Current Fund II

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bltaft13
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286004
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Current Fund II
Updated:
2014-10-24 15:44:31
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Current Fund II
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Current Fund II
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  1. POST TAX LEVY
    • Debit CY Taxes Receivable
    •       Credit Reserve for CY  Taxes Receivable
    •        
  2. SET UP COUNTY AND SCHOOL, ECT. LIABILITY
    • Debit Amount to be Raised by Taxation
    •       Credit Local School Taxes Payable
    •       Credit County Taxes Taxes Payable

          Credit Municipal Open Space Taxes     Payable
  3. RECORD ADDED AND OMITTED TAX LEVY
    • Debit CY Taxes Receivable
    •       Credit Reserve for CY Taxes Rec
  4. SET UP COUNTY LIABILITY FOR ADDED/OMITTED  TAXES
    Debit Amount to be Raised by Taxation

          Credit County Taxes Payable
  5. SET UP SR CITIZEN & VETERANS DEDUCTION PER ORIGINAL BILLINGS IN TAX DUPLICATE
    Debit due from State of NJ for Sr/Vet Deduc

          Credit CY Taxes Receivable
  6. SET UP SR/VET DEDUCTIONS "ALLOWED" DURING THE YEAR
    Debit Due from State of NJ for Sr/Vet Deduc

          Credit CY Taxes Receivable
  7. RECORD SR/VET DEDUCTIONS "DISALLOWED" DURING THE YEAR
    Debit CY Taxes Receivable

         Credit Due from State of NJ for Sr/Vet Dedu
  8. RECORD TAXES CANCELED BY RESOLUTION

    (if current year taxes were canceled)
    Debit Reserve for CY Taxes Rec

          Credit CY Taxes Receivable
  9. RECORD TAXES CANCELED BY RESOLUTION

    (if prior year taxes were canceled)
    • Debit Reserve for Delinquent Taxes Rec
    •       Credit Delinquent Taxes Rec
  10. RECORD TAXES CANCELED BY RESOLUTION

    (If Municipal Liens were canceled)
    Debit Reserve for Tax Title Liens Rec

          Credit Tax Title Liens Rec
  11. RECORD MUNICIPAL LIENS SOLD AT TAX SALE
    • Debit Tax Title Liens Rec
    •       Credit Reserve for Tax Title Liens Rec
    • Debit Reserve for Delinquent Taxes Rec
    •       Credit Delinquent Taxes Rec
  12. RECORD INTEREST AND COSTS AT TAX SALE
    Debit Tax Title Liens Receivable

          Credit Reserve for Tax Title Liens Rec
  13. Record CY Taxes Transferred to TTL at Year End
    • Debit Tax Title Liens Receivable
    •       Credit Reserve for TTL Receivable
    • Debit Reserve for CY Taxes Rec
    •       Credit CY Taxes Receivable
  14. APPLY PREPAID TAXES
    • Debit Prepaid Taxes
    •      Credit CY Taxes Receivable
  15. SET UP OVERPAYMENTS CREATED
    Debit CY Taxes Receivable

     
         Credit Tax Overpayments
  16. APPLY TAX OVERPAYMENTS TO TAXES RECEIVABLE
    • DEBIT TAX OVERPAYMENTS
    •      CREDIT CY TAXES RECEIVABLE
  17. CANCEL TAX OVERPAMENTS
    Debit Tax Overpayments

         Credit Operations
  18. REALIZE CURRENT YEAR TAX REVENUE
    (AGREE RESERVE TO RECEIVABLE)
    • Debit Reserve for CY Taxes Receivable
    •  
    •     Credit Amount to be Raised by Taxation
  19. REALIZE DELINQUENT TAX REVENUE
    (AGREE RESERVES TO RECEIVABLES)
    • Debit Reserve for Delinquent Taxes Rec
    • Debit Reserve for Tax Title Liens Rec

