Add Interest Rate Form
Use the Add Interest Rate Form to input the parameters needed (rates and calculation
methods) for Tax Jurisdictions defined to Instant Interest.
The Add Interest Rate Form consists of the following input fields:
- Jurisdiction ID -- this is a non-modifiable field which corresponds to the currently
selected jurisdiction (see note below);
- Effective Date -- the date on which the combination of rates and calculation methods
became effective;
- Due Date -- the date on which tax returns are due for taxpayers whose fiscal year
coincides with the calendar year;
- Interest Rate -- the rate for calculating interest on underpayments;
- Refund Rate -- the rate for calculating interest on overpayments;
- Method -- the calculation method (i.e., simple interest or method of compounding) used
for calculating interest;
- Basis -- the basis of calculating the period of time for which interest is due if it is
other than calendar days; and
- Days in Year -- the number of days treated as a calendar year if it is not the same as
the number of days actually in the calendar year.
The key of the records in the rate file is a combination of Jurisdiction ID and
Effective Date. All of the other fields contain the corresponding values for the
selected jurisdiction as of the Effective Date. In order to add rates for a
jurisdiction which is not maintained in the Instant Interest rate file by C&C
Software, you must first add the Jurisdiction using the "Add Jurisdiction" panel
to set up the jurisdiction and then use the "Add Rate" panel to add rate
records.
Method, Basis and Days in Year have a defined set of values with particular meanings.
Possible values for Method are:
| SIM |
- Simple Interest |
| DAI |
- Daily Compounding |
| MON |
- Monthly Compounding |
| QTR |
- Quarterly Compounding |
| ANN |
- Annual Compounding |
The values for Basis are :
| M/D - |
partial years are calculated as the number of whole months plus the number
of days in a partial month; or |
| blank - |
partial years are calculated as the number of days divided by the number
of days in the year. |
The values for Days in Year are:
| 360 - |
taxes for partial periods are calculated based on having 360 days in the
year rather than the number of days (365 or 366) actually in the year; or |
| blank - |
|
The Add Rate panel also includes three buttons which function as follows:
| Pick - |
Displays the Calendar panel to allow you to pick the Effective Date from a
calendar. |
| OK - |
Edits the values and if they are valid adds them to the worksheet in the
lower portion of the Rate Maintenance panel. |
| Cancel - |
Abandons the Add Rate operation and returns to the Rate Maintenance panel. |
|
