best practices
Post on 08-Feb-2016
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1
Best PracticesJim Brod
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What to do Why do it When to do it How to do it
Calendar of Events
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Accounting controls – manage deposits
Throughout the Year
Bank ReconciliationManual Clearing
Bank ReconciliationAutomated Clearing
Small lab at 9 tomorrow for those that are interested, there will also be a webinar scheduled soon
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Deposit checkout
Throughout the Year
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Deposit checkout report
Throughout the Year• Checkout
Status is NU if the deposit has not been checked out.
• CI if the deposit checkout process has been initiated but not completed
• CF if the deposit checkout process has been completed.
Throughout the Year
Balancing to the Appraisal District on Certified and each supplement
Errors on the 501
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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
January
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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
February
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Balance SIT and work with ACT to roll payments into TCS
Send delinquent reminders Send quarter pay, half pay letters/coupons
February
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Send file layout changes from the CAD to ACT
Consider archiving of data and images
March
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Run BMI 1202 Quarter Pay split – ONLY one time ON April 1 with as of date 03/31
April
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Send 33.07 notices (on ALL delinquent accounts)
Data preparation for June mobile home lien filing
May
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File mobile home liens Run quarter pay split, run it only once on June
1st with 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)
June
Escheat Option in Check Writer Screen/Adjustment tab
3 Year Refund Write-off Step 1: BMI# 326 Refund Report with
Interest (TN536)
Step 2: BMI# 335 Transfer Refund – TN536/Refund Work Table
Will transfer from 8001 to recapture escrow unit
Step 3: BMI# 334 Three Year Refund Recapture from Escrow to Units
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Receive certified file◦ Notify ACT of file location◦ Be sure you receive totals that match to the file
Send mortgage request information to contacts
July
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Run quarter pay split, only once, on August 1st with 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.
August
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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
September
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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
October
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Send out UPT factor letters Run BMI 12409 from SIT and match account
numbers for year-end rollover
November
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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.
December
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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