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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.