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The GMS Accounting and Financial Management/Reporting System offers a flexible accounting structure able to respond to virtually all management, audit, Board of Directors, and funding source requirements. From transaction entry to Financial Statements to detailed account ledgers the GMS General Ledger provides complete audit trails and user-defined security. General Ledger fully integrates with all other pieces of the GMS systems.
Rather than require a large number of digits to code accounting transactions, our integrated structure streamlines data entry enhancing system performance.
All accounts may be tagged as active or inactive. The system does not allow deleting accounts with activity. Our chart of accounts is fashioned to the needs of each individual client organization.
Program Elements are activities or components within projects or grants. Since they are pre-linked to projects when they are created, data entry is simplified.
Program Elements are the building blocks for the financial reporting structure. Line item revenue and expenditure reports will be generated at the program element (cost centers) level, summed up to the project level, and finally added into agency wide reports.
The GMS Cash Receipts program eliminates the need for multiple bank accounts to accommodate each grant and contract. The program allows the user to code the revenue directly to the grant or project it was intended.
All cash receipt entries have to be in balance to be posted as with all other original books of entry in the GMS system. Cash receipts may be reversed automatically before posting to correct any errors that may have occurred. The system will not post zero dollar cash receipt entries.
You may have an occasion when you want to reverse or transfer data, perhaps a mistake that happened a couple of months ago. The GMS General Journal allows you to do just that. While most journal entries are automatic in the GMS system, this piece allows you to make corrections or perhaps do your depreciation entry on a monthly basis. You’ll find that you will do very few journal entries in a month, unlike the old fund accounting that requires many journal entries each month.
All journal entries have to be in balance to be posted as with all other original books of entry in the GMS system. Journal entries may be reversed automatically before posting.
There are several standard reports that result from month end processing, those reports include:
"General Ledger" is part of the GMS Non-Profit Accounting and Financial Management line of products, developed by Grants Management Systems.