Fiscal Year

Each municipality has a Fiscal Year, which may, or may not, follow the calendar year (i.e. January 1st to December 31st). Some municipalities have alternate Fiscal Years, such as July 1st to June 30th. When Avitar Tax Collect is installed, your Fiscal Year is configured for your municipality.

 

Your Fiscal Year is a discreet accounting period that determines how your information on financial reports are gathered. For example, if your Fiscal Year ends December 31st, your MS61 will be accumulating data starting with January 1st until you close the fiscal period. Avitar Tax Collect has a “hard” fiscal year end close, which means that before you can proceed into the next fiscal year, you must close the current fiscal year (see Close Period). Closing the fiscal year captures the balances needed for your financial reports. For example, your ending balances from one year must equal your beginning balance for the next year. As these figures must match, the system will not allow you to go back into the closed year(s) to perform any work (e.g. process a returned check, delete receipts, post payments).