Self Service Features
When you turn on the Business Edition of UPExchange™, you gain access to an impressive array of tools and utilities to help you with your unclaimed property reporting, compliance, and collaboration.
To get more information about each of our features, click on the links below.
- Compliance Calendar
- Dormancy calculation
- Audit Trail
- User security
- Custom reporting
- Custom letters
- Criteria Mass Update
- Roundtrip Mass update
- Edit Columns
- Custom fields
The number one concern for filers of unclaimed property is making sure to do the right things at the right time. The Unclaimed Property Calendar contains detailed information for all due diligence and state reporting due dates. You can view the due dates in a calendar format, click on a due date for very detailed information, and even set up email reminders that will send a message to your inbox to help you remember when to run letters or process state reports.
Dormancy means the amount of time the property records have to age before they are eligible to be reported to the states. This is important as early reporting can cause problems with the states and late reporting can set you up for penalties. Dormancy rules vary by property type even within the same state. For example, payroll checks usually have a 1 year dormancy while most other property types would need to age longer. Who has time to keep track of all this? We do. We apply the proper dormancy according to the state, property type, and date you've provided. This calculation shows in the Report Year field on the individual records and is applied when you process state reports. No need to worry about keeping tabs on changes in dormancy requirements.
UPExchange will archive your state reports, cover sheets, and due diligence letters and place them in the Library for safekeeping. This helps you comply with record retention rules. Record retention is the requirement by the states to keep a copy of your escheatment records for a certain length of time. Should you ever need to access the information for what you've completed in the past, the Library puts it at your fingertips.
At the individual property record level, the Audit Trail shows details of any changes made to the information within a record. This helps you keep track of who did what and when. An Audit Trail Report is available which will give you a summary of all changes made which can be narrowed down by user and a specific date range.
User Security controls access to data and functionality with three different types: 'Read Only' can do nothing but view your company information and property records; 'Basic' can view your company information, manage property records, and generate due diligence letters; and 'Administrator' has full access to the entire system.
Our Download feature allows you to apply criteria to specify exactly which property records you would like to save into an Excel file. Then you can use Excel's functionality to manipulate your data to achieve any report you may need. One common example is the ability to download records that have been reported to the states to easily show which state reports were processed and when. CSV and HTML downloads are also available for those who would prefer to work with these formats.
Using the Download feature described above, you can create an Excel file that includes all of our property records that have not yet been reported. You can then sort by State and Report Year to get a report of what will be due to each state in upcoming years.
When you process Due Diligence letters, you have the option to use our ready made letters or you can save the Excel file that is generated with the property record information. The Excel file includes every important data field from each of your unclaimed property records that qualify for due diligence. This file can then be used as a data source for a Word Mail Merge to provide you with limitless customization options for your letters.
This takes you through a series of screens where you can specify which records are affected and either apply an update or choose to delete a batch of records. For example, you could use this to correct a wrong property code assignment. Let's say you need to change all open Alabama records that have a Property Code value of CK12 and you want to apply an update to change the code to CK13. This is the perfect tool to use in such an instance.
This is the most flexible way to update a variety of records quickly and easily. Using the Download feature, you will choose which records to bring down into an Excel file. You can then make any updates you want within the Excel file itself and upload back into the system to overwrite existing records. For example, you could download all open CA records and change addresses, property codes, status, last activity dates, etc. as needed.
This affects which columns of information display in the overview list when you are in the View Records screen. Click Edit Columns to add or remove any columns from your view. This is user specific so you can customize it as best works for you.
We provide 18 extra fields for you to capture extra information as needed. Some examples include a telephone number, a reference number associated to an account, or the name of the source system that provided the original unclaimed property record.
Attachments allows the ability to attach supporting documentation to any property record. For example, if your due diligence letter to the owner was returned and you'd like to retain a copy of the envelope that shows it was returned by the Post Office (RPO), you can scan the envelope and attach it as a file to the record.
Full Service Benefits
If you want to offload unclaimed property reporting requirements completely, you can outsource all of them to our team of experts. Our goals are to help you minimize your reporting exposure and to comply with unclaimed property regulations in an accurate and timely manner. Our services are affordable and flexible enough to precisely align with your company’s unclaimed property needs.
To get more information about the work we can do for you, please click on the links below
- Compliance Overview
- Due Diligence Letters
- State Reporting
- Record Retention
When you send us your stale unclaimed property records in electronic format, we‘ll carefully review them and apply due diligence and dormancy tracking rules by property type and state to determine which records need to be reported, when they should be reported, and to what state the report should be sent. During the term of our agreement, we’ll continually monitor your records. Then we’ll send you feedback on which upcoming due diligence and state report due dates. We will remind you to send new data before key due dates. We will create and mail the due diligence letters for you. We will process your state reports in a timely manner, and send you complete remittance and delivery information.
We’ll print and mail your state-required due diligence letters. All printing, handling and first class postage is included. If a certified mailing is required, the cost between first class and certified will be surcharged.
We’ll create the final unclaimed property reports for each state in which you have an unclaimed property obligation, in full accordance with the respective statutes. We’ll deliver them to you in a timely manner for your review and approval. And we’ll send you very clear and comprehensive delivery and payment instructions for each of the reports.
Each state has unique requirements for retention of unclaimed property reports, and our service offers you peace of mind from knowing you’re fully compliant. On your behalf, we’ll keep complete copies of your due diligence correspondence and completed state reports.