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Best Practices

Best Practices. Jim Brod. Calendar of Events. What to do Why do it When to do it How to do it. Throughout the Year. Accounting controls – manage deposits. Bank Reconciliation Manual Clearing. Bank Reconciliation Automated Clearing.

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Best Practices

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  1. Best Practices Jim Brod

  2. Calendar of Events • What to do • Why do it • When to do it • How to do it

  3. Throughout the Year • Accounting controls – manage deposits

  4. Bank ReconciliationManual Clearing

  5. Bank ReconciliationAutomated Clearing Small lab at 9 tomorrow for those that are interested, there will also be a webinar scheduled soon

  6. Throughout the Year • Deposit checkout

  7. Checkout Status is NUif the deposit has not been checked out. • CIif the deposit checkout process has been initiated but not completed • CFif the deposit checkout process has been completed. Throughout the Year • Deposit checkout report

  8. Throughout the Year • Balancing to the Appraisal District on Certified and each supplement

  9. Errors on the 501

  10. January • When posting mail,you can default the receipt date to 12/31 so you don’t have to enter that information on each payment • Send reminder statements

  11. February • When posting mail,you can default the receipt date to 01/31 so you don’t have to enter that information on each payment • On February 1, run the Split Quarter Pay process, BMI 1202. Continue to run it daily until all 01/31 receipt date payments have been processed • Send 33.11 notices (make sure settings on the attorney tab are correct) • Set 33.48 dates

  12. February • Balance SIT and work with ACT to roll payments into TCS • Send delinquent reminders • Send quarterpay, half pay letters/coupons

  13. March • Send file layout changes from the CAD to ACT • Consider archiving of data and images

  14. April • Run BMI 1202 Quarter Pay split – ONLY one time ON April 1 with as of date 03/31

  15. May • Send 33.07 notices (on ALL delinquent accounts) • Data preparation for June mobile home lien filing

  16. June • File mobile home liens • Run quarter pay split, run it only once on June 1stwith as of date 05/31 • Run 10/20 year write off • Run 3 year refund write off (detail next slides) • Escheat - When the true owner of a property is unknown, the property escheats to the government which holds it in trust until the rightful owner can be identified.(detail next slides)

  17. Escheat Option in Check Writer Screen/Adjustment tab

  18. 3 Year Refund Write-off • Step 1: BMI# 326 Refund Report with Interest (TN536)

  19. Step 2: BMI# 335 Transfer Refund – TN536/Refund Work Table • Will transfer from 8001 to recapture escrow unit

  20. Step 3: BMI# 334 Three Year Refund Recapture from Escrow to Units

  21. July • Receive certified file • Notify ACT of file location • Be sure you receive totals that match to the file • Send mortgage request information to contacts

  22. August • Run quarter pay split, only once, on August 1stwith as of date 07/31. • Work with ACT to get certified files loaded and balanced. • Load all mortgage request files. Compare them to last years reports. • Comply with Truth-in-Taxation laws. Perform necessary calculations and publish notices ahead of adopting a tax rate and budget.

  23. September • Enter rate information • Update TIF/TIRZ administration screen and TIF detail records • Update any changes in exemptions granted or amounts • Review tax unit maintenance information and send signed copy of report to ACT • Set client preferences that have to do with tax year to present on web, in office, for calculations etc. • Review freeze reports

  24. October • Thoroughly review statement samples • Make sure the print vendor is sending you ALL of the accounts in the ACT sample file • Check scan lines and OCR lines for functionality in-house and with the banks. • Work with ACT to roll forward data on inactive accounts and legal status accounts

  25. November • Send out UPT factor letters • Run BMI 12409 from SIT and match account numbers for year-end rollover

  26. December • Run half-pay split process on December 1st with an as of date of November 30th. • Take time to breathe as you get all that money posted and distributed. • Post mortgage payment files, work Lockbox-Clear accounts. Run 168 at least monthly, correct all 245LO accounts and call ACT if there are accounts on 245ER report. Contact ACT for any fiscal period rollovers. Send 33.08 notices monthly.

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