Penalty and Interest Cancellation

Navigate: Tax > Accounts Receivable > Manage Payments > Penalty and Interest Cancellation

Description

Use this task to cancel penalty and interest on selected bills.

Steps

1. On the Penalty and Interest Cancellation Request Search screen, enter your search criteria and click Search.

2. In the Penalty and Interest Cancellation Requests panel, select the checkbox for one or more items in the grid and click Next.

3. On the Cancel Penalty and Interest screen, enter a descriptive reason for cancelling the penalty and interest.

   • Enter the number of weeks for which to cancel the penalty and interest for the cancellation flag duration, and to place a Penalty and Interest Cancellation flag on the account for the selected bills for the number of weeks defined.

     Optionally, you can define:

     • Date of Request – initially set to the current date.

     • Status – initially set to Pending for all new requests. Choices are Pending, Approved, and Denied.

     • Status Date – initially set to the current date.

     • As Of date in the Penalty and Interest panel – Initally set to the current date.

   • Click Save.

4. Select the next bill from the drop-down list if multiple bills were selected on the Penalty and Interest Cancellation Bill Search screen and repeat the previous applicable steps to cancel penalty and interest for each bill.

   • Click Close to end the task.

Dependencies, Prerequisites, and Setup

• Penalty and interest charges must exist on a revenue account before attempting to cancel charges.

• Systypes must be created for the Reason drop-down list on the Cancel Penalty and Interest screen via Configuration > Systypes > Select or Add a Systype > Edit a Systype.

NOTE: The Penalty and Interest Cancellation task recognizes the setting you define for the Functional Calendar for Non workday moves to on the Maintain a Flag screen.