Tax & Accounting Blog

Thomson Reuters Announces the June 2013 Release of ONESOURCE Property Tax

Blog, ONESOURCE, ONESOURCE Property Tax July 3, 2013

Thomson Reuters is pleased to announce the June 2013 release of ONESOURCE Property Tax. This release represents the completion of migrating all of the Legacy functionality in ONESOURCE Property Tax, and includes numerous upgrades to both the Appeal Center and the Workflow Center; as well as the migration of Allocations, Forecasting and Tax Recovery to the Tax Center.

Additional features and enhancements include the following:

  • OCR: ONESOURCE Property Tax will populate the parcel # field in the Workflow Center search filters when it  identifies a match.
  • Tax Recovery Dialog: The Tax Recovery tool is now available in the Tax Center. Expanded, more visible filters allow users to view and scroll and customize data much faster with new buttons and dropdowns.
  • Improved Forecasting:
    • Forecast data entry is now simplified, and multiple rules for each Rule Type, Assessment, Tax Bills and AP can be added at the same time.
    • To enter General or Template Type Forecasts, a Forecast Template set-up process is now available. The template can be used to create various types of Assessment, Tax Bill and AP rules and copied across multiple jurisdictions or to specific properties.
  • Asset Center:
    • An Asset Allocation notes section has been added to the Asset Center.
    • The latest Assessed Value and Rendered Value have been added to the Allocation grid within the detail window.
    • Changes will clarify where calculations are coming from and what values are being used for Asset Allocations.
  • Appeal Center:
    • A blank Year option has been added to the Appeal Center Tab Filter options. This allows a view of multiple years of Appeal records within the Appeal Center.
    • A Potential Liability Field has been added to Appeal Center detail window.
    • An editable event pick-list has been added to track hearing information and/or miscellaneous details chosen by clients.
  • Mailing address field: Mailing addresses from the Address Book have been added to the Payment Approval Task. This allows users to view and verify addresses without having to leave the Payment Approval Task.
  • Tax Center:
    • A History Log Tool that records the 10 previous basic changes made by users has been added to Tax Center.
    • The Allocations tab has been converted and improved to accomplish the following functions:
  • To provide the flexibility in defining tax bills to be allocated.
  • To allow the user to track the contact information for the responsible parties.
  • To allow the user to designate the methodology for allocating the taxes.
  • To allow the user to store the information that will enable the Tax Center to calculate the tax allocations among responsible parties.
  • To allow the user to apply an advanced formula that will calculate the tax allocation based upon specific contract or lease terms for each responsible party.
  • To allow the user to override the calculated tax allocations.
  • To allow the user to specify that the total tax allocated shall equal a percentage of the total tax liability (typically 100%).
  • To provide a means to calculate accruals at an allocated level.
  • To provide a means for tax bills to be paid net of any tax allocated to other responsible parties.
  • To provide a means for the taxpayer to download allocations into their accounting software.
  • Multiple classification fields and % splits: Clients can preset % splits across multiple classifications when manually adding an asset.