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SampleChart of AccountsThe following is a Chart of Accounts which we provide as a SAMPLE of one possible way to gather data necessary for portions of the Florida Data Call. Please note that this will NOT capture data for the entire Data Call. We provide it solely as a resource to use in discussions with your own accountants about the data call and possible modifications you might consider to your chart of accounts to capture information for the Florida Data Call. In the current form, it is not suitable for use in any agency and must be customized to address your needs and to use with your software systems. Balance SheetAsset AccountsBank/Cash at Bank - (Cash)Petty CashAccounts Receivable (also known as Debtors Control)Provision for Doubtful Debts/Allowance for Doubtful DebtsGST ReceivableInventory (Stock On Hand)Prepaid ExpensesPrepaid InsuranceIncome Receivable (also known as Income Accrued)SuppliesPrepaid InsuranceLandBuildingsAccumulated Depreciations – BuildingsEquipmentAccumulated Depreciations - EquipmentOther AssetsLiability AccountsAccounts Payable (Creditors)Credit CardsTax PayableEmployment Expenses PayableCurrent portion of Notes PayableInterest PayableUnearned Revenues (Pre-paid)Accrued ExpenseNotes Payable Long-termMortgage Loan PayableEquity and Net Worth AccountsNote these accounts will be different for an S-Corp, an LLC, a partnership. Discuss with your accountant.Preferred stockCommon stockAdditional paid-in capital (Capital in excess of par)Retained earningsTreasury stockLoans to StockholdersIncome Statement#Account NameIncreases BalanceCommentsRevenue AccountsOperating IncomeGross Premium (Agency Share)CreditAgency Share. Data Call 39Gross Premium (U/W Share)CreditPhantom Balance – Paid directly out of Trust Account. Not part of gross revenue for tax purposes. Data Call 39Premium RemittedDebitAmounts paid to U/W -- Note, must be paid out of Trust Account per FAC. Data Call 40Rebate AmountsDebit"Butler" discounts given on promulgated premium. Data Call 48Closing Services IncomeCreditData Call 41Title Search IncomeCreditData Call 42Abstract/Search Income from Third PartiesCreditInclude abstract/search revenues ONLY where no policy was issued or intended. Data Call 43Income from Cancelled OrdersCreditData Call 44Income from non-title insurance productsCreditExamples: income from O&E reports informal searches, mapping, easement searches and the like. Data Call 46other operating incomeCreditData Call 47Interest & Investment IncomeInterest on Trust AccountCreditThis would reflect interest earned on your trust accounts, including earnings on sweep accounts, repurchase agreements and the like. This should reflect the gross earnings before deducting any analysis or transaction fees. Data Call 45Phantom Interest on Trust AccountLine 74 of the Data Call requires reporting of “unreimbursed” Bank Charges. Since agencies pass through wire and returned check fees and sometimes other charges to the customer and reimburse themselves out of the trust account, a “phantom interest” account may be helpful to balance the transactions. Interest (non-Trust Accounts)CreditThis would pick up interest earnings on anything other than the trust accounts. Data Call 45Other Investment IncomeCreditInclude all other investment income or dividends here Data Call 45Operating Expense AccountsLaborIf Directly Employing StaffOfficer - Owners Labor ExpenseDebitLabor expenses are broken out into four categories which differ from the Data Call so they can be recombined to match allocations made in the IRS 1120. Data Call 50(b)Non-Officer/Owners Labor ExpenseDebitInclude any non-owner officers. Data Call 50(b)Officer/ Non-Owner Labor ExpenseDebitInclude all owners Labor -- including those who are also officers. Data Call 50(a)Other EmployeesDebitData Call 50(a)If using a Leased Employee ModelOfficer - Owners Employee Leasing ExpenseDebitData Call 53 all four employee leasing categories are combined for the data call, but subcategories will be helpful for IRS purposes.Non-Officer/Owners Employee Leasing ExpenseDebitData Call 53Officer/ Non-Owner Employee Leasing ExpenseDebitData