Tax Compliance, Inc. (TCI) announces the release of PTMS 2.4 built on a Microsoft .NET® including customizable grid configurations, the Reports Manager, industry-specific assessment classifications, and support for distributed assets. This release represents the next phase of TCI’s migration of its market leading property tax software, PTMS, to the Microsoft .NET architecture.
In New PTMS, data grids are more user-friendly than the grid controls in Legacy PTMS allowing each user to quickly customize the interface to their specific tasks and internal procedures; subsequently minimizing the time spent on many compliance tasks. Users can now customize the layout of virtually any data grid and save these layout configurations for easy retrieval or sharing with other PTMS team members. Legacy PTMS saved column order on a user-by-user basis but did not allow users to save multiple configurations. Field selection for Legacy PTMS grids was available on a limited basis but was system-specific and required you to use a completely separate preference setting window. New PTMS allows users to add fields on the fly using an intuitive drag-and-drop interface and to save configurations at the click of a button for each grid. Saved configurations may be quickly retrieved and applied and shared with other users.
“Since every tax department divides labor differently and must fulfill different business requirements, PTMS must work within the framework of their internal processes,” said Scott Strauss, CEO of TCI. He added, “PTMS lets end-users quickly and easily change the PTMS interface and optimize their performance, ultimately saving our customers substantial costs.”
The Reports Manager in New PTMS provides a more flexible report creation tool than its predecessor allowing accountants and managers alike to create more useful reports in less time. Users can now filter records based on any report field and control field width (therefore allowing users to insert many more fields per report row than Legacy PTMS). Field addition and removal is facilitated using an intuitive drag-and-drop action directly on the report grid rather than a separate mover list window. Finally, New PTMS reports can be previewed before printing, and users can perform final formatting edits in preview mode if necessary.
The classification of assets in New PTMS has been streamlined to save users substantial setup time. Assessment Classifications may now be both year- and industry-specific and Owner-Class-to-State-Class mappings now employ Asset Categories, a new level of grouping which can be assigned globally across all companies and states. This means users can classify all of their personal property assets using each jurisdiction’s property classifications in one step globally. Assessment Classification sets (including calculation tables) can now be locked and reviewed in subsequent years for tighter SOX control and audit purposes. You can create multiple Assessment Classification sets for each organization and assign them to different industries. Previously Legacy PTMS forced you to define an Assessment Classification for every state for every company, which created unnecessary work for many customers.
Owner Classes are no longer company-specific in New PTMS, and therefore make setup tasks easier for those companies that use consistent owner class codes across their organization. In addition, New PTMS now stores the calculation table assignments at the asset level, allowing you to modify those assignments directly on an asset record if necessary.
Functionality has been added to New PTMS to support companies that split individual assets among multiple classifications for better depreciation. Users can split assets into sub-assets with differing acquisition years, and those sub-assets may be depreciated using different classifications and schedules. Split assets can be easily reconciled to their original asset, saving substantial time in the event of an audit.
New PTMS integrates Distributed Asset functionality (assets which cross jurisdictional boundaries such as pipelines, fiber, cable, etc.) with other types of property within the Property Manager rather than handling distributed assets in separate windows as in Legacy PTMS. Assets which have been distributed appear in the New PTMS Property Manager and are treated just like any other personal property. By centralizing all property information in one interface, New PTMS saves taxpayers possessing distributed assets significant time and provides a clearer overall property tax picture.
New PTMS also assigns assets created through the distribution process sequenced versions of the “parent” asset’s ID number (e.g., 12345-1, 12345-2, 12345-3) and includes a field identifying the parent asset of any distributed asset, further facilitating reconciliation of the distribution process.
“By fully integrating distributed assets within the Property Manager, firms with linear assets crossing jurisdictional boundaries finally have a software solution which displays all of their critical information in one place,” said Mike Mulinix, Director of Customer Relations. He added, “No longer will they have to go to separate screens or open separate modules to access the data they need.”