TaxLedge

TaxLedge is ACT's own financial ledger system for tax offices. It links directly to the Tax Collection System and provides for managing disbursements to jurisdictions, taxpayer refunds, check writing, and bank reconciliation. An extensive reporting system is included

Disbursements
ACT supports the disbursement of various types of monies to jurisdictions and attorneys. While the overwhelming volume of money that flows through TaxLedge consists of property tax collections, other monies come from Special Inventory Tax, hotel/motel occupancy taxes, and Licensing & Permits.

To meet daily operational needs, TaxLedge offers a wide variety of choices when processing a disbursement. For example, tax offices may disburse daily or by a date range, hold money at the jurisdiction or attorney level, or hold back a particular dollar amount. Other manual adjustments can also be made.

TaxLedge is able to handle complex distribution and remittance rules that can be structured to accommodate individual client accounting needs. These rules use “effective date” logic, which allows for more flexibility and accuracy in data maintenance.

The “Remittance” module in TaxLedge also offers a robust commission management utility. Clients may manage commissions by flat fee, fixed amount, cost per account, or by a percentage of various collection totals. These commission types may be set for all jurisdictions at the tax year level and the method chosen can vary by jurisdiction and year. Commissions also can have a maximum amount set in the system.

Refunds
Most clients utilize ACT’s refund functionality across multiple types of refunds, from refund origination to check generation. TaxLedge focuses on the check generation portion of the process. A variety of audit controls is offered. For example, clients may set a tolerance, where, if the refund check is over a certain amount, special authority is required to process that check. Also, when a check is cut in TaxLedge, the original transaction in the Tax Collection System is updated to reflect the refund check amount. Additionally, for customer service purposes, a note that includes check details is generated.

ACT also offers each client the ability to customize a check format. We integrate with the latest technology in this area, offering secured signature card and MICR technology.

Online Change History
Instant access to all changes affecting value, levy, ownership, and receivables is provided.

Positive Pay
ACT supports positive pay functionality to send check data to the bank.

Bank Reconciliation
“Bank Reconciliation” functionality, which is in the final stages of development, will allow clients to automatically or manually clear check records for various types of bank transactions and identify anomalies that occur in the check clearing process. ACT will also permit automatic adjustments to bank data if desired by the client.

Reporting
TaxLedge offers a multitude of reporting options for internal tax office usage and external jurisdiction reporting. Reports are available to tie back to the money collected and to display current and delinquent collections by jurisdiction. Monthly reporting is also available to aid in balancing collection and distribution monies. This module also offers commission management related reporting and various types of notification letters that can be customized by client, such as ACH transactions, jurisdiction remittances and attorney disbursements. ACT offers a robust reporting toolset that allows users to pull refund related data by a variety of criteria. Clients also have the ability to generate electronic files of check data for further usage. Most transactional reporting in TaxLedge can be run in summary and detail mode.