    •      Credit Receipts from Delinquent Taxes
  20. RECLASSIFY CURRENT YEAR TAXES TO DELINQUENT TAXES
    (SHOULD BE VERY LAST TAX ENTRY MADE-AFTER RECEIVABLES = RESERVES)
    Debit Delinquent Taxes Receivable

         Credit CY Taxes Receivable

    Debit Reserve for CY Taxes Receivable

         Credit Reserve for Delinquent Taxes Rec
  21. CLOSE (ZERO OUT) TAX REVENUE ACCOUNTS TO OPERATIONS
    • Debit Amount to be Raised by Taxation
    • Debit Receipts from Delinquent Taxes

         Credit Operations

    • *if there was excess in revenues. Entry would be opposite for deficit in revenues
  22. RECORD CHAPTER 159 APPROVED BY RESOLUTION
    • Debit Miscellaneous Revenue Anticipated
    •  
    •      Credit Current Year Appropriations
  23. REALIZE BUDGETED GRANT REVENUE IN THE CURRENT FUND
    • Debit Due from Federal/State Grant Fund
    •   
    •      Credit Misc Revenue Anticpated           
  24. CLOSE OPERATIONS TO FUND BALANCE (IF NO OPERATING DEFICIT)
    Debit Operations

         Credit Fund Balance
  25. SET UP DEFERRED CHARGE FOR DEFICIT IN OPERATIONS
    Debit Deferred Charge-Operating Deficit

         Credit Operations
  26. CASH
    ASSET
  27. CERTIFICATE OF DEPOSIT
    ASSET
  28. CY TAXES RECEIVABLE
    ASSET
  29. DELINQUENT TAXES RECEIVABLE
    ASSET
  30. TAX TITLE LIENS RECEIVABLE
    ASSET
  31. DEFERRED CHARGE-SPECIAL EMERGENCY
    ASSET
  32. APPROPRIATION RESERVES
    LIABILITY
  33. RESERVE FOR ENCUMBRANCES
    LIABILITY
  34. ACCOUNTS PAYABLE
    LIABILITY
  35. PREPAID TAXES
    LIABILITY
  36. TAX OVERPAYMENTS
    LIABILITY
  37. RESERVE FOR CY TAXES RECEIVABLE
    LIABILITY
  38. RESERVE FOR DELINQUENT TAXES RECEIVABLE
    LIABILITY
  39. RESERVE FOR TAX TITLE LIENS RECEIVABLE
    LIABILITY
  40. FUND BALANCE
    GOES WITH THE LIABILITIES
  41. RECEIPTS FROM DELINQUENT TAXES
    REVENUE
  42. RESERVE FOR CY TAXES RECEIVABLE
    LIABILITY
  43. AMOUNT TO BE RAISED BY TAXATION
    REVENUE
  44. RESERVE FOR UNCOLLECTED TAXES
    APPROPRIATION
  45. MISCELLANEOUS REVENUE NOT ANTICIPATED
    REVENUE
  46. CAPTIAL IMPROVEMENT FUND
    APPROPRIATION
  47. RESERVE FOR DELINQUENT TAXES RECEIVABLE
    LIABILITY
  48. DUE FROM GENERAL CAPITAL FUND
    ASSET
  49. TAX TITLE LIEN RECEIVABLE
    ASSET
  50. CURRENT YAR TAX REVENUES ARE REALIZED AGAINST THIS ACCOUNT
    Amount to be Raised by Taxation
  51. THIS ACCOUNT MUST EQAUL DELINQUENT TAXES RECEIVABLE AT YEAR END
    Reserve for Delinquent Taxes Receivable
  52. A NON-SPENDING APPROPRIATION THAT IS CHARGED OFF ANNUALLY
    Reserve for Uncollected taxes
  53. TAX TITLE LIEN AND DELINQUENT TAX REVENUES ARE REALIZED AGAINST THIS REVENUE ACCOUNT
    RECEIPTS FROM DELINQUENT TAXES
  54. THIS APPROPRIATION IS CHARGED OFF TO AMOUNT TO BE RAISED BY TAXATION
    Reserve for Uncollected Taxes
  55. AN APPROPRIATION THAT SHOULD SHOW CASH BEING DISBURSED AGAINST IT DURING THE YEAR. IF NO CASH IS DISBURSED AGAINST THIS APPROPRIATION, IT MUST BE CHARGED OFF VIA NON-CASH JOURNAL ENTRY
    Capital Improvement Fund
  56. WHAT IS CREDITED WHEN THE CHARGE OFF ENTRY FOR RESERVE FOR UNCOLLECTD TAXES IS MADE
    AMOUNT TO BE RAISED BY TAXATION
  57. CY TAXES RECEIVABLE
    ASSET
  58. TAX OVERPAYMENTS
    LIABLILITY
  59. TAX TITLE LIENS RECEIVABLE
    ASSET
  60. DEFERRED CHARGE-OVEREXPENDITURE
    ASSET
  61. PREPAID TAXES
    LIABILITY
  62. APPROPRIATION RESERVES
    LIABILITY
  63. DELINQUENT TAXES RECEIVABLE
    ASSET
  64. RESERVE FOR ENCUMBRANCES
    LIABILITY
  65. CERTIFICATE OF DEPOSIT
    ASSET
  66. DEFERRED CHARGE-EMERGENCY
    ASSET
  67. WHY DO MUNICIPALITIES HAVE A RESERVE FOR UNCOLLECTED TAXES APPROPRIATION
    TO RAISE THE NESECARY AMOUNT OF CASH NEEDED TO SUPPORT THE MUNICIPAL BUDGET
  68. WHICH OF THE FOUR MAJOR TYPES OF ANTICIPATED REVENUE ARE DELINQUENT TAX REVENUE AND TAX TITLE LIEN REVENUE REALIZED AGAINST
    RECEIPTS FOR DELINQUENT TAXES
  69. WHAT IS THE OFFICIAL/TECHNICAL NAME FOR THE CERTIFICATION THAT A CFO MUST PREPARE BEFORE AWARDING A CONTRACT
    CERTIFICATE OF AVAILIBILITY OF FUNDS
  70. LIST TWO WAYS THAT AN OVERPAYMENT CAN BE DISPOSED OF OR LIQUIDATED
    • APPLIED TO TAXES RECEIVABLE
    • REFUNDED/CANCELLED
  71. IN NJ MUNICIPAL ACCOUNTING, REVENUES ARE REALIZED ON THE ____________BASIS OF ACCOUNT AND EXPENSES ARE RECORDING USING THE _______________BASIS OF ACCOUNTING
    CASH

