It was Great Seeing Everyone!
GMS would like to thank everyone who attended the GMS Summit 2015 in Denver, CO. For most of the year GMS staff’s relationships with our clients consists of phone calls and emails. It’s always such a pleasure to be able to see clients in person that are able to attend our Summits! It’s also one of the two only times per year that the entire GMS staff is together.
The interaction this year was tremendous and we thank the attendees for the great comments and suggestions we have already received. (Please see the article on page 3 about the conference evaluations.) We hope those who attended found the sessions and interaction with other agencies helpful and educational. As is always the case, the GMS staff continues to be educated as well during the Summits. This is a result of conversations we have with clients and hearing your thoughts and comments. We truly value your feedback as a lot of the enhancements we make to our products are a direct result of your suggestions.
We also hope you had some time to experience the 16th Street Mall area of Denver. We look forward to seeing even more clients next year at the GMS Summit 2016 from June 12th through June 17th at the Loews Don Cesar Hotel in St. Pete Beach, FL!
Are you using the Budget Import feature for GMS budget entry? Many budgets change throughout the grant period, and if you find yourself going to the Budgets/PY data entry screen to make those changes manually you may want to try using the Budget Import feature.
You can create an Excel file to hold the budget information for a grant, and if any budget modifications are done you can easily change the amounts in the Excel file for the line items that have changed. You can then save the new amounts with a new file name if you choose, so that you can keep the original budget figures in the original Excel file.
The budget import feature allows you to import the budget amounts in the Excel file that you choose, and you can either Replace existing budget or Add to existing budget. If you want to keep the entire budget in the Excel file, you can select the budget name you want to modify, select the location and file name that you want to import, and select Replace existing budget.
If you choose to do Budget Import for a new grant, you would first need to go to Budgets/PY, click on New Budget Creation, and create a new budget for that new grant by clicking on New, select Budget Type (typically Project), then select the project and assign a new Budget Name. You would normally NOT select an element. If you have several elements in a specific project, by not entering anything for elements, you will be able to use multiple elements that have been assigned to that project under the same budget name. After you have created the budget name you can then click on Budget Import and import the information you have saved for that new grant. (Hint: if you begin your budget name with the project number it will be easier to locate in the future plus you will be able to easily distinguish it from earlier year’s budgets that may have a very similar name.)
In the case where the original budget is applicable in the old FY for a grant that crosses your fiscal year, but there is a budget modification effective the first or second month of your new fiscal year, you may need to change the budget depending on whether you are in the new or old fiscal year. For example, if you have not finished closing the old fiscal year that ends June 30, and you are now ready to process financial reports for July (new fiscal year), you would need to follow the instructions and Roll Forward to the new fiscal year. Rolling forward the project that hasn’t ended yet will pull the budget that was effective in June into the new fiscal year. However, the budget was modified and effective July 1 there are new budget amounts for that grant for the remaining months of the contract. If you are manually entering the amounts, you would have to manually change the budget amounts in the new fiscal year for the July financial reports. At the time that you reverse to the old fiscal year to process financial reports for the old fiscal year, budget amounts will again need to be changed. Having the budgets in an Excel file will allow you to easily make those changes with only a few key strokes using Budget Import, rather than manually changing the numbers. This could be a huge time saver for you!
To review the instructions on Budget Entry and the Budget Import feature, you can go to Help, General Ledger, Budgets and PY, and scroll down to the section on Budget Import. There you can see the file structure needed for the Excel file to be imported. If you follow this file structure and create Excel files for your budgets, you will find the import feature is your new best friend!
RLSS Supplement #825 Confirmation Letters
If your agency is subject to an annual audit, you are likely required to send letters to your borrowers confirming their loan balance as of the end of the fiscal year. Supplement #825 Confirmation Letters is designed as a tool to assist with this task.
This supplement produces letters for mailing to your borrowers, specifying the loan balance as of a cutoff date. Opportunity is given for the borrowers to indicate their agreement or disagreement with the loan balance. You can include all loans, select by loan fund, loan number, optional field or status.
Confirmation Letters setup allows you to enter the person’s name and title that will be signing the letter as well as the auditor’s name and address allowing the borrowers to return the form directly to your auditor.
