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Verifund is a multi-functional tool written by a payroll provider for payroll providers. It is designed to categorize, reconcile, and analyze payroll, bank and EFTPS transaction for trust account. Verifund is a reconciliation program that balances your clients’ tax liabilities and other escrow funds to your month-end bank statement. Verifund’s array of features makes trust account reconciliation easy and affordable. - Reconcile all debits and credits in multiple trust accounts to the transaction level
- Automatically import all client liabilities and bank transactions into Verifund daily
- Monitor all tax activity – Federal, State, and Local – on a daily basis, by client
- Quick, accurate response to any tax inquiry
- Generate warnings that tax liabilities may not be paid so you can avoid expensive penalties
- Research any client, any tax liability, or any transaction at anytime with Verifund’s powerful query tool
- Render client statements at the end of any period you specify that will reflect all funds escrowed and the ultimate disposition of the funds
- Monitor and verify that all tax liabilities are paid by EFT and/or check
- Reconcile trust accounts to the penny with on demand reconciliation powered by ACH links to financial institutions
A key feature of Verifund is the range of reports that track activity, balances, summary data, and details to the item level. This gives you management capabilities that you have never had before. Verifund’s power resides in its ability to gather data from multiple sources, EFTPS, and other ACH transactions and financial institution records. This capability produces a powerful, infinitely flexible database of transactions and balances that leads to a set of information that allows you to manage your trust accounts and related liabilities with unprecedented accuracy in areas like: - Cleared and unclear transactions
- Tax liabilities, payments, and collections
- Taxes due and corresponding dates
- Variance and exception reports to the item level
- Bank trust account reconciliation
Verifund is easily adaptable to any payroll program and has standard interfaces available to work with Rapid Payroll and Millennium (versions 2 and 3). -------------------------------
VERIFUND / Presentation
VeriFund is a reconciliation program for payroll providers that will balance your clients' tax liabilities and other escrow funds to your month-end bank statement... |  | Read on-line | |
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