Call 53Other Employees Employee Leasing ExpenseDebitData Call 53Contract Labor (1099 & non-1099)Do not include Leased Employee Expenses. Data Call 51Owner Affiliated Contract LaborDebitInclude Marketing contracts, management contracts, or any other contract with a person or entity connected with an owner or investor in the company. Data Call 51(a)Non-Owner Contract LaborDebitData Call 51(b)Payroll TaxesDebitEmployer's share of Social Security, Unemployment, Medicare and state taxes. Do not include payroll taxes paid through employee leasing companies or any other amounts withheld from employee pay Data Call 54Employee Benefits/Pension-Profit SharingEmployee benefits do not include bonuses, which are included above as employee compensation, nor amounts paid through an employee leasing company reflected in data call line 53. Data Call 55Employee Benefits -- Non-OwnersDebitData Call 55(a); IRS 18Employee Benefits - OwnersDebitData Call 55(b) IRS 18Pension-Profit Sharing - Non-OwnersDebitData Call 55(a) IRS 17Pension-Profit Sharing – Owners DebitData Call 55(b) IRS 17Director FeesDebitInclude separate fees paid to corporate directors beyond normal compensation paid to them as officers or employees of the agency. Do not include travel expenses, which should be included under Travel and Lodging Expenses. Data Call 56Title Costs & ExpensesTitle Resource Access DebitAccess/lease fees for a "seat" in a plant, access to online databases, subscription fees to search databases, including county recorder sites, but not per-use fees. Data Call 60Abstract Search Expenditures (3rd Party)DebitThis category applies when the agency is buying a search from any third party, but only when the search does NOT include suggested or draft exceptions and/or requirements to be considered for inclusion in the commitment. This category is to reflect the cost of those searches identified in line 34(b). Data Call 61(a)Examined Search ProductsDebitThis category applies when the agency is buying a search from any third party, but only when the search does include suggested or draft exceptions and/or requirements to be considered for inclusion in the commitment. This category is to reflect the cost of those searches identified in line 34(a). Data Call 61(b)Title examination expenditures with third partiesDebitThis category applies to purchases of stand-alone examinations from third parties. Data Call 62"Expense from non- title insurance products producedDebitA “non-title- insurance title product"" is any product produced by the reporting agent which is intended for some use other than a title insurance commitment or policy. Examples of a non-insurance product are Ownership and Encumbrance reports (O&Es), property profiles, abstracts, opinions, guarantees, etc. Do not include any items counted on Lines 32 a) or b) of the data call. Do not include payroll expense or any expense reported elsewhere. Data Call 63Reimbursement of Title SearchesCreditThere are multiple categories of expenses where title searches are paid, but it is necessary to track the reimbursement when a closing occurs so that the net unpaid that is charged off can be computed.Reimbursable ExpensesThis section tracks amounts advanced for customers with an expectation of ultimate reimbursement. As payments come out, and reimbursements credited back after a closing, the balance in each subaccount should reflect the Net amount of unreimbursed. This, along with the unreimbursed portion of title searches will be reflected in Data Call 75HOA EstoppelsDebit when paid out of operating, Credit when repaid from the trust accountCondo EstoppelsLender Estoppel Fees & Rush feesMuni Lien SearchesSurveysOther Expenses AdvancedBank ChargesInclude Analysis charges, even if offset against "phantom" interest earnings on trust accounts. The data call reports unreimbursed Bank charges. Data Call 74Advertising & MarketingAdvertisingDebitData Call 71Printing DebitData Call 71Promotional MaterialsDebitData Call 71Marketing Consultants & Services (owner affiliates)DebitData Call 51(a)Marketing Consultants & Services (not affiliated with an owner)DebitData Call 51(b)Online Marketing/AdvertisingDebitData