Ok so I purchased the dkpsystem site and when I did it created my account as the GM. However I am not the GM of the guild. When I look at my character in the roster it shows her rank correctly, but when I post items in the News section if you click on my characters link there where it states who the post is by....it says I am the guildmaster.

How can I change this to eliminate any confusion or guild drama ??

So you are the Admin of the site and not the GM.
Quick way to fix this.
In your ranks section create a rank called Admin and make it the highest rank.
Make your second rank GM and so on down the line for the remaining ranks in the guild.
Change the Account name on your current account to "admin". Create a new account for yourself. Approve it with your admin account and make sure the rank on your new account is set correctly.

Now when ever you need to administer something on your site you log in as Admin. For normal everyday stuff you log in as yourself. It's a little work in changing stuff around but in general if keeps administration of the site intact to you while allowing you to login as a normal user and post stuff.

In the real world of computers and network administration this is the way it is done and is a good practice for how thing should be done on the sites. One good thing about doing it this way prevents you from inadvertently making changes to something because you have the access to do it. With this format you would have to log in as admin to make some changes do to permission level. It also gives you a means to readily test things when users on the site bring up the "why can't I do blah blah" questions. You can temporarily set your account to the same access level and test it.

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Six Demon Bag
Jack Burton: Hey, what more can a guy ask for?
Egg Shen: Oh, a six-demon bag!
Jack Burton: Terrific, a six-demon bag. Sensational. What's in it, Egg?
Egg Shen: Wind, fire, all that kind of thing!