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May 2020
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Volume 32, No. 5
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GMS 2020 Summits Cancelled
As most of you are aware, GMS had to cancel our 2020 Accounting and RLSS Summits to be held at the Guest House at Graceland in May. This will be the first year GMS has not had an Annual Conference since the first one was held in Louisville, KY in 1986. This was one of the toughest decisions we’ve ever made and was certainly the hardest for me in my 29 years with the company.
However, with the COVID-19 virus being present and the uncertainty of how long it will last, we had to make the safety of our clients, presenters and GMS Staff our number one priority. We will certainly miss the opportunity to see everyone in Memphis.
We look forward to seeing you at our 2021 Summits at the Don CeSar in beautiful St. Pete Beach, FL in May of 2021.
Our thoughts are with all our clients during these difficult times. Please stay safe and healthy.
Donald Cassady
President/CEO
GMS, Inc.
However, with the COVID-19 virus being present and the uncertainty of how long it will last, we had to make the safety of our clients, presenters and GMS Staff our number one priority. We will certainly miss the opportunity to see everyone in Memphis.
We look forward to seeing you at our 2021 Summits at the Don CeSar in beautiful St. Pete Beach, FL in May of 2021.
Our thoughts are with all our clients during these difficult times. Please stay safe and healthy.
Donald Cassady
President/CEO
GMS, Inc.
Memorial Day Closure
The GMS offices will be closed Monday, May 25, 2020, in honor of Memorial Day. We will reopen Tuesday, May 26 for normal business hours. |
All GMS clients will receive a 10% discount for any orders placed before May 31, 2020
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Accounts Payable Direct Deposit
The pandemic has changed the way many of us do business. If you are one of the many working from home, the Accounts Payable Direct Deposit supplement (#405) will assist you in making payments to your vendors without the need to go into the office.
After installing the AP Direct Deposit supplement, you will enter your agency’s bank account information which will be retained for use each time you create the Direct Deposit file.
You will need to obtain the banking information from each vendor that is willing to participate. It is recommended that you receive a deposit slip from your vendors so there is no confusion regarding the correct account numbers. Their banking information will be entered and retained in their vendor file.
When processing Accounts Payable, there will be an additional item on your AP Processing menu titled Direct Deposit. On this step, you will create the file to upload to your bank, plus will be able to print the direct deposit stubs to send to the vendors in which you are paying. Those vendors that do not wish to participate in Direct Deposit will still receive checks. Both those vendors receiving checks and those participating in direct deposit can be paid in the same check run as the software will first look in the vendor file for direct deposit information and include those in that file and those with no direct deposit information will then have checks printed.
Your bank will need to be consulted as to their procedures for naming and uploading the file and any other requirements they may have.
Click on this link for additional information: https://www.helpgmsactg.com/405-direct-deposit.html
After installing the AP Direct Deposit supplement, you will enter your agency’s bank account information which will be retained for use each time you create the Direct Deposit file.
You will need to obtain the banking information from each vendor that is willing to participate. It is recommended that you receive a deposit slip from your vendors so there is no confusion regarding the correct account numbers. Their banking information will be entered and retained in their vendor file.
When processing Accounts Payable, there will be an additional item on your AP Processing menu titled Direct Deposit. On this step, you will create the file to upload to your bank, plus will be able to print the direct deposit stubs to send to the vendors in which you are paying. Those vendors that do not wish to participate in Direct Deposit will still receive checks. Both those vendors receiving checks and those participating in direct deposit can be paid in the same check run as the software will first look in the vendor file for direct deposit information and include those in that file and those with no direct deposit information will then have checks printed.
Your bank will need to be consulted as to their procedures for naming and uploading the file and any other requirements they may have.
Click on this link for additional information: https://www.helpgmsactg.com/405-direct-deposit.html
Bank Reconciliation FAQ's
“Bank Reconciliation”, located on your Tools menu, is designed to assist you in reconciling your cash accounts within the GMS accounting software. We are receiving many calls with questions regarding this so your most frequently asked questions will be answered below.
Q. When I select the Checks tab (or Deposit or Journal Entries), I am not seeing all of the checks that were issued for the month.
A. Be certain you have entered the last day of the month for the month you are reconciling in the Ending Date field. For example, if reconciling February 2020, this was a leap year so February has 29 days instead of the usual 28 so you would need to enter 02/29/20.
