1. government FINANCE OFFICERS ASSOCIATION OF NEW JERSEY
NON-CASH TRANSACTIONS

2. The Bill Homa Show
The Top Ten List

3. Here we go

4. 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 – Senior Citizen Deduction Disallowed – Omitted Taxes – Added Taxes – Second Half Levy – Current Year 2. Estimated Tax Levy – Current Year 1. Preliminary Levy – Current Year

5. 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

6. 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

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

8. 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

9. 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

10. 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

11. Increase #7
Senior Citizens Disallowed – 2016 Where: Post annual tax statement not return. Income level exceeded $10,000 for 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

12. 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

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

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

15. 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 Senior Citizen Deduction Allowed – 2017

16. 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

17. 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

18. 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

19. 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

20. 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

21. 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

22. 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

23. 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

24. 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

25. 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

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

27. Questions ?