Question on BSI

[former_member1348745]

I have a question, our client @ start of year use some X rate for UI till they get actual.

in BSI record will exist from 01/01/2011 -12/31/9999 Rate X

When they get actual rate on 2/20, how should we update BSI?

a) Delimit

01/01/2011 -02192011 Rate X ( X Rate )

02/20/2011 -12/31/9999 Actual Rate

b) Change Existing

Change the rate on original record

01/01/2011 -12/31/9999 Rate Actual

Kathy from BSI, can you help on this one.

[Former Member · Accepted solution]

The rate notices always have an effective date. Most of the time, it will be January 1. If this is true in your case, you need to change the rate to the new rate. This is the option you're shown as: b) Change Existing

There is at least one exception to the rule that the effective rate is January 1. New Jersey has a mid-year rate change. The effective date is July 1.

Regards,

Howard