A report has been created that can be used to classify tax payments as revenue in the prior fiscal year. The process is accessed from Maintenance, Re-Classify. This would apply to revenue type tax payments (deferred or cash basis) for a tax year that are due in one fiscal year but received in the new fiscal year (normally within the first 60 days of the new fiscal year). A printout is provided for review (will display owner identification, real estate identification, deposited date, amount, reference identification, tax year, transaction number, and payment number). Setting flags will create positive revenue type payment records for the prior fiscal year (using post year fiscal month) and negative revenue type payment records for the original fiscal year (using fiscal months from the payment records). Deferred Revenue will be removed for the prior fiscal year and the current fiscal year (since these payments are no longer deferred as a result of this reclassification process). These offsetting payment records will automatically be source user verified but will need to be distributed (and the activity subsequently posted). There is no effect on Bank Reconciliation with this reclassification process and the new payment records will automatically have the bank rec updated flag/deposited set (and the deposited by will display CLASSIFYPRYR for informational purposes). The type of payment in the new records will be set to Classify Accruals and the original payment record will have Classification Type of Classified Accruals. This classification type will then prevent payments that have already been reclassified as accruals to select again when this process is executed.
Use of the Comments field when distributing these reclassifications is encouraged as that will make the resulting activity in Financial Management more meaningful.
10-LEVEL ACTIVITY REPORT (EXPENDITURE)
The 10-Level Activity Report for OpenRDA allows different lengths of the same dimension/component to be included in the sort and totals. Headers must exist in the Chart...Read More...