Using SMI’s VIT software will reduce the time required to enter statements and payments,
Tracking, calculating and recording Vehicle Inventory Tax (VIT) escrow statements and payments can be a time consuming assignment. Determining and collecting penalties can be an even bigger challenge.
SMI’s Vehicle Inventory Tax (VIT) program can greatly improve your efficiency, accuracy and collections. End of year transfers of escrow to tax are easily done and accurate.
Using the VIT Dealer Portal, dealers can load their statements, pay online and post electronically.
The VIT program will save you time, money and improve your collections. Instead of your staff having to calculate and confirm the UPT being reported on each statement and having to do manual transfer of escrow to tax at year end, they can focus on improving collections, sending out penalty notices and paying the entities. The dealer portal reduces the time and manual operations for the dealer and it reduces the time necessary for the tax office to enter statements and payments.
• Intuitive data entry process—individual sales or summary sales
• System calculates UPT based on sales entered
• Program manages all four vehicle categories
• Apply payments according to tax ofce rules
• Print a payment receipt if requested
• Dealers can enter sales and payments electronically
• Payment batches are created by individual
• Attach notes to an account
• Add scanned images to an account (ImageWorks required)
• Twenty-two reports to track all aspects of VIT
• Transferring escrow to tax at year end electronically requires very few steps
• Complete audit trail for all transactions
• Full search capabilities
Using the Dealer Portal, allows dealers to process their statements electronically saving them time and it reduces the need to manually enter statements and payments by the tax office, saving you valuable time and improving accuracy.
• VIT saves the tax office time and money
• With twenty-two reports, you have all the data you need in real time
• Staff can improve collections and reduce the time to load data
• Dealer Portal saves both the dealer and the tax office time and improves accuracy
• Creates late filing, payment and year end shortage dealer notices electronically
• Daily balancing is reduced with individual electronic reports