    ACCRUAL
  72. GRANT RECEIPTS ARE RECORDED IN THE CURRENT FUND
    FALSE
  73. WHAT ARE TWO OPERATIONAL ACTIVITIES THAT WOULD CAUSE AN INCREASE TO FUND BALANCE
    • CANCELLE UNEXPENDED BALANCE
    • CANCELL DEBIT SERVICE
    • LAPSE APPR. RESERVE
  74. NAME 3 BOOKS OF ORIGINAL ENTRY
    • CASH RECEIPTS JOURNAL
    • CASH DISPERSMENT JOURNAL
    • GENERAL JOURNAL
    • PAYROLL JOURNAL
  75. WHAT IS THE JOURNAL ENTRY TO RECORD THE MUNICIPAL BUDGET
    • DEBIT FUND BALANCE/SURPLUS
    • DEBIT MISC REV ANTICIPATED
    • DEBIT RECEIPTS FROM DELINQ TAXES
    • DEBIT AMOUNT TO BE RAISED BY TAXATION
    •      CREDIT CURRENT YEAR APPROPRIATIONS
  76. WHAT IS THE JOURNAL ENTRY TO RECORD THE PORTION OF THE TAX LEVY THAT IS DUE TO THE SCHOOL AND COUNTY AND FIRE DISTRICT
    • DEBIT AMOUNT TO BE RAISED BY TAXATION
    •   
    •      CREDIT DUE FROM SCHOOL
    •      CREDIT DUE FROM COUNTY 
    •      CREDIT DUE FROM FIRE DISTRICT
  77. NAME THREE ACTIVITIES/CIRCUMSTANCES THAT COULD CREATE A DEFERRED CHARGE
    • OVEREXPENDITURE
    • EMERGENCY
    • SPECIAL EMERGENCY
  78. WHAT IS THE TERM FOR A SR/VET DEDUCTION HTAT WAS ORIGINALLY GRANTED WITH THE TAX BILLING BUT LATER FOUND NOT TO BE A VALID DEDUCTION
    DISALLOWED DEDUCTION
  79. WHAT IS THE DOLLAR THRESHOLD THAT TOTAL FEDERAL GRANT EXPENDITURES MUST EXCEED IN ORDER TO BE SUBJECT TO A SINGLE AUDIT
    • $500,000
  80. THE JPORTION OF AN EMERGENCY APPROPRIATION (1YR) THAT EXCEEDS ____% OF OPERATING APPROPRIATION S MUST BE RAISED INSIDE THE CAP THE FOLLOWING YEAR
    3%
  81. CMFO STANDS FOR
    CERTIFIED MUNICIPAL FINANCE OFFICER
  82. HOW IS THE MAXIMUM AMOUNT OF DELINQUENT TAXES THAT MAY BE ANTICIPATED DETERMINED
    THE PERCENTAGE OF DELINQUENT TAXES COLLECTED IN THE PRIOR YEAR APPLIED TO THE YEAR END OUTSTANDING DELINQUENT TAX BALANCE
  83. WHEN SHOULD THE CERTIFICATION OF AVAILABILITY OF FUNDS BE SIGNED BY THE CFO
    PRIOR TO THE AWARD OF A CONTRACT BY THE GOVERNING BODY
  84. FOR A GIVEN YEAR, BUDGET TRANSFERS BETWEEN APPROPRIATION RESERVES ARE PERMITTED
    DURING THE FIRST THREE MONTHS OF THE YEAR
  85. MUNICIPALITIES IN NJ MAY AUTHORIZE AND ENCUMBER FUNDS THROUGH
    • THE ADOPTION OF THE MUNICIPAL BUDGET
    • THE ADOPTION OF A CAPITAL BOND ORDINANCE
    • THE ADOPTION OF A DEDICATED TRUST FUND

