The homestead breakdown tool will break a specified dollar amount into the appropriate districts that should receive homestead money. This is achieved by telling the system what the total homestead tax credit amount is for each district on the Districts Screen. Once that information is populated, the system is ready to break down an amount.
When a homestead check is received, it should be entered into the system as a Miscellaneous receipt first, being deposited into the Homstead Holding Account (typically 9503-344-01). Then, the homestead breakdown tool can be used. Enter the total amount of the homestead check into the Amount to Distribute field, and press Breakout to Districts. This will display all the districts with the money broken down accordingly. At this point, the numbers can be adjusted if necessary. Once the numbers have been checked, the homestead revenue breakdown can be created by clicking the Create Revenue Entry button. A message will be displayed if it was created successfully.
Throughout the year, statements may have their homestead credits adjusted with corrections. This will ultimately affect the amount of homestead the respective tax district recieves. When the final payment for the Homestead Tax Credit is received, it is recommended that the full 1/6th amount be distributed to the tax districts, and then additional distributions should be created for any corrections.
For the purposes of this example, we will assume the following.
Creating the 1/6th distribution can be done like any other homestead tax credit check, following the steps outlined above. In this example, the check amount is $50,000.00 ($300,000 divided by 6). The amounts per district will be calculated using the homestead amounts on the districts and be displayed after clicking the Breakout to Districts button. Clicking the Create Revenue Entry button will create the revenue entry.
Once that entry has been created, we can create additional homestead entries for the corrections.
To create the corrections for 2017, open the Revenue screen and
then click Tools > Homestead. Leave
the Tax Year set at 2017 and
leave $0.00 in the Amount to Distribute field on the screen. Then,
click the
Breakout to Districts button. All of the 2017 tax
districts will show up on the screen with $0.00. Since
there is a
correction for district 5 that reduced the Homestead Credit by $150.00
enter -150 on district 5.
The correction for district 25 can be
combined with the correction for district 5 because they are both in
tax year 2017, so enter 200 on district 25.
If the amounts per district are correct, click the Create Revenue Entry button. Enter the date for the Revenue Entry and click OK. A message will ask if it is okay that the Amount to Distribute does not equal the sum of the districts. Click Yes on the message to create the Revenue Entry.
The corrections for 2016 are done in a similar fashion, with the tax year being set to 2016 instead of 2017.
