Summary

The Business Tax Adjustments batch process allows you to enter a business tax adjustment on a general ledger account. Business tax adjustments are used to adjust committed business tax transactions. Follow this process to create a BT Reversal Adjustment.

The transaction date of the business tax adjustments is the date the adjustments are committed (BT> Adjustments> Commit).

Step by Step

1     Create an Adjustments batch (BT> Adjustments).

• Select the Adjustments palette in BT> Adjustments. This will expand the Adjustments palette and display the steps in the adjustment process.
• Select New from the Adjustments batch number drop-down menu to create a new batch. This will open the New Batch window.
  • If there are open batches in the Adjustments process, you can create a new batch without affecting the open batches.
• Enter a Batch Month and Batch Year. These fields default to the current calendar period and are used for reference only. The transaction date of the billing is set up in the Generate step and the fiscal period the transactions are posted to is determined by the Journal Entry Date entered when creating the GL Distribution Report (BT> Adjustments > GL Distribution).
• Click the Generate icon to populate the Batch Number field with the next available batch number. Batch numbers are limited to five digits and must be unique within the batch month of the batch year.
  • You can also manually create a new batch by entering a Batch Number and clicking the Save icon.
• You can delete batches by selecting a batch and pressing DELETE.

2     Generate the adjustments batch.

• Open the Generate window (BT> Adjustments> Generate).
• The Generate step is used to select which business accounts will be included in the Adjustments batch. After the Adjustments batch has been generated, the Edit step allows you to remove individual business accounts from the Adjustments batch. After the Adjustments batch has been generated, returning to the Generate step and regenerating the batch will overwrite the business accounts already included in the batch.
• The Settings section of the Generate window allows you to filter the businesses that are included in the batch.
• The Tax Type field is used to select which tax types will be included in the batch. By default all of the toggles are checked.
  • You can use the Select All or Deselect All icons to select or deselect all the displayed tax types.
  • Tax types are created and maintained in the Tax Type Selection window (BT> Maintenance> Tax Type).
• The Status field is used to select which statuses are included in the batch. By default all of the toggles are selected.
  • Statuses are created and maintained in the Status Maintenance window (BT> Maintenance> Status).
• The Tran Type field is used to select which transaction types to include in the batch. By default all of the toggles are selected.
• The Maximum Balance field is used to limit the accounts included in the batch by maximum balance. This field has a $1,000,000 limit.
• The Tran Date From and Tran Date To fields are used to filter the accounts that will be included in the batch by transaction date.
• The Tran Date field is used to select the transaction date of the adjustment. This field will populate with the current date.
• Click the Confirm icon to generate the adjustments.

3     Create or edit the adjustments.

• Open the Edit Adjustments window (BT> Adjustments> Edit). The edit step is used to edit individual adjustment transactions before the batch is committed. You can also add additional adjustments at this step.
  • You cannot adjust uncommitted transactions or credits and deposits that have been redistributed through the BT Redistributions process.
• Highlight a displayed adjustment transaction and click the Delete icon   to remove the adjustment from the batch.
• Edit an existing adjustment by clicking the Modify icon   or create a new adjustment by clicking the Create icon  .
• Select Reversal from the Adjustment Type drop-down menu.
• Select the Transaction Type that you would like to reverse.
• Specify a Transaction Date for the adjustment.
  • The Transaction Date does not affect the date that the journal entries are posted to the general ledger. The journal entry date is determined when the GL Distribution report is processed.
• Enter an optional Description for the reversal. This field can be up to 60 characters long.
  • This description will be included on the adjustment statements if the Print Adjustment Description toggle is checked on the Statements window.
• Click the Business Number field label to select the business that will be affected by the reversal.
  • You will receive an error message if the selected business does not contain the transaction type you are attempting to reverse.
• Click the Next button to proceed to the next step.

4     Select and reverse the transaction.

• The following window will display all of the available transactions that can be reversed.
  • You cannot reverse a transaction that has other pending transactions associated with it or a transaction that has already been reversed.
• Highlight the desired transaction and click the Next button.
• The following window will display the reversal details.
  • Click the Add button if you would like to attach a penalty fee to the account while reversing a transaction. This is often used when assessing an NSF (Non-Sufficient Funds) penalty while reversing a payment transaction.
• Click the Finish button to close the Adjustment Wizard and return to the Select Adjustments window. The new reversal should now be displayed.

5     Commit the adjustments batch.