Abatements / Erroneous Abatements

The Abatement journals are used to record Non-Master File abatements. The Erroneous Abatement journals are used to record the reversal of a Non-Master File Abatement.

These are the valid accounts for Abatements and Erroneous Abatements.

Account Number

DR/CR

Account Name

Abatement (journal #691)

6510

Debit

Overassessment Credited

4440

Credit

Assessment and Abatement Suspense - NMF

Erroneous Abatement (journal #692)

4440

Debit

Assessment and Abatement Suspense - NMF

6510

Credit

Overassessment Credited

This table describes the steps required to complete journal numbers 691 and 692.

Step

Prompt

Description / Action

Select or Enter

RACS Main Menu

Highlight/select Assessments.

Apply

Assessment Control Main Menu

Record

Select Abatement or Erroneous Abatement.

Tab Key

Account Period

Accept the highlighted current month or select the future month. From the Action Bar select...

Apply

Maintain Source Journal

RS / Document #

Enter the RS or Document Number. For erroneous abatements, the number must match the number of a previous assessment.

Tab Key

Prepare Date

Enter the Prepare Date in MM-DD-YYYY format.

Enter or Add Button

Maintain Journal Entry

Amount

Enter the Amount associated with the generated IRS accounts.

OK Button

Maintain Source Journal

Review input data, If correct, select...

OK Button

If information is not correct...

Edit or Delete Button

Repeat to enter additional abatements or erroneous abatements for the same journal, or select...

Cancel Button

Maintain Transaction Journal

Message

Select Message to enter up to 256 characters of audit trail information.

OK Button

Post

Review input data. If correct...

Post Button