Whenever you press the View Rates button on the Standard Input or Easy Calculation screens, Instant Interest displays the interest rates and calculation methods stored for the current tax jurisdiction in the Instant Interest rate file. The following is a sample View Rates form:
The Rate table on the View Rates form contains eight columns:
- Jurisdiction ID is the abbreviation for the Tax Jurisdiction.
- Effective Date is the date on which the change(s) in rates, calculation methods, etc. went into effect.
- Due Date is the month and day on which returns for the Jurisdiction which are based on a fiscal year that coincides with the calendar year are due.
- Interest Rate is the percentage rate to be used to calculate interest for underpayments
- Refund Rate is the percentage rate to be used to calculate interest for refunds
- Method is the compounding method to be used for calculating interest (such as simple interest or daily compounding)
- Basis is the means of calculating the period of time for which interest is due if it is other than calendar days.
- Days/Yr is 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 View Rates form has three buttons:
The Tips/Notes button is used to look up any unique tips or notes regarding calculating interest for the Tax Jurisdiction in the Instant Interest help system. It appears as active (text in black) if there are notes and inactive (text in grey) if there are not.
Clicking on the Close button returns you to the input form.
The Update button allows you to update the components of Instant Interest (including the rate file) from a CD or from the C&C Software Web site.