  86. RESOLUTIONS AUTHORIZING THE TRANSFER OF APPROPRIATIONS REQUIRES WHAT VOTE OF THE FULL MEMBERSHIP OF THE GOVERNING BODY
    2/3 OF FULL MEMBERSHIP
  87. THE LOCAL FISCAL AFFAIRS LAW PERMITS THE ESTABLISHMENT OF PETTY CASH FUNDS.  THE PERSON WITH WHOM THE AUTHROITY RESTS FOR APPROVAL AND/OR DISAPPROVAL OF A PETTY CASH FUND PRIOR TO ACTIVATION IS:
    THE DIRECTOR OF THE DIVISION OF LOCAL GOVERNMENT SERVICES
  88. WHAT IS A BASIC ELEMENT OF INTERNAL CONTROL IN A FINANCE OFFICE
    • PROPMPT DEPOSIT OF ALL FUNDS
    • PROHIBITION AGAINST CASHING EMPLOYEES CHECKS
    • REQUIRING AN ORIGINAL SIGNATURE ON ALL MUNICIPAL CHECKS
  89. AN OBLIGATION OF FUNDS BY A LOCAL UNIT ARISING FROM THE ISSUANCE OF A NUMERICALLY CONTROLLED PURCHASE ORDER OR CONTRACT, WHICH RESULTS IN THE REDUCTION OF AMOUNT REMAINING FOR SPENDING
    ENCUMBRANCE
  90. EVERY AUDUIT REQUIRED BY LOCAL FISCAL AFFAIRS LAW NJSA 40A:5-9 IS REQUIRED TO BE PERFORMED BY AN ACCOUNTANT OR AUDITOR WHO HOLDS AN ACTIVE LICENSE AS
    REGISTERED MUNICIPAL ACCOUNTANT
  91. WHAT IS THE PURPOSE OF A BUDGET
    • MANAGEMENT TOOL
    • ECONOMIC TOOL
    • FINANCIAL CONTROL
  92. THE RESERVE FOR UNCOLLECTED TAXES IS BEST DESCRIBED AS
    NON-SPENDING APPROPRIATION
  93. ADDITIONS TO THE BUDGET AFTER ADOPTION ARE GENERALLY REFERRED TO AS
    CHAPTER 159 AMENDMENTS
  94. IN 2000 THE DLGS ADOPTED A DOCUMENT REFERRED TO AS FCOA TO IMPROVE FINANCIAL REPORTING AMOUNG LOCAL UNITS.  WHAT DOES FCOA STAND FOR
    FLEXIBLE CHART OF ACCOUNTS
  95. THE FOUR CLASSIFICATIONS OF REVENUE AS STIPULATED BY THE LOCAL BUDGET LAW 40A:4-23 ARE
    • SURPLUS ANTICIPATED
    • MISCELLANEOUS REVENUE
    • RECEPT FROM DELINQUENT TAXES
    • AMOUNT TO BE RAISED BY TAXATION
  96. THE NEW JERSEY ADMINISTRATIVE CODE 5:34-5.2 OUTLINES THE PROCEDURE FOR THE AVAILABLITY OF FUNDS.  IT IS REQUIRED THAT NO RESOLUTION AUTHORIZING THE ENTERING INTO ANY CONTRACT SHALL BE ENACTED UNLESS IT SHALL RECITE THAT SUCH A CERTIFICATION SHOWING AVAILABILITY OF FUNDS HAS BEEN PROVIDED.  IN ADDITION IT REQURIES
    • THE RESOLUTION SPECIFY THE EXACT BUDGETARY LINE ITEM APPROPRIATION OR ORDINANCE TO BE CHARGED
  97. AN EQUATION GENERALLY USED TO SUMMARIZE THE CONTENT OF A FINANCIAL STATEMENT IS
    ASSETS-LIABILITIES=EQUITY
  98. A CREDIT TO A REVENUE ACCOUNT
    INCREASES REVENUES
  99. IN GENERAL, BUDGETS REPRESENT
    THE EXPECTED OR PLANNED RESULTS OF REVENUE AND EXPENSE ACTIVITIES OF AN ORGANIZATION
  100. THE TRIAL BALANCE
    LISTS ALL ACCOUNTS IN THE GENERAL LEDGER WITH THEIR BALANCES TO DATE
  101. WHAT IS THE BALANCE IN THE CY APPROPRIATIONS AT YEAR END
    ZERO
  102. WHAT TYPE OF ACTIVITY CAN CREATE A DEFWERRED CHARGE
    AN OVEREXPENDITURE

