government FINANCE OFFICERS ASSOCIATION OF NEW JERSEY NON-CASH TRANSACTIONS

The Bill Homa Show The Top Ten List

Here we go

Top 10 Increases TO THE TAX LEVY/RECEIVABLE 10.Redistribution of Cash Receipts 9. Transfer to Tax Overpayments 8. County Board of Taxation Appeals 7. Senior Citizen Deduction Disallowed – 2016 6. Senior Citizen Deduction Disallowed – 2017 5. Omitted Taxes – 2016 4. Added Taxes – 2017 3. Second Half Levy – Current Year 2. Estimated Tax Levy – Current Year 1. Preliminary Levy – Current Year

Increase #1 Preliminary Levy – Current Year Where: Field copy of the tax duplicate. 2017 Taxes Receivable XXX Reserve for 2017 Taxes Receivable XXX To record preliminary tax levy

Increase #2 Estimated Tax Levy – Current Year Where: Estimated third quarter tax list. 2017 Taxes Receivable XXX Reserve for 2017 Taxes Receivable XXX To record third quarter estimated tax levy

Increase #3 Second Half Tax Levy – Current Year Where: Extended tax duplicate. 2017 Taxes Receivable XXX Reserve for 2017 Taxes Receivable XXX To record second half tax levy

Increase #4 Added Taxes – 2017 Where: Added assessment tax list (October 2017) 2017 Taxes Receivable XXX Reserve for 2017 Taxes Receivable XXX To record the 2017 added assessments

Increase #5 Omitted Taxes – 2016 Where: Omitted assessment list (October 2017) 2016 Taxes Receivable XXX Reserve for 2016 Taxes Receivable XXX To record 2016 omitted assessments

Increase #6 Senior Citizens Disallowed – 2017 Where: Receipt of deed that property has been sold. Senior Citizen dies during 2016 and deduction appears in 2017 duplicate 2017 Taxes Receivable XXX Due From/To State of New Jersey XXX To record 2017 senior citizen deduction disallowed

Increase #7 Senior Citizens Disallowed – 2016 Where: Post annual tax statement not return. Income level exceeded $10,000 for 2016. 2016 Taxes Receivable XXX Budget Operations XXX Reserve for 2016 Taxes Receivable XXX Due From/To State of New Jersey XXX To record senior citizen deduction disallowed for 2016

Increase #8 County Board of Taxation Appeals – Increase Where: County Board of Taxation judgment 2017 Taxes Receivable XXX Reserve for 2017 Taxes Receivable XXX To record county board judgment

Increase #9 Transfer to Tax Overpayments Where: Request by homeowner/mortgage company for tax refund. Year end trial balance. 2017 Taxes Receivable XXX Tax Overpayments XXX Transfer to tax overpayments

Increase #10 Redistribution of Cash Receipts Where: Transfer inadvertent cash receipt posting from 2016 taxes receivable to 2017 taxes receivable. 2016 Taxes Receivable XXX 2017 Taxes Receivable XXX To transfer cash receipt posting from 2016 taxes to 2017 taxes

Top 10 decreases TO THE TAX LEVY/RECEIVABLE 10. Redistribution of Cash Receipts 9. Tax Overpayments Applied 8. Transfer to Foreclosed Property 7. Transfer to Tax Title Lien 6. Cancel by Resolution 5. County Board of Taxation Appeals 4. Veteran Deduction per Tax Duplicate 3. Senior Citizen Deduction per Tax Duplicate 2. Veteran Deduction Allowed - 2017 1. Senior Citizen Deduction Allowed – 2017

Decrease #1 Senior Citizen Deduction Allowed Where: Senior Citizen application approved by the tax collector for the current year. Due From/To State of New Jersey XXX 2017 Taxes Receivable XXX To record senior citizen deduction approved by the tax collector

Decrease #2 Veterans Deduction Allowed Where: Veterans application approved by the tax collector for the current year. Due From/To State of New Jersey XXX 2017 Taxes Receivable XXX To record veterans deduction allowed by tax collector

Decrease #3 Senior Citizen Deductions per Tax Duplicate Where: Extended tax duplicate Due From/To State of New Jersey XXX 2017 Taxes Receivable XXX To record senior citizen deductions per tax duplicate

Decrease #4 Veterans Deductions per Tax Duplicate Where: Extended tax duplicate. Due From/To State of New Jersey XXX 2017 Taxes Receivable XXX To record veterans deductions per tax duplicate

Decrease #5 County Board of Taxation Appeals – Decrease Where: County Board of Taxation judgments. Reserve for 2017 Taxes Receivable XXX 2017 Taxes Receivable XXX To record 2017 county board judgments

Decrease #6 Cancellation by Resolution Where: Resolution adopted by governing body. Reserve for 2017 Taxes Receivable XXX 2017 Taxes Receivable XXX To record taxes cancelled by resolution

Decrease #7 (Part I) Transfer to tax Title Liens Where: Current year taxes accrued to tax title liens. Prior year taxes struck off to the municipality as a result of the annual tax sale. Tax Title Liens XXX Reserve for 2017 Taxes Receivable XXX Reserve for Tax Title Liens XXX 2017 Taxes Receivable XXX To record 2017 taxes accrued to tax title liens

Decrease #7 (Part II) Transfer to tax Title Liens Where: Current year taxes accrued to tax title liens. Prior year taxes struck off to the municipality as a result of the annual tax sale. Tax Title Liens XXX Reserve for 2016 Taxes Receivable XXX Reserve for Tax Title Liens XXX 2016 Taxes Receivable XXX To record 2016 taxes struck off to the municipality

Decrease #8 Transfer to Foreclosed Property Where: Judgment from court. Reserve for Tax Title Liens XXX Property Acquired for Taxes – Assessed Valuation XXX Tax Title Liens XXX Reserve for Property Acquired for Taxes – Assessed Valuation XXX To record foreclosed property by the municipality

Decrease #9 Tax Overpayments Applied Where: Transfer tax overpayments as per tax collector’s list to 2017 taxes receivable. Tax Overpayments XXX 2017 Taxes Receivable XXX To record tax overpayments applied

Decrease #10 Redistribution of Cash Receipt Where: Transfer cash receipt posting from 2017 taxes receivable to 2016 taxes receivable. 2017 Taxes Receivable XXX 2016 Taxes Receivable XXX To transfer cash receipt posting from 2017 taxes to 2016 taxes

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