Call 71Meals - StaffDebitData Call 81 - MiscellaneousMeals with Customers/ProspectsDebitData Call 71EntertainmentDebitData Call 71OfficeSupplies & EquipmentSuppliesDebitData Call 81 - MiscellaneousEquipment (non-computer)DebitData Call 81 - Miscellaneous[Most agencies will include more categories here]Real Estate ExpensesRent ExpenseDebitCost of occupying rented facilities during the accounting period. Data Call 57 IRS 11Repairs and Maintenance of R.E. DebitRepairs and Maintenance of building & permanently attached equipment. Data Call 57 IRS 9Mortgage Interest DebitData Call 57 IRS 13Real Estate TaxesDebitData Call 57ComputerComputer Hardware & EquipmentDebitData Call 64Computer SoftwareDebitData Call 64Computer System Subscription/FeesDebitData Call 64Internet ServiceDebitData Call 64I.T. ServicesDebitInclude consultants, contractors and other non-employee IT support. Data Call 64UtilitiesTelephoneDebitData Call 57Cable (non-Internet)DebitData Call 57ElectricityDebitData Call 57Water/SewerDebitData Call 57GasDebitData Call 57LeasesVehiclesDebitData Call 66EquipmentDebitData Call 66Other OperationalFile Storage ExpenseDebit Data Call 80Non-Mortgage Interest ExpenseDebit Data Call 59Non-Real Estate DepreciationDebitData Call 65, IRS 14Business insuranceNote: do not include E&O insurance or fidelity/surety bonds which are tracked separately. Do not include health insurance. Data Call 67Governmental Fines & PenaltiesDebitEnter amounts paid in governmental fines and penalties. These amounts will not be included in total expenses. Amounts paid to lenders with regard to delayed closings packages and the delivery of notes and policies are not to be included in this category. Data Call 76Licenses, taxes, and feesDebitDoes not include recording charges, payroll or income taxes. Data Call 70Miscellaneous ExpensesDebitData Call 81 - MiscellaneousTravel & LodgingFor marketing and salesDebitData Call 72(a)For employee and owner educationDebitInclude travel and lodging expense for association events in this line Data Call 72(b)For all other business purposesDebitData Call 72?InsurancesE&O InsuranceDebitData Call 91Fidelity/Surety InsuranceDebitData Call 92Business/Premises LiabilityDebitData Call 67Cyber InsuranceDebitData Call 81 - Miscellaneous - Question PendingVehicle InsuranceDebitData Call 81 – Miscellaneous – Question PendingProfessional ServicesBusiness legalDebitThis does not include legal expenses relating to claims and losses. Data Call 68Claims LegalDebitLegal Expenses on dealing with claims, demands & suits relating to title, closing & Search errors. Data Call 87Accounting, external expensesDebitOutside Accounting and tax services. Data Call 69Other Claims ProfessionalsTitle ClaimsDebitData Call 83Closing ClaimsDebitData Call 85Search/Abstract ClaimsDebitData Call 86Industry & Professional DevelopmentEmployee and owner educationDebitData Call 73Professional Association fees and contributionsDebitWe assume the comment to Line 79, Lobbying Expenses describing payments to a bar association, FLTA and their activities as simply being placed in the wrong row Data Call 78Political DonationsDebitData Call 77Lobbying Expense.DebitData Call 79Claims & LossesTitle Error Losses/ClaimsData Call 83. This category does not include losses which were the result of an underlying search error. It should reflect those resulting from finding the underlying instrument and handling it improperly. Unpaid TaxesDebitSuggest annotating these by claim number or name to make it easier to complete the losses/claims breakouts on Schedule C. Unpaid Judgments/LiensDebitData Call 83. ProbateDebitData Call 83. HomesteadDebitData Call 83. Defective instrumentsDebitData Call 83. Erroneous/omitted LegalsDebitData Call 83. [Additional Categories]DebitData Call 83. Other Title Error LossesDebitData Call 83. Payments to Underwriter for Title ErrorsDebitData Call 88CPL LossesPayments to U/W for CPL LossesDebitData Call 84(c) Suggest annotating these by claim number or name.Closing Error Losses/ClaimsRecording Fee miscalculationDebitData Call 85 Pending question whether closing errors that result in a technical shortage in the trust account are to