Year End Process

The Avitar Tax Collect system has a hard fiscal year end close, which means that you cannot process work in the current fiscal year until the last fiscal year has been closed (see Close Period). When you close the fiscal year, the system captures the ending balances for that fiscal year and creates the beginning balances for the next fiscal year. These balances are extremely important as the ending balances of one year must match the beginning balances of the next year. If they do not, you must explain to the Department of Revenue (DRA) why they have changed. With this in mind, the system was designed not to allow changes in a closed fiscal year, hence the hard close.

 

For the purposes of this document, we will use a calendar fiscal year ending December 31st.

 

If you process any transactions after December 31st but before you closed the fiscal year, when selecting the Monthly Balance or Lien Redemption report, a message box will display notifying you that “You are currently past the end of FY2024 but not yet into FY2025. The effective dates for transactions done in this period will be modified to be included on this report."

 

1. Print Month End reports and balance for December.
2. If you would like to save your Year End reports in PDF format,you can create a folder on your desktop labeled 20xxYEReports.
3. Print and/or export the following reports:
   • Monthly Balance Report
   • Lien Redemptions from the date the last redemption report was created through the last day of your fiscal year.
   • MS-61
   • Abatements
   • Supplements
   • Deposit Summary
   • Inventory Penalties
   • Receivables - For all unpaid invoices, interest date of 12/31/20xx.
     • Owner Then Warrant sequence.
       • Select the Include Mailing Address checkbox.
     • Warrant Then Owner sequence.
   • Collections Year to Date
   • NSF Checks
   • Uncollected Interest
   • Deleted Receipts
   • Deeded Property
4. Balance the MS-61

   If the MS-61 is NOT in balance in the system, the system will not allow you to close. You will need to find the error and correct it before proceeding.

5. Generate & Submit the MS-61
6. Back-Up Current Year and rename Collect YE20xx.
7. Back-Up Prior Fiscal Year and rename Collect PR20xx.
8. IMPORTANT: Make sure everyone is, not only logged out of Collect, but have closed the Avitar Tax Program completely.
9. Close Fiscal Year
10. Close Collect.
11. Re-Open Collect.
12. Confirm you are in the new Fiscal Year.
13. Run and print Collections YTD Report.
    • Confirm all beginning balances are last Fiscal Year's ending balances.