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Our Subscribers Say...
I think Credit Today is fantastic. You cover many practical topics in the credit field that I use regularly. Just one recent example—a conversation on the ListServ about preferential payments—gave me tips that I used in an actual case. The specific information I picked up from this one discussion saved me $10,000, enough to cover my membership for many years!
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Manager of Credit & Collections, ASSA Abloy Americas Division, New Haven, CT
Credit Today's Resource Directory and their online e-mail forum (ListServ) provide information on almost any credit-related topic you can think of. It is a great way to exchange information with other credit professionals. As the saying goes, "You don't know what you don't know."
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Credit Manager, Big Lots Stores, Inc., Wholesale Division
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The Credit Today ListServ has become the pre-imminent online forum, providing an opportunity for discussion and comments (and occasional humor) from an impressive list of credit professionals."
David Dungan, Director of Credit
Justin Brands, Inc. (A Berkshire Hathaway company)
Fort Worth, Texas
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Ron Woods
Corporate Credit Manager-World Wide
Thales Navigation, Inc.
"The newsletter, coupled with the website and the ListServ, are to us, more valuable than any other credit publication, bar none. I try to use at least one article out of each newsletter for departmental training/discussion sessions."
D. Mark Constantine
Corporate Credit Mgr
Fulton Paper Company
"I love Credit Today and read every issue cover to cover. For me, the greatest perk of a subscription is ListServ. I believe Credit Today's ListServ members may be the most knowledgeable Credit brain trust in existence today. I have saved and categorized hundreds of contributions on a wide variety of topics which I refer to often. It's an easy and cost effective way to network and learn."
Doug M. Thomas
Kimberly-Clark Customer Financial Services |
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Unclaimed Property & Escheatment Resources
A solid Unclaimed Property (Escheatment) Policy is essential for credit execs today, as states are increasingly seeking alternative methods to bridge their revenue gaps. We've compiled a series of articles, resources, and templates to help you put together an Unclaimed Property Policy customized for your company. To find specific templates to help you create an Unclaimed Property Policy, please click here to go to our Download area.
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Technology Notebook: What's on Your Boss's Radar?
By David Schmidt
The Association of Financial Professionals (AFP) held its annual conference on November 6-9, 2011, in Boston. With over 6000 attendees and 200 exhibitors, this is the largest finance-related gathering of its type. Despite a clear bias towards treasury-related activities, there still was something here for anybody with exposure to any aspect of the finance function. Receivables management was accordingly well represented with 34 vendors promoting their solutions and a variety of educational sessions related to order-to-cash issues. While this is not a conference that many credit managers attend, it is a venue that caters to the senior managers and executives involved with corporate financial management. As such, it is useful for credit professionals to know something about the marketplace of issues and ideas that are of interest to their colleagues and bosses. Here then, are some relevant topics that we observed at the 2011 AFP Conference. Topics covered: - Integrated and Consolidated Billing and Payments
- Receivables and Supply Chain Finance
- Unclaimed Property
- Remote Deposit Capture
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keep reading
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Escheatment in the Spotlight as State Budget Deficits Continue: What a Credit Executive Needs to Consider
By Scott Blakeley, Esq.
The prolonged downturn of the U.S. economy reminds vendors of the financial challenges that customers face to be profitable. States, too, are finding it more difficult to meet their budgets as a result of declines in corporate and sales tax revenue, increased foreclosures and weak consumer spending. Indeed, 25 states are projecting budget deficits. States are reacting to these considering massive budget cuts, including cuts with public education. States are also looking for untapped revenue sources to close the budget gaps. In this setting, states are looking for sources of revenue, and abandoned property, as the press reports, may be that untapped source for states. It is expected that states may have a line item in their annual budget for escheatment may be a step to ease this budget crisis. . . .
keep reading
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NAUPA Selects ETM To Provide Unclaimed Property Reporting System
April 13, 2010
The National Association of Unclaimed Property Administrators (NAUPA) has selected ETM to be its exclusive provider of holder-reporting software. ETM will offer the software to NAUPA members and their holders at no charge and will provide ongoing product training and customer support. The software will be available for this fall's reporting deadlines. . . .