be shown in 85 or 85(b) Suggest annotating these by claim number or name.Rerecording costsDebitData Call 85Doc Stamp/Intangible errorsDebitData Call 85Payment errors to PartiesDebitTo show erroneous payments to a party to the transaction that the agency reimbursedPayoff Errors to 3d PartiesDebitErroneous payments made to a third party, or paid to the wrong party and reimbursed by the agency. Including ID theft and fraudulent partiesProperty Tax ErrorsDebitData Call 85Payments to U/W for Closing ErrorsDebitData Call 88Other Closing Error LossesDebitData Call 85Payments to Underwriter for Closing ErrorsDebitData Call 88Abstract/Search Error LossesMissed Judgment/LienDebitData Call 86 Suggest annotating these by claim number or name.Error in OwnershipDebitData Call 86Missed EasementDebitData Call 86[Additional Categories]DebitData Call 86Errors made by third party searchersDebitData Call 86Other Abstract/Search LossesDebitData Call 86Payments to Underwriter for Abstract/Search ErrorsDebitData Call 88Funded Escrow ShortagesDoes not include amounts shown in closing errors. Data Call 85 Suggest annotating these by claim number or name.Defalcation by EmployeeDebitData Call 85(b)Defalcation by PrincipalDebitData Call 85(b)Hacking/Cyber Theft LossesDebitData Call 85(b)Fraudulent checks/stop paymentsDebitData Call 85(b)Reversed ACHDebitData Call 85(b)DepreciationReal Estate DepreciationDebitData Call 58 IRS 14Non-Real Estate DepreciationDebitData Call 65Federal Income TaxFederal Tax PaidDebitData Call 96Federal Tax AccruedDebitData Call 96Non-Operating Revenues and Expenses, Gains, and LossesGain on Sale of AssetsCreditData Call 45 Investment Income or 81 MiscLoss on Sale of AssetsDebitData Call 45 Investment Income or 81 MiscDisclaimer:There are many ways to capture the information required in the Florida Data Call. WFG National Title Insurance Co. (WFG) does not direct, mandate or require its agents to track the information in any particular manner. Each agency is free to determine for itself the best way for it to comply with Florida’s Data Call requirements. Nor are we your accountants. WFG is providing this SAMPLE Chart of Accounts to its agents, SOLELY as a resource to use in discussing an appropriate chart of accounts with your own accountant designed around your business needs. It is not suitable for use “AS IS” – it should be customized to your business, the structure of your entity and numerous other factors. We encourage each of our agents to have a serious discussion with your accountants about revising your own charts of accounts to capture necessary data call information, gather information you will need for your own tax returns and for managing your business and operations. And of course, in doing so, you are most welcome to use this Chart of Accounts as a sample for discussion, and to alter, modify, amend or ignore it entirely in whatever manner seems to suit your unique needs and business goals. WFG advises its agents that this Chart of Accounts is based on our current understanding of the requirements of the Data Call, but there are some ambiguities and open questions that we hope will be clarified. We may have “guessed wrong” about how those questions will ultimately be answered. We encourage each agent to submit their questions about the data call and its requirements to the Florida Land Title Association at for development of industry-wide guidance. WFG expressly disclaims all warranties of quality, accuracy or suitability for any specific purpose, whether express or implied, including the warranties of merchantability and fitness for particular purpose of this Chart of Accounts and any notes accompanying it.? The Agent acknowledges that it has not been induced by any statements or representations of any person with respect to the quality or condition, suitability or accuracy of the Chart of Accounts and that no such statements or representations have been made. WFG further disclaims any and all responsibility to update this resource to reflect additional information or interpretations that may be made of the Florida Data Call. ................
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