Tax Compliance, Inc. (TCI) is pleased to announce the release of its Property Tax Management System (PTMS) v3.2. PTMS is the most widely used personal and real property tax software by corporate tax departments. Prominent enhancements in PTMS v3.2 include a more comprehensive Accrual Module capable of interfacing with any G/L system, and improved Tax Calendar functionality.
After extensive discussions with PTMS users, the ability to calculate and manage accruals has been greatly enhanced in PTMS v3.2. Accruals may be based on Calendar Year, Corporate Fiscal Year or Taxing Jurisdiction Fiscal Year. The software allows users to divide the tax year into any number of accounting periods and will distribute the estimated tax burden accordingly. When tax bills are processed, PTMS can automatically adjust the accrual schedule based on a variety of user preferences. Adjustment preferences can be defined independently for current year accruals, as well as for retrograde accruals when tax bills are paid in arrears. Regular journal entries can be created and exported to your G/L system to keep all accounts current. G/L balances can be transferred into PTMS and tracked to aid in your account reconciliation process. Manual adjustments to accruals, journal entries, and G/L balances may also be performed as necessary.
“Our clients use a wide variety of approaches to property tax accruals,” said Eric Vonk, Director of Client Services at TCI. “PTMS v3.2 has the scope and flexibility to effectively accommodate our clients’ different accrual needs and preferences.”
The PTMS Tax Calendar has also been improved to include a second user interface. While prior versions of PTMS allowed users to customize warning periods for important tax deadlines and to view company-specific calendars, events were viewable only in a standard calendar format. PTMS v3.2 adds a second calendar interface whereby important deadlines and past events are presented in a grid format complete with comprehensive sorting and filtering tools. Such a presentation enables accountants and tax managers to quickly and easily determine where in the property tax compliance process they are and to compare their performance with expectations.
All of the above enhancements, like most new PTMS features, have their origin in user requests. TCI obtains such input through many channels, including the Customer Zone of this website and normal day-to-day interaction with our clients. This commitment to solicit input from current and prospective users is what has allowed TCI to continually improve PTMS to make it the most powerful, user-friendly and dynamic property tax software system on the market today.