In September, Virtual Forum participants brainstormed ways to better utilize Abila MIP Fund Accounting™ to track and prepare reports to the state for Unclaimed Property. Users are challenged by the differences between the normal business practice of “writing off” outstanding payments at the end of each fiscal year and waiting to report unclaimed property to the state for several years. We talked about ways to utilize the vendor record to document the last vendor initiated contact (the defining date for submission to Unclaimed Property). We also suggested using a unique document number when creating the credit memo to “write-off” the payment at the end of the fiscal year.
This would allow a filter to be used to identify those payments that must be reported. Additionally, we talked through the benefits and disadvantages of using Suspense in the bank reconciliation process and came up with a list of suggested topics for future Forums. NFP Partners is working to develop a schedule for the coming six months.
Next month, on October 18 at 10 a.m., we will look at ways to utilize the statement of cash flows to create a cash flow projection. To register, click here.