Tax Compliance, Inc. (TCI) announces the release of PTMS 3.2, which includes the Accruals Manager, additional reports such as the Payment Cash Flow report, and the ability to calculate values based on Replacement Cost New.
PTMS 3.2 includes the Accruals Manager module for automating the process of expensing your property taxes using accrual-based accounting. The Accruals Manager module supports all accruals-related tasks, including creating accrual records, automatically adjusting accruals, setting up GL allocations, creating and managing journal entries, and reviewing audit information tracked for accrual-related activities.
The Accruals Manager in PTMS 3.2 represents a significant improvement over the accruals functionality found in Legacy PTMS. Users can now specify which changes in PTMS trigger an adjustment to an accrual, including: jurisdiction changes, changes in property value, changes in estimated tax rate, and actual tax bill processed.
Accrual Adjustment options also now allow users to trigger different actions based on the dollar amount or percentage change in the estimated tax. For example, if the change in estimated tax is small, users can have PTMS merely create a journal entry. If the change in estimated tax is significant, users can configure PTMS to generate both a journal entry and accrual period adjustments.
PTMS 3.2 also maintains an extensive audit trail for accruals on a separate Accrual Audit tab in the Accruals Manager module. PTMS tracks the user name, date, original value, and new value for both manually performed one-at-a-time and batch modifications of accrual records (as well as the scope of the global, batch replacement where applicable). It also creates a log entry when an accrual record is deleted. When accruals are adjusted by way of other processes (value updates, tax bill processing, etc.), PTMS also tracks the date of the adjustment and the name of the user who performed it.
“Everyone who has to deal with accruals knows what a nightmare they can become for any tax department without the right tools,” said Scott Strauss, CEO of TCI, “With extensive customer input, we re-engineered our accrual process and deeply integrated the Accruals Manager with the rest of PTMS.” He added, “Easier, cleaner accruals means a lot less stress, greater accuracy, and a huge time savings for our customers.”
PTMS 3.2 also includes many new reports allowing users to quickly and easily manage the processes surrounding their property tax work. For example, the Payment Cash Flow report uses estimated and actual tax payment data to quickly highlight expected tax payments for a specified period of time. Payment information may be segmented according to user needs and takes into account factors such as discounts, interest, penalties, as well as statutory and delinquency dates.
PTMS 3.2 supports the alternative Replacement Cost New (RCN) method of calculating property values. The RCN method calculates values based on the cost to replace an asset at current prices with a new unit of equal or greater function. Such calculations save time and provide users with an additional means to ensure the fairness of the valuation process.