VIT (Low Quality)

JW
by Jade Williams2 views·Updated Mar 8, 2022
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  1. to maintain a record of the V. I. T. Transactions. You go to V. I. T. Escrow
  2. and the first screen you see will show all the taxes due to this tax office,
  3. Which in this case is $5,835.25.
  4. The other jurisdictions in this case are
  5. collected by a different office.
  6. So transactions have already been made
  7. for payments from january through november.
  8. All that's left is the december payment.
  9. So to make your december payment, you're going to put new
  10. payment,
  11. the amount of the payment
  12. reference
  13. paid by
  14. payment note as
  15. december
  16. 2020 payment.
  17. And we will save that.
  18. Mm hmm.
  19. So now there's 15,009 51
  20. 17 in excess.
  21. So at this point
  22. you're gonna pay your tax,
  23. it's telling you that you have a lot more than what
  24. the tax then the tax due and you just say yes.
  25. So it's only gonna pay the amount that's due.
  26. Do you have,
  27. see who paid it
  28. and then we're going to post this.
  29. So it subtracted $50 $835.25 cents
  30. from the amount that's available.
  31. So there's still an excess payment of 19 15,051 17.
  32. And if you didn't have any other tax offices to
  33. collect this would be your entire payment would be right here
  34. and you wouldn't have to worry about it.
  35. But in this case the different office collects
  36. the city and school taxes.
  37. So if you need to get the amount from them, how much you owe them
  38. or how much taxes are owed to them
  39. and take it out of this. So you would do a new transaction
  40. disbursement
  41. and in this case
  42. they owe the
  43. the appraisal district,
  44. 20 cents
  45. for the school and city taxes
  46. to cat or whatever you want to put that. That's just what I put.
  47. But you could put whatever makes sense to you
  48. and then you say that
  49. which will leave
  50. An excess payment of 8 75 97.
  51. So now that
  52. all this has been accounted for,
  53. then you want to distribute the excess whatever excesses left
  54. and says do you want to continue to distribute this amount? Yes.
  55. Yeah.
  56. So it distributes your taxes,
  57. tells you how much to send to each jurisdiction
  58. and you're done with this. Your balance here is now zero.
  59. You collected too
  60. 21 7 86 42
  61. you disperse that much.
  62. Yes.
  63. Now to
  64. print a report
  65. of how much to send to each jurisdiction
  66. as excess,
  67. you go to your welcome screen
  68. wizard
  69. we will go to
  70. V. I. T. Distribution of excess
  71. two
  72. and we will do it
  73. for the date range that we did it which was today.
  74. We're just gonna leave it for all for all dealers
  75. and you run your report
  76. and it gives you a list of what to send to each jurisdiction.
  77. If you had several of them it would add them all up together as long as you
  78. left everything blanket would just tell you how much
  79. to send to teach jurisdiction for all the excesses
  80. and once that's done and once that's done then you're
  81. done with the V. I. T. For that account
  82. and you could move to the next one.