Using the interest calculator

For Accountants Enterprise:

For Accountants Office:

The interest calculator allows you to quickly calculate and compare your client’s use of money interest for a given year.

When you open the interest calculator the latest information for the selected client is displayed. At the top of the screen, there are three radio buttons, one for each of the selections available:

• Accrued — shows the latest amount the IRD has sent and the date it has been calculated to

• Calculated — shows amounts from the tax return or what has been selected in the calculator itself

• Override — allows you to enter an arbitrary amount.

When you close the calculator, all three amounts are displayed on the Tax Manager Summary page. The amount that is displayed in bold text is the amount that is selected in the interest calculator, and is the amount used in tax notices. The override amount will only display if you have selected Override in the calculator, otherwise it displays as zero.

To use the interest calculator

1. Click Interest calculator on the Tasks bar on any of the following Tax Manager screens:

• Summary view

• Transactions view

• Tax notice details view.


The Use of Money Interest Calculator window opens, with the most recently saved calculation method selected by default.

2. Select from the available radio buttons to see the results of the selected calculation method.

3. Enter any override amounts or calculated dates that affect the calculation.

4. When you have decided which calculation you want to use for this client, ensure that the relevant radio button is selected and click OK.

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