This page displays configuration details about creating an interest rate.
| Screen Name | Page |
|---|---|
| Interest Rate pop-up window | 509:15141 |
| Type | Name | Details |
|---|---|---|
| Field | Description | This field is to describe the interest type or characteristic. It is not mandatory free text. |
| Field | Rate (%) | Specifies the percentage of the interest to be charged.Mandatory Manually captured |
| Field | Applied To | Specifies what type of charge is used as the basis for the interest calculation.A LoV is available from the page Standard Base Tables (509:6000) with Table Name = WHERE TO APPLY INTEREST.Mandatory |
| Field | Taxpayer Type | This field allows selecting the type of taxpayer to which the penalty will be applied.A LoV is available from the List of Taxpayer Types (509:15000) page.Possible values: Individual, Enterprise, Property Owner and All.For ex.: if “Individual” is selected, the interest will be applied to individuals only. |
| Field | Frequency | This field is used to determine if the interest will be applied, for example, on a monthly basis or on a daily basis. A LoV is available from the page Standard Base Tables (509:6000) with Table Name = WHEN TO APPLY INTEREST.Possible values: Monthly, Daily, Once and Null. |
| Field | Maximum (%) | Specifies the maximum percentage of interest that can be charged. The maximum amount to pay is determined as the maximum percentage times the amount of tax to pay starting the interest calculation date.Manually captured |
| Field | Truncation type | Specifies whether the interest amount should be truncated or rounded.A LoV is available for selection. Possible values: Round, Truncate or Null. |
| Field | Level | Specifies the level of truncation (how many decimals to be used for truncation).A LoV is available for selection. |
| Check box | Apply on weekends | A selected check box indicates that the interest must be applied even if the date is identified as a weekend. |
| Check box | Apply on holidays | A selected check box indicates that the interest must be applied even if the date is identified as a holiday. |
| Check box | Include month of Due Date | A flag to specify whether to charge interest in the month of the payment due dateIf unchecked, then:(1) Do not charge interest in the month of the payment due date. (2) The first interest charge is typically NOT on "due date + 1" (exception: if the due date is the last day of the month).(3) The interest will start in the month following the month of the payment due date. |
| Button | Save | Saves the interest rate, closes the Interest Rate (509:15141) popup window and redirects the user to the List of Interest Rates page (509:15140) which will be refreshed with the new line.Validation rules:If more than one row with the same Rate and Applied to values, then an error message is generated -1802 “Row exists already with same Rate (%) and Applied to values.” |
| Button | Save&Create | Saves the interest rate and keeps the user on the same window in order to be able to add new interest rates.Same validation rules as Save button. |
| Button | Delete | Displayed only while updating an existing interest rate.Validation rules:(1) If this Interest Rate is linked to a tax type, then an error message is generated -1807 “Cannot delete this record: it is attached to a tax type.” (2) If a transaction has been created based on this interest rate, then an error message is generated. |