This is intended for tax collectors with a fiscal year end of December 31st . With the year end approaching, we wanted to send you the following information to assist you with this process.
Keep in mind, there are two options on closing your year:
- Close on January 1st: You can choose to run all of your reports, balance for the year, and close the fiscal year on January 1st. This option allows you to post payments for January and is recommended for those towns with a 2011P02 due date in January. However, be aware that once you close you will not be able to post payments with a payment date of December.
- Leave your books open and close by January 10th: By law, you can leave your books open for ten days into the next fiscal year, in order to post any payments you receive for December. Keep in mind that you should only be processing payments during this time, not assigning credits or posting abatements. All other transactions should have been completed prior to year end. Note, this option will not allow you to post January payments until after you have closed your fiscal year.
It is up to you on which option you prefer, but remember that if you balance and run your reports on December 31st and subsequently post a payment or process any transaction (assign a credit, process an abatement, delete a transaction) you will need to rerun your reports.