Add Income Code (button)

Click to add an Income Code. Refer to Add instructions later in this topic.

Code

The Income Code identification.

Type

The Income Code's type.

Description

The description of the Income Code.

Delete

Click the Delete icon to delete an Income Code. Refer to Delete instructions later in this topic.

When making changes to an existing income code, if you change the Type, Potential, Receivable, or Apply To settings, eSite automatically runs utilities to update all associated transactions and rebuilds open items and balances for the income code, as follows:

Note

If your intention is to change how the income code is used, the preferred method is to make this income code inactive and set up a new income code with the desired settings. In this case, to inactivate the income code, click Cancel to close the message, clear the Active check box, and click Save. Then, follow the procedure to add a new income code.

A red circle ( ) indicates a required field.

Code

Enter an identification code for the Income Code.

Description

Enter a description for the Income Code.

Type

Select a type from the drop-down list. Each type has default settings associated with it. The following types are possible. For a list of possible defaults, refer to the Income Code Table in the Income Codes Overview.

Non-rent
Select this option when the income code is for a non-rent-related item; for example, late fees, application fees, NSF fees, transfer fees, state or local taxes, credit fees, legal fees, pet rent.

Rent
Select this option when the income code is for a rent-related item; for example, base rent.

Deposit - Other Security
Select this option when the income code is for an other-security-related item; for example, pet deposit, key deposit, access card deposit.

Security - Subject to Minimum
Select this option when the income code is for a security-related item; for example, a security deposit. This selection is subject to minimum requirements. If you do not set a minimum requirement in the Unit Type file, the minimum is set to zero.

Other Miscellaneous Income
Select this option when the income code is for an other-miscellaneous-related item; for example, laundry room income (non-income); vending income.

NOTE that this must set up with the accounting type Cash or Neither. The system does not allow Accrual for the income code type, Other Miscellaneous Income. Refer to the Accounting Type field on the Accounts Tab for more information.

Concession
Select this option when the income code is for a concession-related item; for example, rent concessions.

Vacancy
Select this option when the income code is for a vacancy-related item; for example, the potential rent for today or potential billings/credits.

Model
Select this option when the income code is for a model-related item; for example, a model unit. The selection runs the following calculation: Model Unit: Rent Receivable + Model Non-Receivable = Market Rent.

Employee
Select this option when the income code is for a employee-related item; for example, a unit rented to an employee. The selection runs the following calculation: Rent Receivable + Employee Non-Receivable = Market Rent.

Lost Rent
Select this option when the income code is for a loss-rent-related item; for example, Rent lost due to a mid-month move. The selections runs the following calculation: Vacancy + Potential/Non-Receivable Billings/Credits.

Percent Rent
Select this option when the income code is for a percent-rent-related item; for example, a pro-rated rent.

Potential

This field is subject to a default setting based on the income type selected. For a list of possible defaults, refer to the Income Code Table in the Income Codes Overview.

If this field is checked, the system to includes the income associated with this income code in the gross potential for the property.

If this field is not checked, the system to excludes the income associated with this income code in the gross potential for the property.

Changes allowed:

Potential to non-potential and vice-versa – This change is always allowed. The user will get a warning; transactions will be updated to new values.

Receivable

This field is subject to a default setting based on the income type selected. For a list of possible defaults, refer to the Income Code Table in the Income Codes Overview.

If this field is checked, the system to includes the income associated with this income code as a receivable. Selecting this option means that cash payments can be posted to the income code and that the charges affect the resident’s balance.

If this field is not checked, the system to excludes the income associated with this income code as a receivable.

Changes allowed:

Receivable to non-receivable – This change is allowed only when there are no payments made using this income code and no non-billings applied to the code (so no payments, refunds, forfeits, balance transfers, write-offs) and if it is not used as the Apply To code for a different income code, the user will get a warning, transactions will be updated to new values, resident balances are recalculated, and open items are rebuilt.

