Calculating Interest / Penalty
Calculating Interest / Penalty
Calculating interest and penalty is very similar; therefore, these instructions will apply to both procedures. These calculations can be applied to an individual parcel or all parcels.
Calculating Interest / Penalty Cont.
Once the calculation is complete go to # 1 Cash Receipts on the Main Menu. Bring up a record that had past due amounts for payment one
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Select “Calculate Interest or Penalty” from the main menu.
Select calculation for individual or all parcels.
This report will display total amount of interest being calculated. Be sure this information is correct before calculating.
Enter interest percentage for all payments that are past due. (In this example only payment 1 is past due).
Press the “Calculate” when ready to execute this procedure.
Print a new Detailed Transaction report to follow the transactions applied to this parcel.
1% interest has been calculated on payment 1.
11/26/02 Town of Rockingham Tax Administration Page 1
02:03 pm Detail Transactions Report CHRIS Parcel 020041455- All Tax Years Full Detail
Parcel Tax Year Name
Description Date Check # Deposit # G/L Batch# Remit Amount Balance
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020041455- 2002 MCDERMID BRIAN L
Bill Appl. To Prin. Pmt 1 11/05/02 1,311.17 1,311.17
Bill Appl. To Prin. Pmt 2 11/05/02 1,311.17 2,622.34
Rcpt. Appl. To Prin. Pmt 1 11/06/02 CASH 13.0 -1,311.17 1,311.17
Adj. Appl. To Prin. Pmt 1 11/06/02 Insufficient funds 1,311.17 2,622.34
* Bill Appl. To Int. Pmt 1 11/26/02 13.11 2,635.45
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Parcel Balance 2,635.45
* 11/26/02 Interest was calculated. $ 13.11 was added to principal.
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