With states increasing unclaimed property audits, business financial teams shouldn't wait any longer to install a system that is dependable and accurate when reporting unclaimed property.
AND FSITRACK HAS YOU COVERED!
FSITrack is a complete unclaimed property tracking system that enables you to manage and report your unclaimed property with ease. FSITrack is updated regularly to maintain compliance with the ever-changing state reporting requirements.
Industry experts estimate that Americans abandon about $5 BILLION each year in a variety of financial assets, including accounts payable checks, vendor checks, payroll and commission checks, along with abandoned checking and savings accounts, utility deposits and stock certificates. Any company in possession of unclaimed property is legally required to report it to the states; however, only a small percentage of organizations actually submit their unclaimed property each year.
As states increase the frequency of unclaimed property audits, organizations need to examine their filing policies and procedures, and address any current or potential challenges getting in the way of compliance. Challenges with maintaining abandoned property can range from state-specific due diligence requirements, changing dormancy periods, tracking down lost property owners, and knowing filing dates, just to name a few. Since holders are required to file with the state of the owner's last known address, a manual filing process can be exhausting for those with hundreds, if not thousands, of unclaimed property records.
If you are currently filing with a manual system or if you are dissatisfied with your current software filing service, we recommend obtaining an all-in-one software system to ensure time efficiency, simple due diligence, and state regulated functionality. FSITrack is an easy to use application that allows entities of all sizes to comprehensively track, manage, and report unclaimed property as mandated by the states.
At FSI, Inc., we continue to evolve and improve our products to align with our clients' needs and the ever-changing state laws and accounting practices. FSITrack will benefit your business by providing a centralized console to view filing and reporting statuses, generate due diligence letters, customized reports, filing alerts, B2B exemptions, audit trails, task scheduler, email notification, and much more. Using FSITrack will translate to a significant savings in time and money and provide you with the peace of mind of knowing that your company is in compliance with unclaimed property regulations.
INCLUDED WITH PURCHASE
- Unlimited toll free technical support
- Installation and implementation
- Initial customized training and ongoing training as needed.
- FSITrack will allow the user to import records that have missing or partial data, such as a gift card with no owner, as long as the state required fields are there.
- With the click of a button you can search across multiple companies, holders, unique identifiers or any other search criteria you would like to specify.
- With FSITrack, every action or change to a property is logged (history item) and identified by the user who made the change.
- The user has the ability to add their own history items and all history items are searchable.
- FSITrack offers an unlimited amount of user defined fields.
- FSITrack offers an unlimited amount of user custom letters.
- FSITrack produces an electronic as well as a hard copy of all reports to be sent to the state and keeps an archived copy of these for later use.
- FSITrack keeps a copy of all system generated letters.
- FSITrack allows you to "undo" state property filings at any given time, so reports can be fixed in case of an error and regenerated.
- FSITrack has a calendar view that will forecast any given amount of time that the user specifies into the future.
- FSITrack allows for multi-level security for users. Any aspect of the system can be controlled by the administrator, who can allow or disallow all functions such as view, edit, and different company view and menu item access.
- All data is stored in house by client, and can be manipulated however the client would like, depending on their needs for network security.
- Calculates Colorado deductions.
- Calculates state payroll deductions.
- Gives the user the ability to add an unlimited amount of property statuses to better track their property as it goes through the escheatment process.
- Has a bar code feature which will place a bar code on a letter sent to an owner, and as letters come back, these letters can then be scanned and their statuses updated.
- Can print multiple pieces of property per owner on a single due diligence letter.
- Will do the state required encryption for NAUPA reports.
Client Machine Requirements—Each user accessing the FSITrack system will need the client installed on their workstation. Any Microsoft-supported operating system is supported with 1GB RAM and 100MB free disk space.
Application Server Requirements—An application server is recommended for five or more concurrent users. Use any Microsoft-supported Windows Server version with 2GB RAM and 100MB free disk space.
Database—System uses a database back end to store client data. This back end database can be attached to any Microsoft-supported SQL Server version. If you do not have access to a SQL server, the free SQL express engine can downloaded and installed from the FSI website. Approximately 1GB of storage is required for every 15,000 records.
Other—FSITrack is compatible with Citrix, Virtual Server and VMware.