Enter Taxing Entity Adjustments to correct or modify the amounts allocated to a taxing entity. Adjustments may be necessary when distribution amounts are calculated incorrectly, tax revenues need to be reallocated, or changes occur after the original distribution has been processed. Recording adjustments helps ensure taxing entities receive the correct amount of revenue and maintains accurate financial and audit records.
Examples:
By entering taxing entity adjustments, you help ensure revenue distributions are accurate, financial records remain balanced, and taxing entities receive the funds to which they are entitled.
Important: Do not use this routine to edit or delete transactions that have already been updated to the General Ledger.
1. Open Connect Property Tax Collection > Taxing Entities > Enter Taxing Entity Adjustments.
2. Enter the Taxing Entity.
A taxing entity is given the power by the state to levy tax on property in a geographical area.
What is the taxing entity's name?
Click on the Taxing Entity field and type in the name, or click Search (F9) to look it up.
4. Enter the Description.
A description is a word or phrase that describes the character or features of the record.
Do you want to use the default description?
Yes, I want to use the default description. Continue to the next field.
No, I want to use a different description. Click on the Description field, and then type in a new description (up to 40 characters). For example, ADJ, PMT ADJ, TAX ADJ, INT ADJ, PENALTY ADJ
5. Select the Billing Type.
The billing type refers to the category assigned to the amount that was billed.
What is the billing type?
I want to adjust a tax amount. Select Tax as the Billing Type.
I want to adjust an interest amount. Select Interest as the Billing Type.
I want to adjust a penalty amount. Select Penalty as the Billing Type.
6. Select the Journal Code.
A journal code is a series of letters, similar to an acronym, that constitutes the distinctive designation of a journal. AM (Asset Management), AP (Accounts Payable), AR (Accounts Receivable), CDPT (Cash Disbursements - Payroll Transmittals), CR (Cash Receipts), and UM (Utility Management) are examples of commonly used journal codes.
Do you want to post the transaction to the default journal code?
Yes, I want to post the adjustment to the default journal code. Usually, adjustments will be posted to the CDTC journal code for Cash Disbursements - Property Tax Collection. Continue to the next step.
No, I want to post the adjustment to a different journal code. Select a different journal code from the Journal Code drop-down list.
7. Enter the Amount.
Use Amount to enter the adjustment amount.
What is the adjustment amount?
I want to add an amount. Enter an amount, followed by the minus sign (-), and then click Save (CTRL+S) to complete the entry.
I want to subtract an amount. Enter an amount, then click Save (CTRL+S) to complete the entry.
Edit the properties assigned to an adjustment. You cannot edit an adjustment transaction when the transaction has been posted to the General Ledger. You will need to edit the transaction using the General Ledger application.
Do this...
1. Open Connect Property Tax Collection > Taxing Entities > Enter Taxing Entity Adjustments.
2. Enter the Date.
Use the same date you used to record the adjustment transaction.
3. Press Enter.
The transaction appears.
4. Edit the transaction.
5. Click Save (CTRL+S).
The transaction is updated.
You cannot delete an adjustment transaction when the transaction has been posted to the General Ledger. You will need to delete the transaction using the General Ledger application.
Do this...
1. Open Connect Property Tax Collection > Taxing Entities > Enter Taxing Entity Adjustments.
2. Enter the Date.
Use the same date you used to record the adjustment transaction.
3. Click Delete (CTRL+D).
4. What do you want to do?
I want to delete a write-off. Click Delete Single Reference Number, and then enter the transaction's reference number in the Reference Number field. Click OK.
I want to delete a range of write-offs. Click Delete Reference Number Range. Now, enter the first and last number in the Beginning/Ending Reference Number fields. Click OK.
I want to delete all write-offs on the input date. Click Delete Payments Input on MM/DD/YYYY. Click OK.
Use Amount to enter the adjustment amount.
What is the adjustment amount?
I want to add an amount. Enter an amount, followed by the minus sign (-), and then click Save (CTRL+S) to complete the entry.
I want to subtract an amount. Enter an amount, then click Save (CTRL+S) to complete the entry.
A check number is a unique number that is assigned to each check.
Is the payment type a check?
Yes, the payment type is a check. Enter the check number, printed at the top of the check, in the Check Number field.
No, the payment type is cash, credit card, or other. Leave blank the Check Number field.
The Date is the date the system will use to record the transaction. In Edit mode, the routine displays the transactions that were created on the entered date in the transaction grid.
Do you want to use the current date as the date?
Yes, I want to use the current date. Continue to the next step.
No, I want to use a different date. Click on the Input Date field to enter a MM/DD/YYYY.
A description is a word or phrase that describes the character or features of the record.
What is the description?
Use the Description field to enter a word or phrase (50 characters or less).
Use the options on the Properties tab to enter all of the properties related to the project.
Enter the property. Choose an option:
Type in the parcel ID.
Type in the property address.
Click Search to look up a property.
Real property is land, a piece of real estate, that is owned by an owner. While personal property is a material asset, such as a car, boat, mobile home, etc., for personal or business use.
In New mode, the Reference Number is a read only number. In Edit mode, you can type in reference number to look up a transaction.
The source ID is a user-defined field that allows you to save a last name or code with the transaction. This field is optional.
Do you want to record the source ID?
Yes, I want to record a source ID. Use the Source ID field to record the information.
No, I do not want to record a source ID. Leave this field blank.