Interest Distribution

Navigate: Tax > Distribution > Interest Distribution

Description

NOTE: This task may not apply to your jurisdiction.

This process allocates interest earned on money collected to individual taxing authority and is based on the average amount collected, i.e. average daily balance, of each taxing authority. The interest amount is then divided by what you define proportionately to the selected authorities based on authorities average daily balance. You can distribute, reverse, print, or delete interest distribution transaction.

Steps

1. On the Distribute Interest screen, select your search criteria and click Search.

2. Click Search. Any interest distribution records found with the specified statuses display in the grid.
   
   OR
   
   Click New to navigate to the Set Up Interest Distribution screen displays. After defining the data for the interest distribution on that screen and batch processing it, return to this screen to distribute the interest distribution.

   • Click on any item and click Delete to remove it.

3. Click Distribute to proceed with the interest distribution. Once distributed, the Distribute button is no longer active.

• Click Delete to eliminate the interest distribution, if available. The status in the grid is changed to Deleted.

4. Enter the Business date. The date when the interest distribution is posted to the interest tables. This must be equal to or later than the ending date, for example, if the date to is 12/20/2007, then this date must be 12/20/2007 or any date there after such as 12/21/2007.

5. Enter the Date from and the Date to. The Date from is the first date to begin including in the interest calculation. This is used to select the days to determine the average daily balance. The Date to is used to select the days to determine the average daily balance.

6. Enter the dollar Amount to distribute.

7. Enter a Description of the interest distribution.

8. Select the Agencies to include in the interest distribution. These are all of the revenue accounts that are associated with agencies.

9. Click Process to create the distribution, which opens the Monitor Batch Processes screen. When the process is finished, you can click on it to navigate to the View Batch Process Details screen. Click on the report to view the interest distribution before actually processing it. Return to the Distribute Interest screen to distribute the interest distribution. Close the batch process detail screens to return to this screen.

   • Click List to return to the Distribute Interest screen from which you can distribute the interest distribution.

   • Click Close to end the task.

Prerequisites

Cashiering

• Payments have been entered and balanced for collection date range.

Other

• Interest information has been received from the bank.