    AN EMERGENCY APPROPRIATION
  103. WHICH OF THE FOLLOWING IS NOT AN ANTICIPATED REVENUE IN THE BUDGET
    MISCELLANEOUS REVENUE NOT ANTICIPATED
  104. WHICH RECEIVABLE ON THE CURRENT FUND BALANCE SHEET DOES NOT HAVE AN OFFSETTING RESERVE
    DUE FROM THE STATE OF NJ FOR SENIOR CITIZEDN & VETERAN DEDUCTIONS
  105. TECHNICAL ACCOUNTING DIRECTIVE 85-1 MANDATES
    AN ENCUMBRANCE ACCOUNTING SYSTEM
  106. TECHNICAL ACCOUNTING DIRECTIVE 85-3 MANDATES
    THE USE OF A GENERAL LEDGER
  107. TECHNICAL ACCOUNTING DIRECTIVE 85-2 MANDATES
    A FIXED ASSET ACCOUNTING SYSTEM
  108. 4 BOOKS OF ORIGINAL ENTRY
    • CASH RECEIPTS JOURNAL
    • CASH DISBURSEMENT JOURNAL
    • GENERAL JOURNAL
    • PAYROLL JOURNAL
  109. WHAT ACCOUNT WOULD BE DEBITED UPON THE POSTING OF THE ANNUAL ADOPTED BUDGET
    AMOUNT TO BE RAISED BY TAXATION
  110. THE GENERAL LEDGER MUST ALWAYS BE IN BALANCE
    TRUE
  111. DEBITS INCREAS LIABILITIES
    FALSE
  112. CREDITS DECREASE ASSETS
    TRUE
  113. GASB IS THE STATE AGENCY THAT REVIEWS LOCAL BUDGETS
    FALSE
  114. CASH IS A LIABILITY ON THE BALANCE SHEET
    FALSE
  115. THE CURRENT FUND IS THE WORK HORSE FUND TO ACCOUNT FOR THE GENERAL SERVICES A MUNICIPALITY PROVIDES
    TRUE
  116. RESERVE FOR UNCOLLECTED TAXES IS A TYPE OF REVNUE
    FALSE
  117. A DEFERRED CHARGE FOR AN OVEREXPENDITURE IS ONLY REALIZED WHEN THE BUDGET AS A WHOLE IS OVEREXPENDED.  NOT AN INDIVIDUAL LINE ITEM
    FALSE
  118. AN OVEREXPENDITURE IS ONLY REALIZED WHEN A LEGAL LINE ITEM IS OVEREXPENDED.  THE STATUTES DON'T CARE MUCH ABOUT SUB-ACCOUNTS WITH THE ACCOUNTING SYSTEM
    TRUE
  119. CASH SURPLUS EQUALS SURPLUS AT YEAR END,, MINUS DEFERRED CHARGES MINUS INTERFUNDS RECEIVABLE
    FALSE
  120. MUNICIPALITIES AND COUNTIES ARE NOT ALLOWED TO MAKE TRANSFERS FROM BUDGET LINE ITEMS THAT ARE EXCLUED FROM THE CAP
    TRUE
  121. SUPPLEMENTAL DEBT STAEMENT
    UPON INTRODUCTION OF A BOND ORDINANCE
  122. ANNUAL FINANCIAL STATEMENT
    FEBRUARY 10/AUGUST 10
  123. ANNUAL AUDIT
    JUNE 30/DECEMBER 31
  124. ANNUAL DEBIT STATEMENT
    JANUARY 31/JULY 31
  125. CHAPTER 159 ADDITION TO THE BUDGET
    DEBIT MISC REV ANTICIPATED

