Refund Check Processing
Ascend incorporates a fully integrated refund check (pending refund) process for cases of overpayment of taxes resulting from various collection or administrative actions. The refund financial transactions are created and applied to the respective accounts, and required entries are recorded in the appropriate accounting journals. This process also calculates interest that should be paid with the refund from the receipt date to date of payment or allow the user to override the amount of interest to pay. The interest can be charged against the refunding jurisdiction or from a specific jurisdiction. Adjustments are also made to the respective tax jurisdiction’s disbursement records.