Depending on how your system is configured, several business processes may force the recalculation of penalty and interest real-time. Some examples of events in the system that may have been configured to bring P&I up to date are as follows:
When a tax form posts or is reversed, transferred or adjusted. Basically any state transition of a form that causes adjustments to be created should include a step to bring P&I up to date.
When a payment is frozen or canceled
When the effective date of a frozen payment is changed
When certain adjustments, such as manual penalties, are frozen or canceled
An obligation's override due date changes.
When a waiver is activated or canceled
An event in an overdue process
In addition to real-time requests to bring P&I up to date, the system provides a background process that may periodically recalculate penalty and interest for all obligations governed by P&I.
A user may also request that P&I is brought up to date using the Credit Allocation zones on the 360 Degree View - Financial Information portal and on Control Central on both the Account Information portal and the Taxpayer Information portal.
Calculation through date. Every time the system recalculates P&I for an obligation its calculation through date is updated. This allows a user to know the accuracy of the balance viewing the details provided by dynamic credit allocation.
Copyright © 2007, 2016, Oracle and/or its affiliates. All rights reserved. Documentation build: 2.5.2016 10:21:45 [T1_1454696505000]