Q. When I click Print on the Bank Reconciliation tab, the bank rec is greatly out of balance.
A. Deposits, Checks, and Journal Entries tabs must be completed and printed before printing the Bank Reconciliation. Printing this report
should be the last step completed.
Q. I cleared and removed some checks by mistake. What do I do now?
A. Click on the Edit Cleared Items tab on the Checks tab. You will receive a pop-up screen asking for the check number. Enter the check
number that was mistakenly cleared. You will then be asked if you want to unclear the check. Answer Yes.
You will also find answers to the most commonly asked questions in the Help Manual under Tools, Bank Reconciliation. https://www.helpgmsactg.com/bank-reconciliation.html
Q. When I select the Checks tab (or Deposit or Journal Entries), I am not seeing all of the checks that were issued for the month.
A. Be certain you have entered the last day of the month for the month you are reconciling in the Ending Date field. For example, if reconciling February 2020, this was a leap year so February has 29 days instead of the usual 28 so you would need to enter 02/29/20.
Q. When I click Print on the Bank Reconciliation tab, the bank rec is greatly out of balance.
A. Deposits, Checks, and Journal Entries tabs must be completed and printed before printing the Bank Reconciliation. Printing this report
should be the last step completed.
Q. I cleared and removed some checks by mistake. What do I do now?
A. Click on the Edit Cleared Items tab on the Checks tab. You will receive a pop-up screen asking for the check number. Enter the check
number that was mistakenly cleared. You will then be asked if you want to unclear the check. Answer Yes.
You will also find answers to the most commonly asked questions in the Help Manual under Tools, Bank Reconciliation. https://www.helpgmsactg.com/bank-reconciliation.html
Importing Options
With most people working from home now due to the Covid-19 pandemic, you may wish to consider using some of the Import supplements that are available. Each one imports spreadsheets that must conform to the columnar format specified. A brief description of each will follow. For complete operating instructions and information, please consult the link included with each.
Timesheet Import: Timesheet Import (#411) allows you to take spreadsheet files or a file formed in time clock software and form a timesheet batch. https://www.helpgmsactg.com/411-timesheet-import.html
Expense Reimbursement Import: The Expense Reimbursement Import supplement (#420) allows you to create an expense reimbursement batch to be paid with payroll by importing spreadsheet files. This can be a real timesaver and conserve office supplies since reimbursements to employees are included on their paycheck or direct deposit rather than issuing an Accounts Payable check. https://www.helpgmsactg.com/420-expense-reimbursement-import.html
Voucher Import: The Voucher Import supplement (#413) allows importing a spreadsheet or the Get files from MS ROMA to form a voucher batch. https://www.helpgmsactg.com/413-voucher-import.html
PO Import: The Purchase Order Import supplement (#421) allows you to create purchase orders by importing data from an Excel or CSV format spreadsheet. You must have the Complete Purchase Order supplement (#327) https://www.helpgmsactg.com/327-complete-purchase-orders.html in order to use the PO Import supplement. https://www.helpgmsactg.com/421-po-import.html
Journal Entry Import: The Journal Entry Import supplement (#418) is used to import a spreadsheet to create a journal entry batch. https://www.helpgmsactg.com/418-journal-entry-import.html
Invoice Import: The Invoice Import supplement (#417) enables you to create an Accounts Receivable Invoice batch by importing a spreadsheet. You must have the Accounts Receivable supplement (#331) https://www.helpgmsactg.com/accounts-receivable.html in order to use the Invoice Import Supplement. https://www.helpgmsactg.com/417-invoice-import.html
Bank Reconciliation Import: The Bank Reconciliation Import is included with your software. It can be found within the Bank Reconciliation on your Tools menu. If your bank allows creation of a CSV or XLS formatted spreadsheet, you may download and import it for use in reconciling your cash accounts. https://www.helpgmsactg.com/bank-reconciliation.html
Timesheet Import: Timesheet Import (#411) allows you to take spreadsheet files or a file formed in time clock software and form a timesheet batch. https://www.helpgmsactg.com/411-timesheet-import.html
Expense Reimbursement Import: The Expense Reimbursement Import supplement (#420) allows you to create an expense reimbursement batch to be paid with payroll by importing spreadsheet files. This can be a real timesaver and conserve office supplies since reimbursements to employees are included on their paycheck or direct deposit rather than issuing an Accounts Payable check. https://www.helpgmsactg.com/420-expense-reimbursement-import.html