    •      CREDIT CY APPROPRIATIONS
  126. SET UP A DEFERRED CHARGE
    DEBIT DEFERRED CHARGE -SPEC EMERG

    •      CREIDT CY APPROPRIATIONS
  127. CHARGE OFF GRANT APPROPRIATIONS
    DEBIT CY APPROPRIATIONS (GRANTS)

         CREDIT DUE TO FEDERAL/STATE    GRANT FUND
  128. CHARGE OFF CAPITAL IMPROVEMENT FUND APPROPRIATION
    DEBIT CY APPROPRIATIONS (CIF)

    •      CREIDT  DUE TO CAPITAL IMPROVEMENT FUND
  129. CHARGE OFF DEFFERRED CHARGE APPROPRIATION
    DEBIT CY APPROPRIATIONS (DEF CHARGE)

    •      CREDIT DEF CHARGE (OVEREXPENDITURE)
  130. CHARGE OFF RESERVE FOR UNCOLLECTED TAXES APPROPRIATION
    DEBIT CY APPROPRIATIONS (RUT)

    •      CREDIT AMOUNT TO BE RAISED BY TAXATION
  131. CANCEL UNEXPENDED DEBIT SERVICE
    DEBIT CY APPROPRIATIONS

    •      CREDIT FUND BALANCE OR OPERATIONS
  132. SET UP RESERVE FOR ENCUMBRANCES
    DEBIT CY APPROPRIATIONS

    •      CREDIT RESERVE FOR ENCUMBRANCES
  133. CLOSE CY APPROPRIATIONS TO APPROPRIATION RESERVES
    DEBIT CY APPROPRIATIONS