Non-Receivable to Receivable – This change is always allowed. The user will get a warning, transactions will be updated, resident balances are recalculated, and open items are rebuilt.

Interest

This field is subject to a default setting based on the income type selected. For a list of possible defaults, refer to the Income Code Table in the Income Codes Overview.

If this field is checked, the system expects interest to be paid for this income code.

If this field is not checked, the system does not expect interest to be paid for this income code.

This option is editable only if the global policy Calculate Security Deposit Interest is checked and the income code type is Security or Deposit.

Refundable

This field is subject to a default setting based on the income type selected. For a list of possible defaults, refer to the Income Code Table in the Income Codes Overview.

If this field is checked, the system expects amounts associated with the income code to be refundable.

If this field is not checked, the system does not expect amounts associated with the income code to be refundable.

Calculate Late Charges

This field is subject to a default setting based on the income type selected. For a list of possible defaults, refer to the Income Code Table in the Income Codes Overview.

If this field is checked, the system to includes the income associated with this income code in the gross potential for the property.

If this field is not checked, the system to excludes the income associated with this income code in the gross potential for the property.

If Regular Late Fees Only is selected, the system includes only regular late fees.

If No Late Charges is selected, the system excludes late fees.

This option displays only when the property policy Track Late Schedules is set to Yes or No.

Suppress on SODA (Statement of Deposit Account)

This field is subject to a default setting based on the income type selected. For a list of possible defaults, refer to the Income Code Table in the Income Codes Overview.

If this field is checked, the system excludes balances for this income code from the SODA (Statement of Deposit Account) generated during a refund or forfeit.

If this field is not checked, the system includes balances for this income code from the SODA (Statement of Deposit Account) generated during a refund or forfeit.

Notes about changes allowed

Security Subject To Minimum (SSTM) to Other Deposit – This is always allowed. The user will get a warning, transactions will be updated, resident balances are recalculated, and security deposit details are recalculated.

Other Deposit to Security Subject To Minimum (SSTM) – This is allowed as long as there is not already an SSTM code. The user will get a warning, transactions will be updated, resident balances are recalculated, and security deposit details are recalculated.

Security Subject To Minimum (SSTM)/Other Deposit to non-deposit type – This is allowed as long as other settings allow it and as long as there are no interest transactions. The user will get a warning, transactions will be updated, resident balances are recalculated, and security deposit details are recalculated.

Non-deposit type to Security Subject To Minimum (SSTM) – This is allowed as long as there is not an existing SSTM code. The user will get a warning, transactions will be updated, resident balances recalculated, and security deposit details recalculated.

Non-deposit type to Other Deposit – This is always allowed. The user will get a warning, transactions will be updated, resident balances recalculated, and security deposit details recalculated.

Active

This option defaults as checked. Accept this default if you want the status of this income code to be active.

Click this option to remove the checkmark if you want if you want the status of this income code to be inactive.

Refer to the topic Income Codes Status for more information.

Subsidy

This option defaults as unchecked. Accept this default if you want to allow charges associated with this income code to be used for Invoice Letters in totals or displayed as a line item.

Click this option if you do not want any charges associated with this income code to be used for in the totals or displayed as a line item for the following Invoice Letter fields:

• Lease Charges Due on a Date NO SUBSIDY
• All Charges Due on a Date NO SUBSIDY
• Lease Charges Due (block 2) NO SUBSIDY
• Lease Charges Due (block 2 with tabs) NO SUBSIDY
• Invoice_Beginning_Balance NO SUBSIDY
• Invoice_Ending_Balance NO SUBSIDY
• All Charges Due on a Date (Total) NO SUBSIDY
• All charges due on a date (imp charges) NO SUBSIDY
• Resident All Activity 1 NO SUBSIDY
• Resident All Activity 2 NO SUBSIDY
• Resident Outstanding Items 1 NO SUBSIDY
• Resident Outstanding Items 2 NO SUBSIDY
• Corporate Client Charges Due (summary) NO SUBSIDY
• Lease Charges Due (month format) NO SUBSIDY
• Lease Charges Due (month format + tabs) NO SUBSIDY

Late Charge

This field is subject to a default setting based on the income type selected. For a list of possible defaults, refer to the Income Code Table in the Income Codes Overview.

