay close together during difficult times. Since 1980, their four Tampa Bay Ronald McDonald Houses have comforted and cared for over 48,000 sick children and their families.
Back Row: Jie Chen, Software Developer; Duane Scott, Administrative Manager; Donald Cassady, President/CEO; Era Williams, Director of Sales & Marketing; Marilee Floener, RLSS Director/Service & Support Specialist; Jill Siewert, Service & Support Specialist; Robin Berseth, Events & Technology Director; Deann Hasbrouck, Implementation & Training Manager; Barb Rassler, Service & Support Specialist, Rod Jones, Implementation & Training Manager. Front row: Yongling Xin, Senior Software Developer; Kim Cosentino, Service & Support Specialist; Sara Drury, Director of Administrative Operations.
GMS Summit 2016 - The Premier Financial Management Conference for Nonprofits
REGISTRATION | ACCOMMODATIONS | SESSIONS
REGISTRATION | ACCOMMODATIONS | SESSIONS
Registration for the GMS Summit 2016 is now open! Plan to join us June 12 - 15 for our regular session and June 16 - 17 for intensive training. This will be the final year that GMS will offer intensive training sessions immediately following the regular session. We highly recommend taking advantage of this great in-depth training opportunity.
The GMS Summit is one of the longest running and most successful conferences for nonprofit teams working in accounting and/or revolving loan departments. We look forward to having you and your team join us for our 31st Annual Summit! Register today while early-bird rates are still available: Summit Registration
Location: The GMS Summit 2016 will be held at the Loews Don CeSar in St. Pete Beach, Florida. The Loews Don CeSar also known as “The Don” or “The Pink Palace”, offers the perfect setting for meetings by day and all the luxuries of St. Pete just outside the meeting room doors. During your free time you can relax by two heated pools, or collect shells as you stroll along miles of sugar-like beaches. No matter what you may be doing, the stunning waters of the Gulf of Mexico serve as a gorgeous backdrop. The hotel will offer the low rate of only $179 single/double for all GMS Summit attendees and their friends and family. These rates will apply June 9 - 19 based on availability, so feel free to plan to come in a little early or stay a little longer to enjoy all that St. Pete Beach has to offer (please book your room before making travel arrangements). You can reserve your room directly online HERE.
Sessions have been announced and we’re very pleased to offer 30 sessions including many that are new including: “Current Trends in HR Law and Practice”, “GMS RLSS: An Auditor’s Perspective”, “An Introduction to Indirect Costs” and “Introduction of the New GMS Software”, just to name a few. Please visit our website for session descriptions and to learn more about our wonderful lineup of speakers.
Be sure to attend our Welcome Reception on Sunday, June 12th from 5:30 - 7pm and our Opening Session on Monday morning with a special guest appearance by Dave Davlin.
The GMS Summit is one of the longest running and most successful conferences for nonprofit teams working in accounting and/or revolving loan departments. We look forward to having you and your team join us for our 31st Annual Summit! Register today while early-bird rates are still available: Summit Registration
Location: The GMS Summit 2016 will be held at the Loews Don CeSar in St. Pete Beach, Florida. The Loews Don CeSar also known as “The Don” or “The Pink Palace”, offers the perfect setting for meetings by day and all the luxuries of St. Pete just outside the meeting room doors. During your free time you can relax by two heated pools, or collect shells as you stroll along miles of sugar-like beaches. No matter what you may be doing, the stunning waters of the Gulf of Mexico serve as a gorgeous backdrop. The hotel will offer the low rate of only $179 single/double for all GMS Summit attendees and their friends and family. These rates will apply June 9 - 19 based on availability, so feel free to plan to come in a little early or stay a little longer to enjoy all that St. Pete Beach has to offer (please book your room before making travel arrangements). You can reserve your room directly online HERE.
Sessions have been announced and we’re very pleased to offer 30 sessions including many that are new including: “Current Trends in HR Law and Practice”, “GMS RLSS: An Auditor’s Perspective”, “An Introduction to Indirect Costs” and “Introduction of the New GMS Software”, just to name a few. Please visit our website for session descriptions and to learn more about our wonderful lineup of speakers.
Be sure to attend our Welcome Reception on Sunday, June 12th from 5:30 - 7pm and our Opening Session on Monday morning with a special guest appearance by Dave Davlin.
