Property Tax/FHUT Payable [U0119]

 

The Property Tax/FHUT Payable update [U0119] disburses Property Tax and/or Federal Highway Use Tax payables to the appropriate taxing authorities. This update can also be used simply to report on the payables without actually updating the general ledger payable accounts. To initiate the use of these payable accounts, refer to the Assessment Customizations option of the Portfolio update [U0212].

Property tax and federal highway use tax may be assessed to an asset through the Assessment update [U0105]. When assessing these two taxes, LeasePak keeps a record of the assessment, which stays in the system until disbursed to the taxing entity, using this update.

An assessment is disbursed to the taxing entity when:

• Either assessment accounting is on an accrual basis (payable to the taxing authority when assessed) and the due day of the assessment has passed;
• Or assessment accounting is on a cash basis and the assessment is paid by the lessee;
• Or the asset is off lease (regardless of the method of assessment accounting).

 

This screen is used to select the tax report(s) desired.

This screen is used to enter selection criteria for the report chosen. The general ledger accounts for Property Tax Payable and Federal Highway Use Tax Estimated Property Tax Payable may be debited according to the information on the reports.

• ALL
  Place an X in ALL to report upon all locations. Leave blank to select a specific state and/or county.
  
  
• STATE
  Enter the two-letter state abbreviation of the state upon which to report. STATE must be a valid post office abbreviation. Leave blank to report on all locations.
  
  
• COUNTY
  Enter the code of the county upon which to report. Use Help for a list of valid county codes. If COUNTY is entered, STATE must also be entered. Leave blank to report on all locations.
  
  
• EFFECTIVE DATE
  Defaults to the current date. Enter the effective or cutoff date for the report using a MM/DD/YY or DD/MM/YY format, depending on the Date Format Preference field in Security [U0706]. Assessments due after this date are not released and do not appear on the report.
  
  
• DO YOU WISH TO UPDATE THE APPROPRIATE GENERAL LEDGER ACCOUNTS (Y/N)?
  Y should be entered if the payables are actually to be disbursed; N, if only a report of the payables due is desired. If Y is entered, general ledger accounts are updated as follows:
  
  

  General Ledger Account		Amount
  DR	Payable Account	Disbursement Total
  CR	Cash

If the Multiple Banks module is purchased, cash account 128 (Property Tax Disbursals) will be credited.

 

Property Tax Payable

The type of tax reported (Property Tax or FHUT Payable) and the effective date are displayed. The Property Tax/FHUT Payable report [U0119A] reports at the asset level, sorted by state and county, if applicable. A new page is begun for each state. The type of tax reported (Property Tax or FHUT Payable) and the effective date are displayed.

• COUNTY
  The name of the county is displayed. If the Property Tax Description module is purchased, the county name is displayed in this column on a line by itself and the property tax description is displayed on detail lines in this column.
  
  
• ASSET/POR/COM/REG/OFF/LEASE
  The asset, portfolio, company, region, office and lease portions of the asset key are displayed. The lease portion is blank if the asset is off-lease.
  
  
• TAX AMOUNT BILLED
  The amount of the tax billed is displayed.
  
  
• TAX AMOUNT PAID
  The amount of the tax paid is displayed.
  
  
• DIFFERENCE
  The difference between the amount billed and the amount paid is displayed.
  
  
• TAX AMOUNT G/L
  The tax amount used to update the general ledger is displayed. This is the tax amount paid since the last disbursement, and is the amount used to update general ledger accounts if Y was entered on screen 1.
  
  

• TOTALS
  Totals are displayed for each county and state. The report also produces a summary page by portfolio/company/region/office to assist in reconciling the general ledger.

 

LeasePak  Reference Guide

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