How_do_I_calculate_taxing_entity_amounts_

How do I calculate taxing entity amounts?

Calculate Taxing Entity Amounts to determine how collected property taxes should be distributed among the taxing entities that levy taxes within a taxing district. This process allocates revenue based on each entity's tax rate, levy, or share of the total tax collected, ensuring funds are distributed accurately and fairly. Calculating taxing entity amounts is essential for revenue distribution, financial reporting, and maintaining accurate accounting records.

Examples:

  • Calculate the portion of collected taxes owed to a school district, city, county, or special service district.
  • Determine distribution amounts before printing Taxing Entity Checks.
  • Verify that tax revenues are allocated according to approved levies and mill rates.
  • Recalculate distribution amounts after adjustments, corrections, or supplemental billings.
  • Review taxing entity allocations before transferring funds or updating financial records.

 

By calculating taxing entity amounts, you help ensure tax revenues are distributed correctly, support accurate financial reporting, and maintain accountability for funds collected on behalf of taxing entities.

 

Do this...

1. Open Connect Property Tax Collection > Taxing Entities > Calculate Taxing Entity Amounts.

2. Select the Journal.

The journal is the place where you will record transactions for taxing entity amounts.

In which journal do you wish to create transactions for taxing entity amounts?

  • Use the Journal drop-down list to select a journal code.

3. Click GO (CTRL+G).

The tax entity amounts calculate.

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