Letters may be printed in two different formats. The basic format includes the borrower’s name, address, account number, and the loan balance as of a specified cutoff date. A checkbox option is available to also include loan closing date, loan amount, maturity date, payment amount and frequency, and interest rate.
The purchase price is:
1-2 Users $200.00 and $30.00 annual license/maintenance
3-4 Users $250.00 and $37.50 annual license/maintenance
5+ Users $310.00 and $46.50 annual license/maintenance
Producing Reports from Your Old Fiscal Year
If you wish to produce reports from your old fiscal year without reversing the roll forward process you can set up a copy of the final year end database in a separate folder and tell the software which fiscal year you wish to access during the login process. On the Login screen you will be able to select, via the Organization combo box, which fiscal year you wish to access. This can be especially helpful during audit time when it is necessary to print reports requested by the auditor; or during a review process from a funding source. This is a procedure that can be repeated at the end of every Fiscal Year so it is possible to have Financial Reports available for multiple previous fiscal years.
Timing is very important in this process. You want to make sure that all of your Year End activity has been completed and your books are clean. But you need to do this step before you roll forward to the next fiscal year. Also, remember that the copy of the database you will be using for previous year reports is to be used only for report generation. Any subsequent changes that need to be made in the previous fiscal year will have to be made in the current copy of your agency’s database.
Instructions for setting up this previous year folder can be found in the Help Manual under General Ledger/Year End/Year End Closeout Procedures/Saving a Copy of Your Final Year End Database.
We Need Your Summit Evaluations Please!
We rely on the evaluations turned in by attendees of the GMS Summits in a big way! Suggestions for new sessions are discussed every year by the GMS staff and comments about sessions are reviewed and discussed in an attempt to improve sessions in the following years. Ideas and suggestions about general topics also help us when we are looking for outside guest speakers or to come up with new sessions. If we only receive evaluations from 10% of the attendees and one or two of the 10% didn’t like a session or would like to add a new one, we don’t really have a good representation of opinions upon which to base our decisions. This is also true when rating sessions. GMS staff review all the comments and ratings to determine what the attendees liked and didn’t like and what new ideas have been suggested for future training sessions. If you attended the GMS Summit 2015 in Denver, CO and haven’t had a chance to return your evaluation, please mail or fax a copy to the Maryland office, or email a scanned copy to email@example.com. Our address and fax number are on page 1 of this newsletter. An evaluation form can be found here for your convenience.
The GMS office will be closed Friday, July 3rd in honor of Independence Day. We will reopen on Monday, July 6th for normal business hours. Have a great holiday!
Get Your CPE Credits!
To receive your CPE Credits for attending the GMS Summit last month in Denver, please send an email to firstname.lastname@example.org. Please include your name, agency name and address, as well as a list of the sessions with dates and times attended. Each regular conference session was worth 1.5 hours. Intensive sessions were worth a total of 8.5 hours.
50% Supplement Credit Expires
End of Month!
Denver Summit Attendees – The deadline for ordering supplements and receiving the credit is July 31, 2015. Agencies whose staff attended the GMS Summit 2015 in Denver, CO are entitled to a 50% discount on the purchase of supplements up to the cost of their regular summit registration fee on all supplements ordered between the time of registering and July 31, 2015. For those agencies whose staff registered for and attended the intensives following the regular summit, the 50% supplement discount credit will also be applied. For agencies that sent some employees to the regular summit and other employees to the intensives, the 50% credit will be applied against the larger of the two: summit or intensive registrations. The credit will not be applied against the combination of both summit and intensive registrations.
This is a great way to save $$ on your summit attendance. You can place your orders on the GMS website at www.gmsactg.com.
Big Thanks to Our 2015 Summit Sponsors and Partners!
All of us at GMS would like to thank our 2015 sponsors and partners for helping to make the summit held last month in Denver, CO a huge success! We hope that our clients were able to visit their booths and found value in their services and sessions.
BMI - Boyd Mortenson and Dave Mortenson
GHG/Clockwise - Debbie Sabin
National Document Solutions - Tina Deas and Steve Werle
Dr. Karen Wolfe
Uber - Courtney Bolin
Conference Direct - Kevin Bell
Jason Brooks - Watkins, Ward and Stafford, PLLC
Make-A-Wish - Jeff Krebbs
Visit Denver - John Craig and Liz Perrott.