23 Apr 2014

Keep Compliant with New Asset Verification Fields in CaseLink Office

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Trustee Tip:

Now Track Both Initial and Latest Value Assets

Asset-Tracking120Initial values are the first values assigned to an asset reported on Form 1. Values of assets can change over time, with assets becoming susceptible to appreciating and depreciating values. It is up to the trustee to keep an eye on these adjusting values, as they can directly affect the funds available to creditors.

Until now, CaseLink Office only allowed one field for the asset value. This field could be updated but could not save a history of previous assessments. With the new release of CaseLink Office 13.15, you now have the ability to track both current and initial values. This not only preserves the asset history by displaying the first value, but shows the asset’s most current value too.

Using the New Asset Value Fields

Users can create value history with the use of Initial and Latest value fields. To see how this new feature works, go to the CaseLink Office Homepage and click on the Assets tab.  The Assets window will open up displaying the Initial and Latest asset values in the Current Trustee box.

VAF1

On Form 1, the Current Value field will be used to calculate the Asset Fully Administered (FA) Gross Value of Remaining Asset, as reported in column 6.

VAF2

The value of the assets in Column 6 should reflect an estimate on the current value remaining to be collected, although the Handbook states that the values in column 3 and the values in column 6 will not always be the same.

VAF3

CaseLink Office allows you to stay in compliance with these rules by allowing you to track these adjusted values. The field additions have been built with this flexibility in mind. If you have any questions or concerns regarding the steps shown above, please feel free to contact the BMS Support Center via email or call 800-634-7734, ext. 6.

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