TC> Maintenance> Interest/Penalty Table Maintenance

Interest/Penalty Table Maintenance

 

Summary

 

The Interest/Penalty Table Maintenance screen is used to build and maintain Interest/Penalty tables. These tables are used to calculate online interest/penalty amounts. A separate table can be created for each interest/penalty purpose within a year/sequence, or the same table can be utilized for multiple interest/penalty purposes across multiple year/sequences.

 

The interest/penalty table must be associated with at least one purpose with Taxing Basis set to Online Interest/Penalty in the Year/Sequences setup in order for the system to process the tables computation.

 

Related Links

Click here for information on Collection Profile Maintenance.

 

Step by Step

 

1    Open the Interest/Penalty Tables window (TC> Maintenance> Interest/Penalty Tables). 

 

  • The Interest/Penalty Tables window displays all of the interest/penalty tables that have been set up in the database.
  • Select an interest/penalty table and click DELETE to delete the selected table.
  • Select an interest/penalty table and click EDIT to open the Interest/Penalty Table Maintenance window and edit the selected table.
  • Click the Create Interest/Penalty Table button to open the Interest/Penalty Table Maintenance window and create a new interest/penalty table.

 

2    Create an Interest/Penalty Table. 

 

  • Enter a unique Table Number to define the table.

  • Enter the From Year and To Year to define a range of years to include in this table.

  • Enter the From Sequence and To Sequence to define a range of sequences to include in this table.

  • Enter the From Installment and To Installment numbers to define a range of installment numbers to include in this table.

    • Note: This field label may differ from agency to agency and is defined in the Charge/Payment tab of the Collection Profile Parameters screen (TC> Maintenance> Collection Profile> Parameters tab> Charge/Payment sub-tab). Click here for information on Collection Profile Maintenance.

  • Enter the From Due Date and To Due Date to define a range of due dates to include in this table. Leave these fields blank to include all due dates.

  • Set the Basis for this table as Months, Daily, or Range of Dates.

  • Set the type of Calculation for this table as Percentage or Flat Dollar.

  • Check the Range Of Dates toggle to calculate online interest/penalty for a specified range of dates. The Range of Dates section below will be available to specify the specific dates and corresponding Percentage (%) or Flat Amount associated with the date.

    • This option is only available when the basis is set to Daily. When the basis is set to Monthly, Range of Dates will be set to No and cannot be modified. When the basis is set to Range of Dates, the Range of Dates will be set to Yes and cannot be modified.

  • Set the Grace Type to Months or Days to define the type of grace period. This option works in conjunction with the Grace Period.

  • Enter the Grace Period or leave or leave it set to 0 if no grace period is given.

    • For example. if your agency offers a 7 day grace period, set the Grace Type to Days and the Grace Period to 7.

  • Check the Sun through Sat toggles for each valid day. The valid days correspond to the first calculation for the table.

  • Check the Check For Holidays On Due Date toggle to automatically check for holidays on the due date.

  • Check the Begin Calculation on Due Date toggle to set the table calculations to begin on the specified due date.

  • Check the Accumulate Stepped Rates toggle to set the table calculations to use stepped rates.

  • Check the Check For Holidays On Last Day of Grace toggle to automatically check for holidays on the last day of the grace period.

  • Check the Begin First of Month toggle to set the table calculations to begin on the first of the month.

  • Check the Use Breakpoints toggle to set the table to use breakpoints.

  • Enter or select an Alternate Due Date or leave blank to use the due date on the bill.

  • Set the Count Days Back To field to Due Date or Last Day Calc.

  • The Minimum Table Amount and Maximum Table Amount fields are used to specify the minimum and maximum amounts on the table.

  • The Minimum Bill Amount field is used to specify the minimum amount for the bill.

  • Check the Calc on Inst Rem. Bal toggle to use the latest penalty date on bond bills when determining the interest/penalty calculation.

    • Note: This option is only utilized if the bill is in a sequence that has a Bill Type on the Sequence Setup screen which is identified on the Collection Profile Parameter Bill Types screen as identified as Bond Issue Billing.

  • Check the Calc Quarterly toggle to set this table to use quarterly calculations defined by the Calc By Qtr Date, Calc By Qtr Usercode No, and Calc By Qtr User Code Value fields.

    • The Calc By Qtr Usercode No field is used to enter the usercode number for quarterly calculation.

    • The Calc By Qtr Date field is used to enter the quarter date for quarterly calculation.

    • The Calc By Qtr Usercode Value field is use to enter the usercode value for quarterly calculation.

 

3    Specify the On or After Range. 

 

  • The On or After Range section is used to build and maintain the number of Days or Months and corresponding % or Flat Dollar Amount associated with each day/month. This button only displays when Basis is set to Monthly or Basis is set to Daily AND the Range of Dates is set to No.

  • The Day field is used to enter the number of days between each penalty calculation. On or After Day is only displayed when Basis is set to Daily.

  • The Month field is used to enter the number of months between each penalty calculation. On or After Month is only displayed when Basis is set to Monthly.

  • The Date field is used to enter or select the dates for each penalty calculation. On or After Date is only displayed when Basis is set to Range of Dates.

  • The Percent (%) field is used to enter the percentage corresponding to each month/day/date. Percent (%) is only displayed when Calculation is set to Percentage.

  • The Flat Dollar Amount field is used to enter the flat dollar amount corresponding to each month/day/date. Flat Dollar Amount is only displayed when Calculation is set to Flat Dollar.

  • Click the Save button to save the new Interest/Penalty Table.