Best Accounting Software For Nonprofits, Revolving Loan Software, Grants Management Systems, Nonprofit News, GMS Monthly Newsletter

September 2020

Volume 32, No. 9

Social Security Deferral

As you are probably aware President Trump issued an Executive Order on August 8, 2020 providing for the deferral of the Employee’s portion of Social Security taxes for certain employees. This is to be effective from September 1, 2020 until December 31, 2020.

The US Treasury released guidance in conjunction with this Executive Order on August 28, 2020. Please be aware that according to the current order, this is a deferral, not a removal of these taxes. This means that in a subsequent period in 2021 the deferred 2020 Social Security taxes will need to be recaptured in addition to the 2021 taxes. There are not yet any details available for the mechanics of the recapture of these funds.

Accordingly, GMS is going to provide you with an option to start the deferral of these taxes and we plan to have this available to our clients next week. You will have the capability in our software to “opt out” of this deferral should you desire. If you are not sure how to proceed as far as whether or not to participate, we strongly recommend that you have a conversation with your auditor.

New Form 1099-NEC & Form 1099-MISC Changes

The IRS has changed the reporting requirements for Form 1099-MISC and created a new Form 1099-NEC. We will be releasing a revision that will include these changes. In the meantime, we recommend that you review the overview of changes in the following link. Also, now is the time to begin obtaining Form W-9 from anyone that you may need to file either of these forms on.
http://www.idmsinc.com/PDF/1099-NEC.pdf

Program Elements and General Ledger Codes

Efficient management of your Chart of Accounts can reap benefits. It can reduce time searching for the appropriate code, reduce the number of pages should you print the listing, and help eliminate mistaken coding to closed grants.

First thing you will need to do is go to Tools/Organization and check the box next to “Include active codes only in list boxes”.

Next, you will go to General Ledger and select either GL Code or Program Element, depending on which listing you need to work with. Find the desired code, click Edit, remove the checkmark from the Active box and click Save. Repeat for each code you no longer wish to have appear in your combo boxes during data entry, nor be available for coding in the books of entry. If an Element code is marked as inactive and is assigned to a Project whose dates are outside of the current fiscal year’s date range, the element will not appear in any list boxes such as the selection screen for Revenue & Expenditure Reports.

The Terminate Elements supplement is particularly useful when transitioning between contract years. If an element or GL code is changed to Terminated status and is then entered in a Book of Entry, you will be alerted that the element or GL code is terminated and given the opportunity to continue to use it or to select a different code. (See below for purchase information.)

When printing listings, you may select to print All, or to select the option of Active/Inactive/Terminated. The latter option will sort the codes according to status.

To purchase the Terminate Elements supplement, please click here. You will be billed on your next Monthly Statement. https://www.gmsactg.com/supplement-order-form.html

Purchase price/annual license

1-2 Users 3-4 Users 5+ Users
$100/$15.00 $125/$18.75 $155/$23.25

RLSS Reminders

The RLSS software offers several means to remind yourself or someone else of tasks needing done or upcoming due dates.

Quick Date Listings: Found on your Features menu, all “date” type fields appear for report selection. These are Approval Date, Note Date, Maturity Date, and First Due Date from your Loan Master files, plus any Optional Master Fields that you have set up requiring a date response. Based upon the date range entered, the listing will include Loan # and Name, Contact Person, Phone Number, and Date that falls within the range requested. Additional information may be found in your Help Manual via the following link: https://www.helpgmsrlss.com/quick-date-listings.html

Alert Listings: Located on your Tools menu, you select the date range to be alerted of due dates upon software sign-in. All “date” type fields are available for selection and each may be set up with their own unique date range. Sorting order for printing may also be saved. https://www.helpgmsrlss.com/alert-listing.html

Conversations: Conversations may be accessed from either the Features menu or by clicking the icon when in Loan Master Files. Enter any conversation you have had with client and you may then easily view all conversations right at your computer. There is no need to run to the file cabinet. If you enter a number in the Screen Alert Setup tab (such as 24 representing 24 months), then the last conversation entered for that loan, as long as it has been within the number of months specified on the setup tab, will appear at the bottom of the screen whenever that loan is accessed thru Loan Master or Loan Activity.
https://www.helpgmsrlss.com/conversations.html

Activity Alert: This is an extended feature within Conversations. One conversation per loan may be specified as an Activity Alert by checking the box. This conversation will always appear at the bottom of the Loan Master or Loan Activity screen, regardless of if it was the last activity entered, when the loan is accessed. This is a great way to be reminded to collect or forgive a fee from a repayment or a reminder to discuss an issue with the client. Simply uncheck the Activity Alert box when you no longer wish to have this Alert appear.