Instant Interest uses several forms. The primary form has four tabs which present four different input panels. These are:
- The Standard Input tab typically requires the least amount of data entry to input parameters to calculate an interest schedule. It can be used for interest on overpayments or underpayments for any tax jurisdiction for which the rates are in the Instant Interest rate file. On this tab, you only need to enter the fiscal year for which an amount was due and Instant Interest will determine the due date for that amount based on the your company’s fiscal year and the due date for calendar year taxpayers stored in the Instant Interest rate file for the tax jurisdiction.
- The Easy Calculation tab has somewhat greater flexibility than the Standard Input tab. It is used to calculate interest using any dates for a tax jurisdiction for which the rates are stored in the Instant Interest rate file. It is especially useful for taxpayers whose fiscal year does not correspond to the calendar year, because it is easier to enter the dates needed for the interest schedule directly than it is trying to figure out what combination of fiscal year start and end days will generate the desired date.
- The Custom Calculation tab has the greatest flexibility and may be used for tax jurisdictions not stored in the Instant Interest rate file. The Custom Calculation tab allows you to enter your own rates, calculation methods, and other parameters. It can be used to calculate virtually any set of conditions.
- The Rate Maintenance tab is used to maintain the Instant Interest rate file. It is used primarily to enter rate information for tax jurisdictions not included in the file shipped by C&C Software. It may also be used to make adjustments to the rates shipped, if needed. There are two secondary input forms that are accessible from the Rate Maintenance form:
- The Add Jurisdiction form, which is used to add a tax jurisdiction to the Instant Interest rate table; and
- The Add Rate form, which is used to add a rate to the Instant Interest rate table for a Tax Jurisdiction which has either been shipped by C&C Software or added by the user.
In some cases, when you calculate an interest schedule, Instant Interest needs additional information to apply the rates properly. There are three subsidiary forms that are used for this purpose:
- The Notification Date form, which is used to enter the date a notification from the tax authority was received, if that affects the calculation;
- The Assessment Date form, which is used to enter the date an assessment from the tax authority was received, if that affects the calculation; and
- The Apply Payment Options form, which allows the user to specify whether payments should be applied first to tax or interest, if that is an option.
When you calculate an interest schedule, the results are displayed on the Interest Schedule Display form. Several of the options at the bottom of this form open additional dialogs. These dialogs include:
- The Mail Schedule dialog, which allows a user to send a calculated interest schedule;
- The Export to Excel, which copy the interest schedule to a Microsoft Excel worksheet
- The Print Preview, which allows you to look at a calculated schedule in print format
- The Print, which allows you to print a calculated schedule to either a printer or to a file
You can also copy data from the schedule to the Windows clipboard to be pasted into another application.
There are also forms that support various tools and ancillary functions of Instant Interest. These include: