Interest: interest work lists: credit interest work list (CDIW)
This subject is presented as follows
|Purpose of the list|
|How often should the list be reviewed?|
|Who does what?|
|When are new entries added?|
|Reason for entry|
|Sorting and filtering options|
|The normal next action function|
Purpose of the list
There are two versions of the Credit Interest work list
- Function CDIW is the update version
- Function CDIV is the view only version
The purpose of this work list is to show you all the cases where the credit / debit interest indicator has been set. And for these cases an event has occurred on COTAX which would normally have meant that the credit/debit interest charge would have been reviewed automatically but wasn’t because the CDII indicator is set.
You should consider whether you need to calculate and raise / amend credit / debit interest.
If you decide that the credit / debit interest position on the AP is correct you can delete the case from the work list. Otherwise you should calculate and raise the correct charge using Function RMIC (Raise Manual Interest Charge).
How often should the list be reviewed?
Local management should ensure that the work list is reviewed on a weekly basis.
Who does what?
An Assistant Officer will normally review and control the list. They will determine whether credit / debit interest needs to be calculated and raised / amended manually.
When are new entries added?
COTAX adds new entries to this work list daily.
Reason for entry
COTAX enters a case on the Credit Interest work list when the Credit / Debit Interest Indicator is set to ‘Y’ and the due date has been reached and a tax charge has been recorded.
Entries will also be made on to this work list if all of the above conditions apply and one of the following occur on the AP
- The tax charge is amended
- A payment is posted to the record with an effective date of payment earlier than the normal due date
- A payment with an effective date of payment earlier than the normal due date is reallocated from the record
- An effective date of payment is amended to earlier than the normal due date
- The Quarterly Instalment Signal is amended
Sorting and filtering options
Before you start to work cases, you may want to sort and filter the work list to make it more manageable. You can do that by using any of the criteria below. The criteria shown in bold are those you may find most useful when filtering the Credit Interest work list.
- AP Number
- B/F Date
- B/F Note
- CDII Indicator Set By
- Entry Date
- Reason for Listing
The normal next action function
The normal next action function for the Credit Interest work list is
- Function VPPD (View Payment and Postings Details)
Cases are automatically deleted from the work list when one of the following actions takes place
- You raise a manual credit / debit interest charge using Function RMIC (Raise Manual Interest Charge)
- The Credit/Debit Interest Indicator (CDII) is set to ‘N’
- The case is transferred to a new office. (The cases automatically appear on this work list in the new office)
You can delete the case manually from the list where
- The credit/debit interest indicator needs to remain set at ‘Y’
- You do not need to raise a manual credit/debit interest charge
For a list of forms relevant to this subject, see COM81011.
For a list of functions to use in particular situations, see COM81012.
For legislation applying to this subject, see COM81013.