SmartFusion Modules > Tax Collection > Process > Interest Tax Report

Recent Changes: 
6.218 - Added tax districts filter in include all section.

6.150 - Added logic for the 'Monthly' interest method if the 'Catch up' flag is set on a tax year it will insert individual transactions for each month that the interest is being caught up from the interest date on the tax year or the Last date the interest was applied on. If it not set it will insert only one interest transaction. 

6.146 
- Deferments will no longer be included in the subject to interest amount
- Updated label on report from "TOTAL EXEMPTIONS" to "TOTAL EXEMPTIONS/DEFERMENTS"

6.49 - Updated logic so that zero transaction amounts were not created when Distribute Interest was selected  

6.26 - Fixed logic in calculating subject to interest balance for original bill amount and current balance settings

Introduction

This report is used to preview and apply interest charges to bills past due.

Explanation

The tax interest report shows information such as total taxes, amount subject to interest, and the interest amount calculated.

Report Options

Interest calculation as of - The date that will be used to calculate interest.

Report Sequence - Sequence that the report will print (Map Number, Name, Receipt Number, Zip Code)

Minimum amount to be checked - Report will only include bills that have a subject to interest balance higher than the value specified.

Exempt partial payment agreement - Do not include bills that have an agreement set up as long as the paid by date is later than the interest calculation date.

Update interest - Unless checked the report will only report on the amount of interest due. If checked, the report will apply the interest to the customer's account.

Transaction Date - If you choose to apply interest you must select the transaction date to use for the interest.

Transaction Code - You must also specify the transaction code to apply the interest against.

Distribute interest against individual transactions - This option can be used instead of specifying a transaction code. If this option is used it will breakdown the interest amount to charge and put the individual amounts against interest transaction codes set up for each charge that makes up the balance on the bill.

Tax types - Select which tax types to run the report for.

Tax years - Select which tax years to run the report for.

Tax bills - Select which tax years to run the report for.

Tax districts - Select which tax districts to run the report for.

Troubleshooting

For a property tax bill to appear on the Interest Tax Report, the following criteria must be met:

• Bill must not have "Omit interest" selected
• Customer attached to the property can't be in Bankruptcy OR the bankruptcy date is greater than the selected report date
• Bill must have an "Interest paid date" and the selected report date must be greater than the bill's interest paid date plus the number of days for interest on the bill's Tax Year OR a "Bill date" and the selected report date must be greater than the bill's Bill date plus the number of days for interest on the bill's Tax Year

Reference

Tax Collection