         CREDIT APPROPRIATION RESERVES
  134. SET UP ACCOUNTS PAYABLE
    DEBIT APPROPRIATION RESERVES

    •      CREDIT ACCOUNTS PAYABLE
  135. LAPSE APPROPRIATION RESERVES
    DEBIT APPROPRIATION RESERVES

         CREDIT FUND BALANCE OR OPERATIONS
  136. POST THE TAX LEVY
    DEBIT CY TAXES RECEIVABLE

    •      CREDIT RESERVE FOR CY TAXES RECEIVABLE
  137. SET UP COUNTY AND SCHOOL, ECT LIABILITY
    DEBIT AMOUNT TO BE RAISED BY TAXATION

    •      CREDIT LOCAL SCHOOL TAXES PAYABLE
    •      CREDIT COUNTY TAXES PAYABLE
    •      CREDIT OPEN SPACE TAXES PAYABLE
  138. RECORD ADDED AND OMITTED TAX LEVY
    DEBIT CY TAXES RECEIVABLE

         CREDIT RESERVE FOR CY TAXES RECEIVABLE
  139. SET UP COUNTY LIABILITY FOR ADDED/OMITTED TAXES
    • DEBIT AMOUNT TO BE RAISED BY TAXATION'
    •   
    •      CREDIT COUNTY TAXES PAYABLE
  140. SET UP SR. CITIZEN & VETERANS DEDUCTIONS PER ORIGINAL BILLINGS IN TAX DUPLICATE
    DEBIT DUE FROM SATE OF NJ FOR SR/VET DEDUCTIONS

         CREDIT CY TAXES RECEIVABLE
  141. SET UP SR/VET DEDUCTION ALLOWED DURING YEAR
    DEBIT DUE FROM STATE OF NJ FOR SR/VET DEDUCTIONS

         CREDIT CY TAXES RECEIVABLE
  142. RECORD SR/VET DEDUCTIONS DISALLOWED DURING YEAR
    DEBIT CY TAXES RECEIVABLE

         CREDIT DUE FROM SATE OF NJ FOR SR/VET DEDUCTIONS
  143. RECORD SR/VET DEDUCTIONS BY RESOLUTION (IF CY TAXES WERE CANCELED)
    DEBIT RESERVE FOR CY TAXES RECEIVABLE

    •      CREDIT CY TAXES RECEIVABLE
  144. RECORD TAXES CANCELED BY RESOLUTION (IF PRIOR YEAR TAXES WERE CANCELED)
    DEBIT RESERVE FOR DELINQUENT TAXES RECEIVABLE

         CREDIT DELINQUENT TAXES RECEIVABLE
  145. RECORD TAXES CANCELED BY RESOLUTION (IF MUNICIPAL LIENS WERE CANCELED)
    DEBIT RESERVE FOR TAX TITLE LIENS RECEIVABLE

         CREDIT TAX TITLE LIENS RECEIVABLE
  146. RECORD MUNICIPAL LIENS SOLD AT TAX SALE
    DEBIT TAX TITLE LIENS RECEIVABLE

         CREDIT RESERVE FOR TAX TITLE LIENS RECEIVABLE

    DEBIT RESERVE FOR DELINQUENT TAXES RECEIVABLE

         CREDIT DELINQUENT TAXES RECEIVABLE
  147. RECORD INTEREST AND COSTS AT TAX SALE
    DEBIT TAX TITLE LIENS RECEIVABLE

    •      CREDIT RESERVE FOR TAX TITLE LIENS RECEIVABLE
  148. RECORD CURRENT YEAR TAXES TRANSFERRED TO TTL AT YEAR END
    DEBIT TAX TITLE LIENS RECEIVABLE

