Change Percent Option Rate

Use this program to change the percentage rate for an option on all Open RAs.

When a percentage rate for a tax or fee changes, in many cases the new rate needs to apply to all RAs closing after the effective date. Since the percentage rates get applied to a RA at the time of Open, a way is needed to change the percentage rate on the RAs that are open when the change takes effect. The purpose of this program is to do just that.

Let's use an example to illustrate the process:

Assume that the tax rate is going to change from 7% to 8.25% effective July 1.This means:

A new record must be entered in the Option Rate program with the effective date and the new rate.
All RAs closing through June 30 should charge tax at 7%
All RAs closing July 1 or later should have a tax rate of 8%.

Using this program will allow you to change the tax rate to 8.25% on the RAs that are open at the close of business June 30 .

User tip: This program cannot be run in advance nor retroactively. It needs to be run either after the close of business the day before the rate change takes place (in our example, June 30), or prior to opening on the effective date (in our example, July 1.)

To access the program, type CHGPCT (RET) at any menu "OPTION:" field or the appropriate number on the Option Control Files Menu. The screen will then display:

OPTION:___ CHANGE PERCENT OPTION RATE

1 Option Code
2 Location
3 New Rate%

1UPDATE 2 3ERASE 4 5 6 7HELP 8

Enter data as follows:

1. OPTION CODE

Enter up to 5 alphanumeric characters representing the percentage Option to be changed.

EXAMPLE: Type TAX (RET)

2. LOCATION

Enter:

Up to 6 alphanumeric characters to select a single location.
A Group Name representing several locations (see the Chapter Edit Group Names for a discussion on location groups).Remember, the first character of a Group Name is the plus sign "+"
"ALL" to include all locations

EXAMPLE: Press (RET)

3. NEW RATE

Enter the new percentage rate.

EXAMPLE: Type: 8.25 (RET)

PRESS "F1" AT "OPTION:" TO BEGIN THE UPDATE.

Upon press F1 to do the update, the percentage rate on all Open RAs will be changed to the new rate