Open Admin, Obligation Type and navigate to the P&I Control tab to define the penalty and interest control record that governs the penalty and interest calculation rules for obligations of this type.
Description of Page
The P&I Control and its P&I Rules define the configuration governing the tax authority's penalty and interest calculations. As these rules change over time, a new P&I Control record with the new applicable P&I Rules is created and linked to the applicable obligation types for the effective date of the change.
The following fields display:
Effective Date is the date the P&I Control rate becomes effective.
P&I Control defines the P&I rules used to calculate the individual penalty and interest charges.
P&I configuration. Refer to Setting Up Penalty and Interest Options for more detail about the configuration required for calculating penalty and interest.
Where Used
This information is used by the P&I Calculation plug-in to apply specific rules.
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