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<< Click to Display Table of Contents >> Navigation: Revenue/Billing > Rev/Bill Company Maintenance > Suspense Code |
•Suspense Payable is a Liability account in the Chart of Accounts.
•Suspense is money held by the operator and not paid to the owner/investors for various reasons.
•Petty suspense is money held because the amount is too small to write a check (would you really want to get a check for 25 cents?)
•Legal suspense is money held for reasons other than petty, such as:
oWaiting on division order
oNo address (or incorrect address) for an owner, etc.
oThe owner is deceased, and the will is in probate.
The Revenue system allows descriptions to be assigned to each type of legal suspense code you may need. Examples may be 'Waiting on signed Division Order', 'Will in Probate' or 'Address Unknown'. The codes are set up in Suspense Code Maintenance under Company Maintenance.
To setup a new suspense code, simply click on Add and enter a unique code and the description. The first character must be a "L" or a "P". Additionally, check the "Exempt from Unclaimed Property" box if the suspense code should not be included in Escheat reporting.The "UXX" suspense code will automatically be added by the Unclaimed Property/Escheat cycle as needed.
Special Form of "Pay" status - Pmm (mm represents month) - used with First Purchaser. On the Division of Interest (DOI) Maintenance, this provides the ability for a user to be able to setup multiple types of "Pay" codes. These codes all must start with a "P." These can be used to indicate that the owner is in provisional pay status. For example, the decision was made to pay them once pending the receipt of a signed division order. The user is able to manually run a list of all the "P01" for example to see which owners were overridden like this in January and then a decision can be made to either give them another month or suspend them. These extra "P" codes get automatically translated to "PAY" when used in a revenue distribution as part of a normal pay cycle.
How to do a mass Suspense Code Change
Waiting on Division Order (Used with Division Order Process Add-On) - When Waiting on DO is checked in Suspense Code Maintenance, any change to the DOI with that Suspense Code will get automatically "qued" up to the Print DOI queue. Not all changes need a new DO Letter, Pending Division Orders allows the user the option to select which ones they deem to be in need of a letter.