Virginia Interest Routine 51 Yearly does not Calculate Interest

• Production personal property bills do not calculate interest.

• Interest does not calculate when changing the Interest Effective Date in Bill Inquiry.

• Enterprise ERP

• Property Revenue

• Property Tax Billing

• Virginia Tax

• Tax Year Settings

If a Tax Year Settings record does not exist with a start/end date range for the date the Bill Inquiry Interest Effective Date is set to, Enterprise ERP is unable to grab the Interest Routine in Tax Year Settings.

Interest Routine 51 - Yearly is recommended for when there will be different interest rates from one tax year to the next.  It is coded to look for a Tax Year Setting that has a start/end date that contains the date the Interest Effective Date is set to in Bill Inquiry.  From there, it will look to the Interest Routine and interest rate to calculate the correct interest.  If Interest Routine 51 - Yearly is going to be utilized, it is recommended to copy Tax Year Settings forward so the interest can calculate correctly.

If it is determined that Interest Routine 51 - Yearly is not needed, Tax Year Settings can be updated to use Interest Routine 50 - Normal instead.  Interest Routine 50 - Normal is recommended when the interest rate does not change from year to year.

While copying Tax Year Settings forward will allow interest to calculate, changing the Bill Inquiry Interest Effective Date to one that's far enough into the future where it is not within the start/end date of a Tax Year Settings record will stop interest from calculating again.