         CREDIT RESERVE FOR TTL RECEIVABLE

    DEBIT RESERVE FOR CURRENT YEAR TAXES RECEIVABLE

    •      CREDIT CURRENT YEAR TAXES RECEIVABLE
  149. APPLY PREPAID TAXES
    DEBIT PREPAID TAXES

         CREDIT CURRENT YEAR TAXES RECEIVABLE
  150. SET UP OVERPAYMENTS CREATED
    DEBIT CURRENT YEAR TAXES RECEIVABLE

    •      CREDIT TAX OVERPAYMENTS
  151. APPLY TAX OVERPAYMENTS TO TAXES RECEIVABLE
    DEBIT TAX OVERPAYMENTS

    •      CREDIT CURRENT YEAR TAXES RECEIVABLE
  152. REALIZE CURRENT YEAR TAX REVENUE (AGREE RESERVE TO RECEIVABLE)
    DEBIT RESERVE FOR CURRENT YEAR TAXES RECEIVABLE

         CREDIT AMOUNT TO BE RAISED BY TAXATION
  153. REALIZE DELINQUENT TAX REVENUE (AGREE RESERVES TO RECEIVABLES)
    • DEBIT RESERVE FOR DELINQUENT TAXES RECEIVABLE
    • DEBIT RESERVE FOR TAX TITLE LIENS RECEIVABLE

         CREIT RECEIPTS FROM DELINQUENT TAXES
  154. RECLASSIFY CURRENT YEAR TAXES TO DELINQUENT TAXES (SHOULD BE VERY LAST TAX ENTRY MADE-AFTER RECEIVALBES=RESERVES)
    DEBIT DELINQUENT TAXES RECEIVABLE

         CREDIT CURRENT YEAR TAXES RECEIVABLE

    DEBIT RESERVE FOR CURRENT YEAR TAXES RECEIVABLE

         CREDIT RESERVE FOR DELINQUENT TAXES RECEIVABLE
  155. CLOSE TAX REVENUE ACCOUNTS TO OPERATIONS (EXCESS IN REVENUES) (OPPOSITE FOR DEFICIT IN REVENUES)
    • DEBIT AMOUNT TO BE RAISED BY TAXATION
    • DEBIT RECEIPTS FROM DELINQUENT TAXES

         CREDIT OPERATIONS
  156. RECORD CHAPTER 159 APPROVED BY RESOLUTION
    DEBIT MISCELLANEOUS REVENUE ANTICIPAED

         CREDIT CURRENT YEAR APPROPRIATIONS
  157. REALIZE BUDGETED GRANT REVENUE IN THE CURRENT FUND
    DEBIT DUE FROM FEDERAL/STATE GRANT FUND

    •      CREDIT MISCELLANEOUS REVENUE ANTICIPATED
  158. CLOSE OPERATIONS TO FUND BALANCE (IF NO PERATING DEFICIT)
    DEBIT OPERATIONS

         CREDIT FUND BALANCE
  159. SET UP DEFERRED CHARGE FOR DEFICIT IN OPERATIONS
    DEBIT DEFERRED CHARGE-OPERATING DEFICIT

    •      CREDIT OPERATION
  160. SET UP DEFERRED CHARGE FOR DEFICITIN OPERATIONS
    DEBIT DEFERRED CHARGE-OPERATING DEFICIT

         CREDIT OPERATIONS
  161. AGREE INTERFUND RESERVE TO INTERFUND RECEIVABLE WHEN INTERFUND RECEIVABLE HAS DECREASES
    DEBIT RESERVE FOR DUE FROM GRANT FUND

         CREDIT OPERATIONS
  162. AGREE INTERFUND RESERVE TO INTERFUND RECEIVABLE WHEN INTERFUND RECEIVABLE HAS INCREASED
    DEBIT OPERATIONS

         CREDIT RESERVE FOR DUE FROM GRANT FUND
  163. PROPERTY TAX COLLECTION RATE CALCULATION
    • COLLECTIONS + PY PREPAIDS + OVERPAYMENTS = SR/VET DED  
    •                 .
    •                ---
    •                 .

    TAX LEVY + ADDED/OMITTED

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