Interest Menu

The Interest Menu allows for the ability to handle interest accrual for tax debts that accrue interest. Not accruing interest means losing funds. A local government can accrue interest within this software it does not have to be done by an internal I.T. group or external vendor or accounting system.

Frequency: The interest accrual process needs to be done monthly. However,if it is missed it can still be done to get up-to-date.  

- this menu requires access rights assigned in the User Setup.

- create some kind of reminder to execute this monthly to stay current and attempt to collect the highest amount of debts possible.

- if a debt is marked as interest accruing by mistake too much could be taken from their tax refund or lottery winnings.

The Interest menu:

There are five functions within Interest:

1. Interest Accrual Global Update (frequency: monthly) - the main interest option and must be executed in order to accrue interest. Interest WILL NOT accrue without this.
2. Interest Accrual Global Info (frequency: as needed, not a normal option) - this function will retract/undo, the interest that was accrued by executing the Interest Accrual Global Update.
3. Interest Accrual Settings -( frequency: as needed, not a normal option) - will set ALL debts with the Account Code of "TAX" as Interest Accruing or set ALL debts, not just "TAX" as NOT interest accruing.
4. Base Amount Update ( frequency: as needed, not a normal option) - will make the Base Amount (Debt Principal) the same as the Current Debt Amount.
5. Interest Rate Amount - set the rate for the monthly interest rate calculation.
6. Interest Accrual Report - prints a report of all debts that had interest accrual generated.