Interest Calculations on Endorsements
The following setup must be complete in order to charge interest on Tax Sale Endorsements in Iowa.
Functional Calendar
Go to Configuration > Localization > Functional Calendar. Select the Tax Sale Functional Calendar and create a period for Endorsements. If Agency Endorsements exist, a period should be created for this also. At minimum, include an event type for ‘Endorsement Date’, using the override formula. This date is assigned by Aumentum as the date that the endorsement occurs, when the Cashiering service ‘Tax Sale: Endorsement’ is used.
Tax Sale Settings
Select the Calendar Period you've created for Endorsements and Agency Endorsements via Tax > Tax Sale > Tax Sale Settings.
Payment Terms Rate Schedules
If the interest rate for endorsements could be different than the rate used for original certificate amounts, create a new rate schedule for ‘Tax Sale Endorsements’. For Polk, IA, be sure to enter the monthly rate value. To set up the rates, go to Tax > Accounts Receivable > Payment Terms Mapping and Setup > Payment Terms Rate Schedules.
Payment Term Rules
Go to Tax > Accounts Receivable > Payment Terms Mapping and Setup > Payment Terms Rule Setup. Create a Payment Terms Rule for Endorsement Interest. Use the event type ‘Endorsement Date’ from the functional calendar as the Apply On and Calculate From events. Then, select the rate schedule created above.
Payment Terms Rule Group
Go to Tax > Accounts Receivable > Payment Terms Mapping and Setup > Payment Terms Rule Groups. Set up a Payment Terms Rule Group where the criteria is Revenue Source=Tax Sale. Make sure to select the Payment Terms Rules for endorsement interest in this group.