If Regular Late Fees Only is selected, the system includes only regular late fees.

If No Late Charges is selected, the system excludes late fees.

This option displays only when the property policy Track Late Schedules is set to Yes or No.

Apply to

This field is subject to a default, which is the same income code as the income code that is being added. The one exception is for the income code type Concession. For a list of possible defaults, refer to the Income Code Table in the Income Codes Overview.

Accept this default income code or select another income code from the drop-down list. Note that the income code you select must already be set up as a income code.

The code you select is the one to which charges associated with this income code should be offset when using the open item application process. Additionally, you can apply another code to itemized amenities for tracking purposes.

Changes allowed:

Apply To Code change – This is always allowed. The user will get a warning, transactions will be updated, and open items are rebuilt

Prorate

This field is subject to a default setting based on the income type selected. For a list of possible defaults, refer to the Income Code Table in the Income Codes Overview.

If Prorate is selected, the system pro-rates the amounts associated with this income code at the time of move in or move out.

If Full Amount is selected, the system does not pro-rate the amounts associated with this income code at the time of move in or move out.

If None is selected, the system does not pro-rate the amounts associated with this income code at the time of move in or move out.

Exclude from eDex

This option defaults as unchecked. Accept this default if you do not want to exclude open item data for this income code.

Click this option to add a checkmark if you want the system to exclude any open item data for this income code.

A red circle ( ) indicates a required field.

First Priority

This field defaults to 9. Enter a number from 1–9 to establish the overall priority as top level to use when applying payments regardless of the due date. 1 is the highest priority and 9 is the lowest priority.

Second Priority

This field defaults to 9. Enter a number from 1–9 to establish the priority level following your number one priority when applying payments in the same due date. 1 is the highest priority and 9 is the lowest priority.

Sales Tax 1–4

This field is subject to a default setting based on the income type selected. For a list of possible defaults, refer to the Income Code Table in the Income Codes Overview.

If this field is checked, the system to assesses and collects taxes on amounts charged to this income code.

If this field is not checked, the system to does not assess or collect taxes on amounts charged to this income code.

Local

This field is subject to a default setting based on the income type selected.

If this field is checked, the system to assesses and collects local taxes on amounts charged to this income code.

If this field is not checked, the system to does not assess or collect local taxes on amounts charged to this income code.

Use this tab to link the income code to a general ledger account and select a method for transferring data.

Prerequisites

Prior to associating general ledger accounts to income codes, you must have set up a general ledger account for each set of books to which you plan to transfer data.

For example, if you are keeping a set of books on a Cash basis and another set on Accrual basis, then you should have two entities set up. Each entity should be associated with a general ledger account.

Entity

The Entity to affect when processing the transfer to general ledger for this income code. Click the Lookup to display the Select Entity pop-up and thenselect an Entity. The Entity ID then appears in the field.

Refer to the Prerequisite above for more information.

Accounting Method

Select an accounting method from the drop-down list. The following methods are possible:

Cash
Select this accounting method when you want to expense costs when goods or services are paid for; that is, expenses are recognized when the bill is paid.

Accrual
Select this accounting method when you want to record an expense when you receive goods or services, regardless of when you pay for them.

Neither
Select this accounting method when you do not want to use a cash or accrual method.

NOTES

Notes labels for your G/L Accounts change based on the Accounting Method you select.

When the Type selected on the General Tab is Other Miscellaneous Income, then on the Accounts Tab the Accounting Method is Cash and the Notes label for the Credit Account is Miscellaneous Income.

G/L Account

The general ledger account number associated with the Income Code and Type on the General tab.

