Abatements negatively adjusting interest

• Abatements are negatively adjusting interest. 

• Abatement includes a negative interest amount. 

• Abatement amount off by paid interest amount. 

• Abatement amount in Bill Inquiry or Adjustment Inquiry does not match the abatement amount entered in Abatement Entry or on the GL Posting Report from Abatement Entry. 

• Abatement amounts on the Posted Abatement Report are higher than the entered abatement amount. 

• Abatement is negatively adjusting interest even when an unpaid installment is abated. 

• Abatement created more negative held interest than the paid interest on an installment. 

• Abatements do not allocate negative held interest correctly. 

• Bill left with negative credit balance after entering an abatement and then reversing the payment. 

• Property Tax Billing

• Abatement Entry (txabtent) 

• Bill Inquiry (arbilinq) 

• Posted Abatements Report (txpabtrp)

A change was made so that abatements which abate principal that generated interest now adjust the interest down on the bill in proportion to the principal being abated.

For example, if a customer paid interest on installment 1, and installment 1 is abated in full, then the interest paid on installment 1 is reduced by the paid interest amount. Because the principal is abated, it never should have generated interest. This change allows for the paid interest to be more easily refunded back to the customer. 

The amount of principal abated can be seen in Bill Inquiry on the Installments tab in the Abatement or Abt/Adj column. 

On the History tab in Bill Inquiry, the Amount of the abatement will include both the principal and interest abated. Click the abatement in the history to open Adjustment Inquiry where the Interest Adj. and Principal Adj. amounts can be viewed. 

The abatement amount on the Posted Abatements Report currently reflects the total abatement amount including both the interest and principal abated.

Development is currently working on these items:

• Development is working on ways to make these changes less confusing across the different programs and make sure that the reports and certificates provide accurate abatement amounts.

• Development is working on correcting this functionality so that interest is only negatively adjusted if an installment with paid interest is abated.

• Development is working on allocating the negative interest adjustments across the installments with paid interest on multi-installment bills. 

• Development is working on correcting an issue where after reversing a payment, the negative interest from the abatement remains.