E-NEWS NOVEMBER

Register Now for the Calendar Year End Processing Webinar

Don’t wait until year-end chaos engulfs you – empower yourself with knowledge and practical insights that will simplify your calendar year-end processing. Register now and take the first step towards a smoother and more organized year-end financial process. Your future self will thank you!

Streamline your year-end financial tasks and breeze through tax season with confidence. Join our exclusive Calendar Year End Processing Webinar to master the art of preparing for W-2s, 1099 NEC, and MISC forms with ease.

Here’s what you can expect from this insightful webinar:

W-2 Preparation: Learn the essential tasks to complete before and after your last paycheck in 2023 but before your first payroll check in 2024. We’ll guide you through the steps for preparing and printing W-2s in GMS, ensuring a smooth transition into the new year.

Checklist for 1099 Processing: Get a comprehensive checklist of items you can complete before year-end to streamline your 1099 processing. Say goodbye to last-minute stress and confusion

We’ll walk you through the necessary steps for processing 1099’s, making sure you’re well-prepared for tax reporting.

 When: Thursday, November 29, 2023. 2 p.m. – 3:30 p.m.

 Where: Online, from the comfort of your workspace

Is it time to Update the Status of your Revolving Loans?

We all have busy times throughout the year that don’t allow us to pay as much attention to some details as we should.  With the start of a new calendar year, it might be a good idea to review the “Status” for each of your Loan Master files.  Rather than cycling through each loan’s master file, you can quickly review the Status by using Master File Query.

To do this, select Master File Query from your GMS-RLSS menu.  Next, to help us make good decisions in determining if any loan’s status needs to be changed, we will need to decide what other information we’d like to see.  Dates, current loan balance, and current status will probably give us enough information to decide if we need to further research a particular loan.  The Loan IDs and Borrower Names will automatically appear on your report.

To begin, we will want to look at all loans in your portfolio and not just those that meet selected criteria, so we will skip sections 1 & 2 and start with section 3 where we’ll select the information we wish to see regarding our loans.  In section 3 we’ll be selecting multiple items so be sure to keep your control key held down during the selection process or else your earlier selections will be removed.  Let’s click on ActivityDate, FirstDueDate, MaturityDate, NewBal, NewPTDate, Status, and StatusDate.  With these seven items selected, we can proceed to section 4.  In section 4, select List the Data.  In section 5, select either Loan Number or Alpha.  Next, click on your Printer icon at the top of your screen which will cause the loan information selected to be exported to an Excel spreadsheet.

Looking at your Excel spreadsheet, you’ll need to expand some of the columns so the data is visible and does not appear as ####.  Next, sort the column titled Status to make your report easier to read.  Finally, print a paper copy of this to use as a worksheet.  Be sure to select Landscape format.

Begin by looking at your active status loans. Do any of them show a NewBal of 0.00? If yes, examine the selected date columns to determine if it is a new loan and should have the status of ‘Active,’ or if they have paid the loan in full, and it should now have a ‘Repaid’ status.

Review your Repaid and Write-off status loans.  They should all show a NewBal of 0.00.  If not, perhaps adjusting entries need to be made to bring their loan balance to zero.  Instructions for making the adjusting entries if needed can be found in the GMS RLSS Help Manual under  Loan Activity and Handling Special Situations titled, “Final Payments/Loan Payoff.” Continue reviewing any other status codes you may use to determine if they are still appropriate.

Scheduling Off-Site Assistance

GMS now offers clients the chance to schedule their own offsite assistance and training appointments. Most appointments can be scheduled 24 hours in advance apart from Year-End Assistance. Clients who request Year-End Assistance have a minimum of a 2-week waiting period. Ensure all entries for the year have been completed and the database is ready for review before making a Year-End appointment.

Click Here to schedule your next appointment.