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Some Shocking Revelations from an AP Pro on Unclaimed Property
Last week's column "Making AP Pros Feel Appreciated" really struck a nerve with our friend Mary Schaeffer, the editor and publisher of AP Now and Tomorrow, the premier newsletter for accounts payable professionals. We won't hold that against her, and for what it's worth, Mary also edited a credit and collection newsletter for over a dozen years, so she knows finance inside and out, and we're always interested in her perspective. . . .
keep reading
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Escheatment: What are you obligated to report to the state?
By Scott E. Blakeley Esq
Is your corporation setting itself up to an unwanted or unclaimed credit audit? State regulator are enforcing escheatment laws more than ever today to offset budget shortfalls brought on by tax cuts, diminished fee collections and additional expenses associated with combating terrorism. If your company is not aware of the states' unclaimed property laws, or if they have largely ignored them hoping they would not get audited by the government - be aware as states are cracking down on enforcing escheatment laws today. . . .
keep reading
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When the Escheatment Hits the Fan
By Gary Van Domelen and John David Schrager
It is more important than ever to understand and comply with state escheatment laws. Beyond significant state penalties and the possibility of criminal enforcement of state laws and hefty external legal fees to comply with an unplanned audit, the arrival of the Sarbanes-Oxley Act has added federal ramifications. At its most basic level, escheatment is the legal term for the transfer of abandoned property to the state. Back in 14th century England, the crown would take over ownership and possession of property if there were no rightful heirs to recover it. In the United States, the purposes of escheatment laws are to create a process where property can be reunited with its rightful owner while at the same time . . .
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Forum Question: We are writing credit balances off without notifying the customer. Is that a problem?
July 10, 2009
This question might have been asked some time ago, but I am a credit manager in the NY, NJ area and want to know if it is a crime to take credit balances from customer's accounts. Obviously these customer's are not aware of them or they would use them or ask for refunds. Some of these are substantial and are in the thousands, yeah believe it or not some customer's are clueless and their book keeping is terrible. The company I work for has a practice of writing these credit balances off without notifying the customer. What do you think? . . .
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Forum Q: What Are Your Processes for Carrying Credit Memos on Terms (open) Which Are Aging Out 90+ Days?
April 3, 2009
Maybe we've visited this before, but here is my question: What are your processes for carrying credit memos on terms (open) which are aging out 90+ days? Do you have a 'write off' policy in place for credit memo's, 'use it or lose it' timeframe, or do you wait for the customer to dictate how to apply? How long do you wait? Do you age the cm's out along with your regular invoices, or are credit memos kept in a separate category on your aging? On COD accounts, what is your policy about credits that have not been used for 90+ days? If anyone knows the legalities surrounding adjusting off credits due to non use, I would appreciate input. . . .
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Forum: Consultant for Unclaimed Property / Escheatment?
August 15, 2008
Can anyone recommend a consultant who specializes in unclaimed property (escheatment) compliance issues? We are particularly interested in locating someone with experience in Delaware and Virginia. Any recommendations will be greatly appreciated. . . .
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Forum: Unclaimed Property (Escheatment) - Liability With Active or Dormant Customers?
July 16, 2008
I am looking for some clarification as to whether unclaimed property (escheatment) applies only to "inactive" or "dormant" customers who may happen to have a credit balance. We consider "inactive" as accounts with no activity during a period of 12 months or more. We obviously have hundreds of accounts that remain active that have open credits that exceed 1 year old. My question is, can open credits that have not yet been accounted for by "active" customers be considered as unclaimed property by the state? I have read some articles that have mentioned "dormant" as being a condition for exposure to escheatment. I imagine it is not that simple, but worth a try. . . .
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Forum Q: Escheatment Statutes
July 3, 2008
Looking for a list by state of the statute of limitations for when states can perform escheatment audits. In other words, how far back can they go? Also, if you file a protective report, does su . . .
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Outlook 2012
This month's survey explores...
- What the top problems are facing credit execs currently, and
- What the top improvement initiatives are.
Click here to participate!
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