Where it usually breaks
And how to keep it from happening.
- Approved demands are left unposted at month end.
- Unapplied receipts are not followed up.
- A failed posting is retried after close and lands in the wrong period.
- Tax Collection System
- Process
- Period close and receipt reconciliation
Period close and receipt reconciliation
Check unposted documents and exceptions, close the period and resolve every pending operation receipt.
Step by step
-
Move the period to review Revenue Accountant
Revenue Accountant moves the open period to Review at month end.
- Period in Review
- Updates Accounting periods
-
Clear unposted documents Assessment Officer
Assessment Officers post or carry forward approved documents still waiting.
- Documents posted or carried forward
- Updates Accounting documents, Journal entries
-
Reconcile collections Revenue Accountant
Revenue Accountant compares verified receipts and applications with the bank statement and the receivable balance.
- Collections reconciled
- Updates Cash receipts, Cash applications, Journal lines
-
Resolve receipts Revenue Accountant
Revenue Accountant reviews Pending, Failed and needs review receipts against what was recorded and marks each Completed or needs review, without repeating external actions.
- Receipt Completed or needs review
- Updates Operation receipts
-
Close the period Revenue Accountant
Revenue Accountant closes the period with the closed time. No posting is accepted into it afterwards.
- Period Closed
- Updates Accounting periods
Who does what
Roles and permissions- Revenue Accountant
- , Assessment Officer, Collections Officer.
Set up Tax Collection System your way.
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