When an interest schedule is calculated using either the Calc or Print menu options, Instant Interest performs a series of consistency checks. These include checking whether there is a mixture of:
- both positive and negative amounts due;
- amounts qualifying for calculation as large underpayments with those that do not; and
- amounts due in the period for which Florida used a flat interest rate without regard to subsequent legislated rate changes with amounts due in periods in which the rate fluctuated.
There are also cases in which Instant Interest asks for a date which is used to determine the appropriate rate or discounting of a rate. If multiple amounts due are entered, Instant Interest cannot tell to which of the amounts due the date applies. The consistency edits check for multiple amounts due for the states of:
- Tennessee, which uses a fixed rate based on the assessment date;
- Texas, which has a 60-day grace period before interest on amounts due begins to accrue; and
- Colorado, which discounts the rate on underpayments if the balance due is paid within 30 days of the deficiency notice.
These messages are warnings and do not necessarily mean that the schedule is in error.
If any of the edits described in this section finds a possible inconsistency that could result in erroneous results, Instant Interest will display a dialog box with explanatory error messages. These messages are also printed out on the hard copy of the interest schedule produced via the Print option.