Click the Lookup to display the Select Account pop-up and select an account.

The G/L Account The following G/L Accounts are possible:

Debit Account

Credit Account

Prepaid Account

Ref Account

Writeoff Account

Rent Expense

Intercompany

Xfer Method

Select a method from the drop-down list to control how entries to this general ledger account transfer to the general ledger. The following methods are possible:

Summary by Trans Type
This option is the default. Use this transfer method to transfer a summary by Income Code and Transaction Type (such as Recurring Charge, One Time Charge, regular Payment, NSF payment, Lost Rent, etc).

Overall Summary
Select this option to transfer a single entry per account number and transaction type. Summarizes by Transaction Type, regardless of Income Code. All billing Transaction Types (Recurring Charges, One Time Charges, Adjustments ) are grouped together.

Overall Summary Example

When you select this option, you decrease the number of entries in the actual transfer to the general ledger for accounts receivable or the cash account. For example, if we consider the transaction type Billing, it includes recurring charges, adjustments, and one-time charges. If we assign account 1050 as the accounts receivable account and make the following entries:

1050, Lease Charges—Rent, $1000

1050, Charges—Application, $50

1050, Adjustments—Rent, $100

1050, Charges—Utilities, $50

If Rent, Application, and Utilities are all set to overall summary, the following entry displays in the general ledger:

1050, Billings, $1200

If Rent and Application are all set to overall summary, the following entries display in the general ledger:

1050, Billings, $1150

1050, Charges—Utilities, $50

Summary by Day
Select this option to transfer the grand total for each day. Summarizes by Date of Record,  Income Code and Transaction Type.

Summary by Batch
Select this option to transfer a single entry by Bank Book and Batch Number.

Batch w/o code
Select this option to transfer a single entry by by Bank Book, Batch number, Transaction Type.

Batch w/ code
Select this option to transfer a single entry by Bank Book, Batch number, Transaction Type and Income Code.

Detail
Select this option to transfer all transaction details and the grand totals. No summary occurs.

Notes

The Notes labels for your G/L Accounts change based on the Accounting Method you select. For example, for the Accounting Method Cash, for the Debit Account the Note label is Income Account. For the accounting Method, Accrual, the Note label for Debit Account is A/R Account. For Neither, the label is Not Used.

PC Flag

This field is available only when the field Use Profit Centers… on the Global Policies AME, Interface Tab is checked. Departmental accounting requires the use of profit centers.

Select a setting for the profit center flag to indicate whether or not to use a profit center for the selected Cash Account and how the profit center should be implemented when transferring to the general ledger. The following settings are possible:

Yes
This option is the default. Accept this default to enable the profit center number field to the right, and allow the entry of a general ledger account number for the appropriate department.

No
Select this option when you do not want the system to use a profit center number with transactions for this income code. The next field Profit Center is disabled.

Unit
Select this option when you want the system to use a profit center number that is determined by the unit/apartment associated with the transaction. For this value to be fully functional, you must set up the profit center on the Units Tab.

Resident
Select this option when you want the system to use a profit center number that is determined by the lease associated with the transaction. For this value to be fully functional, you must set up the profit center on the Lease Information Tab.

Profit Center

This field is available only when you select Yes in the field PC Flag above.

Enter the profit center that you want the system to use for the selected income code.

1. From the eSite menu, select Setup—Property—Income Codes.
2. From the menu option's grid, click Add Income Code.
3. Complete the required fields on the General and Accounts tabs. Use the Fields lists for help.
4. Click Save.

1. From the eSite menu, select Setup—Property—Income Codes.
2. From the menu option's grid, select the link in the Code column for the Income Code you want to edit.
3. Make your desired changes to the General and Accounts tabs. Use the Fields lists for help
4. Click Save.

1. From the eSite menu, select Setup—Property—Income Code.
2. From the menu option's grid, click the Delete icon for the Income Code you want to delete.
3. Click OK to confirm.