Voucher Import: The Voucher Import supplement (#413) allows importing a spreadsheet or the Get files from MS ROMA to form a voucher batch. https://www.helpgmsactg.com/413-voucher-import.html
PO Import: The Purchase Order Import supplement (#421) allows you to create purchase orders by importing data from an Excel or CSV format spreadsheet. You must have the Complete Purchase Order supplement (#327) https://www.helpgmsactg.com/327-complete-purchase-orders.html in order to use the PO Import supplement. https://www.helpgmsactg.com/421-po-import.html
Journal Entry Import: The Journal Entry Import supplement (#418) is used to import a spreadsheet to create a journal entry batch. https://www.helpgmsactg.com/418-journal-entry-import.html
Invoice Import: The Invoice Import supplement (#417) enables you to create an Accounts Receivable Invoice batch by importing a spreadsheet. You must have the Accounts Receivable supplement (#331) https://www.helpgmsactg.com/accounts-receivable.html in order to use the Invoice Import Supplement. https://www.helpgmsactg.com/417-invoice-import.html
Bank Reconciliation Import: The Bank Reconciliation Import is included with your software. It can be found within the Bank Reconciliation on your Tools menu. If your bank allows creation of a CSV or XLS formatted spreadsheet, you may download and import it for use in reconciling your cash accounts. https://www.helpgmsactg.com/bank-reconciliation.html
Pricing and Purchasing
From your accounting software, click on Help, Supplement Catalog and select the supplement you are interested in. Pricing and an Order button are available here. https://www.gmsactg.com/accounting-supplements.html
RLSS Direct Deposit
There are many advantages for using the RLSS Direct Deposit supplement for collecting loan repayments from your clients. Just a few are:
After installing the RLSS Direct Deposit supplement, you will enter your agency’s bank account information for each cash account repayment funds are to be deposited in. For example, if you have a different cash account for EDA funds than for SBA funds, you can enter the account information for both bank accounts.
You will need to obtain the banking information from each loan client that is willing to participate. It is recommended that you receive a deposit slip from your loan clients so there is no confusion regarding the correct account numbers. Their banking information will be entered and retained in the Loan Setup tab of this supplement. If they wish to pay more than their regular payment amount, this can be entered too. Also, if you have multiple agency bank accounts set up, you will designate the account in which these funds will be deposited.
After you have created the file to be uploaded to the bank, you will then “post” these payments to your loans with just a few clicks. Acknowledgment Forms may also be printed at this time.
Your bank will need to be consulted as to their procedures for naming and uploading the file and any other requirements they may have.
For more information regarding RLSS Direct Deposit, please click on this link: https://www.helpgmsrlss.com/direct-deposits.html
- Your clients will be making regular payments since you are withdrawing the payment amount directly from their checking or savings account.
- Data entry time and errors are greatly reduced because the payments are posted with just a few clicks at the same time that you are creating the file to upload to your bank.
- In this time of social distancing, there is no need for the clients to come to the office to make payments or for them to mail payments. These can be done electronically.
After installing the RLSS Direct Deposit supplement, you will enter your agency’s bank account information for each cash account repayment funds are to be deposited in. For example, if you have a different cash account for EDA funds than for SBA funds, you can enter the account information for both bank accounts.
You will need to obtain the banking information from each loan client that is willing to participate. It is recommended that you receive a deposit slip from your loan clients so there is no confusion regarding the correct account numbers. Their banking information will be entered and retained in the Loan Setup tab of this supplement. If they wish to pay more than their regular payment amount, this can be entered too. Also, if you have multiple agency bank accounts set up, you will designate the account in which these funds will be deposited.
After you have created the file to be uploaded to the bank, you will then “post” these payments to your loans with just a few clicks. Acknowledgment Forms may also be printed at this time.
Your bank will need to be consulted as to their procedures for naming and uploading the file and any other requirements they may have.
For more information regarding RLSS Direct Deposit, please click on this link: https://www.helpgmsrlss.com/direct-deposits.html
REGIONAL TRAININGS
WEBINARS
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To save or print the May issue of GMS News:
| may_2020_newsletter.pdf |
