E-NEWS AUGUST

RLSS REGIONAL SYMPOSIUM COUNTDOWN

Streamline your Year-End Close Process by scheduling Off-site Year-End Close Assistance

Before requesting Offsite Year-End assistance –

It’s essential to ensure that all your financial entries for the fiscal year are complete. Verify that there are no pending entries to be made and that all general ledger (GL) accounts have been reconciled. Once you are confident the GL reconciliations are accurate and complete, you can proceed with requesting Offsite Year End Close Assistance.

GMS offers a comprehensive set of services to facilitate a smooth year-end closing process:

1. 1. Control Checks: GMS will meticulously examine your database to validate its readiness for closure. If any discrepancies are detected, GMS will promptly inform you, allowing you to address and correct the issues. After adjustments have been made, GMS will reevaluate your database to ensure that it is now ready for the Year End Closing.
   2. Year End Closing: With GMS’s support, our Training and Implementation Manager will guide you through the necessary steps to perform the Year End Closing.
   3. Report Generation: After the Year End Closing is completed, GMS will assist you in generating all relevant reports, including supplements. Additionally, GMS will assist in creating a backup of the fiscal year end database and setting it up to access from the GMS login. This will allow you to access the previous year’s data for reporting purposes only.

Please note: If you do not have access to ODBC setup or the server where your database is located, please make sure IT support is available during your appointment to aid in creating the database backup and mapping your workstation to the database on the server.

1. 1. Rolling Forward to the New Fiscal Year: Once all the necessary steps have been completed, GMS will assist in rolling you forward to the new fiscal year, ensuring a seamless transition.

Important considerations:

1. 1. Projects and Elements: Before proceeding, gather information about all the projects and elements that you plan to roll forward to the new year.

If your agency uses any of the following cost pool methods – you will need to determine if you will be rolling forward the setup for each of the pools your agency is currently using:

Monthly Cost Center Allocation Setup
Service Unit Allocation Setup
Special Allocation Setup

After you Roll Forward R/E Prior Year and GL Prior Year, GMS will assist you in conducting further checks and balances in the new fiscal year, for accuracy:

1. 1. Opening GL Balance: GMS will assist in verifying that the Opening GL Balances align with your Year End Balance Sheet.
   2. Tools > Organization: GMS will ensure that all dates in the Tool > Organization are correct.
   3. Tools > Organization > Leave Allocation: If your agency uses the Leave Pool and accrues leave, we will check the leave allocation setup to verify the Opening Leave Balances are accurate and compare/match to the current leave liability from the prior fiscal year.

Please remember that while GMS provides valuable assistance, it is not responsible for your agency’s financial health. It’s crucial to ensure that all entries are accurately coded and adhere to the guidelines set by your agency and grantors.

By following these steps and utilizing GMS’s support, you can streamline the year-end close process and achieve a successful fiscal year end close.

Off-Site Appointments are at our current rate of $130.00 per hour.

Schedules You Should Have Ready for your Auditor

A major contribution you can make for a smooth and efficient audit is to assemble and have available a number of reference schedules and documents.  Your auditors may have specific requests for certain schedules, but following is a general list.

#          Chart of Accounts
#          Current Year Indirect Cost Plan & Rate Agreement
#          Bank Reconciliations
#          Schedule of Prepaid Insurances
#          Schedule of Other Prepaid Expenses
#          Schedule of Advances/Schedule of Deposits
#          Schedule of Fixed Assets
#          Accounts Payable Listing
#          Schedule of Accrued Leave By Employee
#          Schedule of Cost Allocation and Supporting Rate Calculations
#          Schedule of Federal and State Accounts Receivable
#          Schedule of Other Accounts Receivable
#          Schedule of Accrued Interest Income Calculation
#          Schedule of Accrued Interest Expense Calculation
#          Schedule of Deferred Revenue/Refundable Advances
#          Schedule of Grant and Contract Cash To be Returned To Grantors
#          Summary of Agency Revenue and Expenses
#          Summary of Revenue and Expenditures by Project

For more detailed information on the above refer to your GMS Accounting Help manual under General Ledger > Year End > Closeout Procedures.

GMS, Inc., is accepting resumes for a Software Support Specialist position, with the opportunity to work remotely.

We are an Employee Stock Owned Company (ESOP).  Benefit package includes health insurance, life and long-term disability, paid time off and participation in the GMS Employee Stock Ownership Plan.

Position responsibilities include:

• Provide assistance to GMS clients over the phone, online via chat room, and/or email with GMS Accounting/GMS RLSS software installation and maintenance.
• Provide in-depth QA testing and bug investigation in new software releases.
• Troubleshooting and solving simple to complex software problems reported by GMS clients and IT.
• Educate clients on software use when the client is experiencing trouble with the software or equipment.
• Work closely with the software development team to identify, analyze, and solve software issues.
• Collaborate with Software Support team members and software developers in the design and development of the Accounting and RLSS software.
• There is occasional travel required (normally by air) to GMS training events and team member meetings.

Qualifications required are:

• 2+ years’ experience using the GMS Accounting Software
• Excellent verbal and written communication skills.

• Excellent interpersonal skills.

• Effective decision making and problem-solving skills involving troubleshooting basic to moderate issues.
• Knowledge of payroll/accounting principles.

• Always maintain a positive and professional attitude toward clients.
• Working knowledge of Microsoft Access and SQL Server database structures is a plus.

• Possess basic knowledge of revolving loan software is a plus.

If you would like to be considered for this position and become a member of the GMS Team, please email your letter of interest and resume to lisa@gmsactg.com.