Post Property Tax Revenue to G/L

Goal

Post property tax revenue to appropriate general ledger accounts for accurate financial reporting and compliance with municipal accounting standards.

When to Use

• Month-end closing: Monthly revenue recognition for financial statements

• Revenue recognition: When property tax assessments are finalized and billed

• Financial statement preparation: Quarterly and annual reporting requirements

• Budget vs. actual analysis: Comparing actual revenue to budgeted amounts

• Audit preparation: Ensuring complete and accurate revenue recording

Prerequisites

• G/L account setup: Revenue accounts properly configured by tax type and fund

• Posting permissions: User authorization to post journal entries

• Period management: Accounting period open and available for posting

• Assessment completion: Property assessments finalized and ready for revenue recognition

• Mapping verification: Tax types correctly mapped to appropriate G/L accounts

Step-by-Step Instructions

1. Access Revenue Posting Module

• Navigate to General Ledger > Property Tax Revenue

• Select Post Revenue to G/L option

• Choose the appropriate accounting period (month/quarter/year)

• Verify posting date is within open period

[Screenshot: General Ledger menu showing Property Tax Revenue option and navigation path]

[Screenshot: Revenue posting module main screen with Post Revenue to G/L option and period selection dropdown]

2. Select Assessment Data

• Choose assessment batches ready for revenue posting

• Filter by:

  • Municipality or district

  • Tax type (general property, special assessment, etc.)

  • Assessment date range

  • Previously unposted assessments only

[Screenshot: Assessment batch selection screen with municipality filters, tax type options, and date range selectors]

[Screenshot: Assessment data filtering interface showing available batches, posting status, and selection criteria]

3. Review Revenue Summary

• Examine revenue summary report showing:

  • Total revenue by tax type

  • Revenue by municipality/fund

  • Comparison to previous period

  • Any unusual variances requiring investigation

[Screenshot: Revenue summary report displaying tax type breakdowns, municipal totals, and period comparisons]

[Screenshot: Revenue variance analysis showing unusual changes, percentage differences, and investigation flags]

4. Configure G/L Mapping

• Verify account mapping for each revenue type:

  • General property tax → Revenue account 4100

  • Special assessments → Revenue account 4200

  • Interest and penalties → Revenue account 4300

  • Check fund assignments for restricted revenues

[Screenshot: G/L account mapping configuration screen showing revenue types, account numbers, and fund assignments]

[Screenshot: Account mapping verification interface with revenue categories, GL codes, and fund distribution settings]

5. Generate Journal Entries

• Click Create Journal Entries to generate G/L postings

• Review proposed entries for:

  • Correct account numbers and descriptions

  • Proper debit/credit amounts and balances

  • Appropriate fund and department coding

  • Compliance with chart of accounts structure

[Screenshot: Journal entry generation interface with Create Journal Entries button and entry preview options]

[Screenshot: Journal entry review screen showing proposed GL postings, debit/credit amounts, and account descriptions]

[Screenshot: Fund and department coding verification showing proper allocation across municipal funds]

6. Post to General Ledger

• Execute Post to G/L function

• Monitor posting progress and completion status

• Verify successful posting confirmation

• Review posting reference numbers for audit trail

[Screenshot: GL posting execution screen with Post to G/L button and progress monitoring]

[Screenshot: Posting progress monitor showing entry processing status, completion percentage, and estimated time remaining]

[Screenshot: Posting confirmation screen displaying successful completion, reference numbers, and audit trail information]

7. Verify Posted Balances

• Run G/L Balance Verification report

• Compare posted amounts to assessment totals

• Check that all revenue types posted correctly

• Confirm fund balances updated appropriately

[Screenshot: GL Balance Verification report interface with comparison options and balance checking tools]

[Screenshot: Balance verification results showing posted vs. assessment totals, variance analysis, and fund balance updates]

Example

Scenario: Post $2.5M in December property tax revenue across tax types

1. Period Setup: December 2024 accounting period, posting date 12/31/2024

2. Assessment Selection: 3 assessment batches totaling $2,487,350 in revenue

3. Revenue Breakdown:

   • General property tax: $2,125,000 (Account 4100-001)

   • Special assessments: $285,750 (Account 4200-001)

   • Interest/penalties: $76,600 (Account 4300-001)

4. Journal Creation: 15 journal entries created across 3 municipal funds

5. Posting Results: All entries posted successfully, G/L balances updated

6. Verification: Revenue totals match assessment reports, ready for month-end closing

[Screenshot: Example revenue posting summary for December 2024 showing $2.5M total across tax types and municipal funds]

[Screenshot: Sample journal entry for general property tax showing $2.125M debit to receivables, credit to revenue account 4100-001]

Common Errors & Fixes

What Happens After

• Revenue recognized: Property tax revenue properly recorded in financial statements

• Financial statements updated: Revenue appears in current period income statement

• Audit trail created: Complete documentation of revenue recognition process

• Budget analysis available: Actual vs. budgeted revenue comparison reports updated

• Month-end ready: Revenue posting completed for period closing procedures

• Compliance achieved: Revenue recognition meets municipal accounting standards

Screenshot Placeholders

This section contains a comprehensive list of all screenshot placeholders that should be captured for this workflow:

• [Screenshot: General Ledger menu showing Property Tax Revenue option and navigation path]

• [Screenshot: Revenue posting module main screen with Post Revenue to G/L option and period selection dropdown]

• [Screenshot: Assessment batch selection screen with municipality filters, tax type options, and date range selectors]

• [Screenshot: Assessment data filtering interface showing available batches, posting status, and selection criteria]

• [Screenshot: Revenue summary report displaying tax type breakdowns, municipal totals, and period comparisons]

• [Screenshot: Revenue variance analysis showing unusual changes, percentage differences, and investigation flags]

• [Screenshot: G/L account mapping configuration screen showing revenue types, account numbers, and fund assignments]

• [Screenshot: Account mapping verification interface with revenue categories, GL codes, and fund distribution settings]

• [Screenshot: Journal entry generation interface with Create Journal Entries button and entry preview options]

• [Screenshot: Journal entry review screen showing proposed GL postings, debit/credit amounts, and account descriptions]

• [Screenshot: Fund and department coding verification showing proper allocation across municipal funds]

• [Screenshot: GL posting execution screen with Post to G/L button and progress monitoring]

• [Screenshot: Posting progress monitor showing entry processing status, completion percentage, and estimated time remaining]

• [Screenshot: Posting confirmation screen displaying successful completion, reference numbers, and audit trail information]

• [Screenshot: GL Balance Verification report interface with comparison options and balance checking tools]

• [Screenshot: Balance verification results showing posted vs. assessment totals, variance analysis, and fund balance updates]

• [Screenshot: Example revenue posting summary for December 2024 showing $2.5M total across tax types and municipal funds]

• [Screenshot: Sample journal entry for general property tax showing $2.125M debit to receivables, credit to revenue account 4100-001]

Related Reference Pages

• Chart of Accounts Setup

• Fund Accounting Procedures

• Month-End Closing Checklist

• Assessment Posting Workflow

• Financial Reporting Standards