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Your Next Audit: Are You Prepared? | Valdata Services, Inc.
http://valdataservices.com/2015/07/your-next-audit-are-you-prepared
Your Next Audit: Are You Prepared? Chances are, you are overdue for an examination by the regulatory body governing your escrow company. Audits are rarely performed when expected. If itâ s been close to two years since your last visit from a state auditor, here are some steps you can take now to be prepared and to save yourself some time and money! Review a sampling of your files, both open and closed. Are they orderly with bound sections, or are papers loosely piled inside? Be careful not to send items ...
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Preventing Discrepancies in Your Account | Valdata Services, Inc.
http://valdataservices.com/2015/07/preventing-discrepancies-in-your-account
Preventing Discrepancies in Your Account. A customer recently asked me why he had so many exception items, and what he could do to mitigate the problem. The same can be said for comparing outgoing wires with the computer-generated activity reports. Overall, a manual control. That actually has a starting and ending trust account balance is ideal. Are those issued and disbursed to payees for payment. These checks have left the office. These are just some of the instances that create exception items. Re...
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Articles | Valdata Services, Inc.
http://valdataservices.com/category/articles
Preventing Discrepancies in Your Account. A customer recently asked me why he had so many exception items, and what he could do to mitigate the problem. To be clear, exception items or reconciling items are discrepancies found by during the performance of the monthly “3- Way Reconciliation,” wherein book balances, bank balances and ledgers are all compared. This process involves a line-by-line verification of every receipt,. Don’t they WANT. Fraud: It Can Happen to You. Don’t Cancel That Check! From time...
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Fraud: It Can Happen to You | Valdata Services, Inc.
http://valdataservices.com/2015/07/fraud-it-can-happen-to-you-2
Fraud: It Can Happen to You. Circle of Hope, Inc. Escrow Technologies, Inc. North View Escrow Corp. CA Dept of Real Estate – Trust Funds. California Dept of Insurance. Escrow Agents Fidelity Corp. Escrow Institute of California. Our Charity of Choice. Designed by Elegant Themes.
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Got Uncashed Checks? | Valdata Services, Inc.
http://valdataservices.com/2015/07/got-uncashed-checks-2
It’s one of those tasks that happen once a year, and like audits, nobody likes to talk about it: escheating of unclaimed funds to the State of California. Every year, we watch thousands upon thousands of dollars being sent to the State for uncashed, outstanding checks. I see refund checks in excess of $2,000.00 being remitted and I have to ask, where are these people? Don’t they WANT this money? Don’t wait three years! Circle of Hope, Inc. Escrow Technologies, Inc. North View Escrow Corp.
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Don’t Cancel That Check! | Valdata Services, Inc.
http://valdataservices.com/2015/07/dont-cancel-that-check
Don’t Cancel That Check! From time to time, we see a trend in trust accounting problems. Lately, it’s been the cancellation of trust account checks that were not outstanding. In other words, checks that had been either previously paid or already canceled. Often, the cancellation results in the re-issuing of the check and subsequent overdraft when it’s discovered that the previous check had been paid. What is the chief cause of this error, and how do you prevent this occurrence and minimize your losses?
