Use this tab to set up the payment of interest on security
to your residents if the property is located in a state that requires
this type of payment. This setup enables all the applicable calculations
so that your system can automatically incorporate security deposit interest
as part of your regular business.
Prior to setting up security deposit interest, the
following policies and selections must be set up for full security deposit
interest functionality.
Income Code
The display-only income code to which you are
adding interest-calculation information.
Left Side of Tab
Last Calculated
Enter a date for security deposit interest calculation
for the property. Or click the calendar button to display an electronic
calendar and select the date. Once entered, this date is maintained by
the system. Your entry in this field prompts the system to display messages
on the Exceptions Report; however, associated data is not used in the
security deposit interest calculation.
Rate
Enter an annual percentage interest rate using
the format 0.00.
Calculation Method
Select a method from the drop-down list. The following
methods are possible for calculating security deposit interest:
Simple
This option is the default.
Annual Compounding
Selecting this option enables the field Compound, Simple
during odd period.
Semi-annual Compounding
Selecting this option enables the field Compound, Simple
during odd period.
Quarterly Compounding
Selecting this option enables the field Compound, Simple
during odd period.
Monthly Compounding
Selecting this option enables the field Compound, Simple
during odd period.
Daily Compounding
Continuous Compounding
Eligibility From
Select an option from the drop-down list. The
default is Date of Deposit. The following from options are possible: Date
of Deposit or First Full Month of Deposit or Move In Date.
Period of Delay
Select a period from the drop-down list The default
is No Delay. The following options are possible: No Delay or Days or Months
or Quarters or Years.
Security Min. Amount
Enter the minimum amount of security a resident
must have on hand before becoming eligible to earn security deposit interest.
Disposition
Select an option from the drop-down list. The
following from options are possible:
Accrue Interest
This option is the default. Accept this default if you want the system
to create transactions and let the interest accrue in the resident record
for disbursement at a later time.
Refund to Resident
Select this option if you want the system to create transactions and an
accounts payable security deposit interest refund that you can import
into the accounts payable system.
Forfeit to Income Code
Select this option if you want the system to create and forfeit transactions
to the selected income code.
Distribution Freq
Select a frequency from the drop-down list. The
following frequencies are possible:
Annually
This option is the default. Accept this default if you want security deposit
interest disbursements paid to the resident on an annual basis.
Semi-annually
Select this option if you want security deposit interest disbursements
paid to the resident on a semi-annual basis.
Quarterly
Select this option if you want security deposit interest disbursements
paid to the resident on a quarterly basis.
Every Time Calculated
Select this option if you want security deposit interest disbursements
paid to the resident every time the system calculates the interest.
Annual Thru Prior Month
Select this option if you want security deposit interest disbursements
paid to the resident on an annual basis and through the prior month.
Enter G/L Accounts
This option defaults as unchecked. Accept this
default if you do not want the system to allow you to link income codes
to any general ledger accounts.
Click this option to add a checkmark if you want
the system to open the Income Codes grid after adding the income code to the system.
You can use the grid to associate general ledger accounts with this income
code.
Right Side of Tab
Frequency
Select a frequency from the drop-down list. The
following frequencies are possible:
Annually
This option is the default. Accept this default if you want security deposit
interest disbursements calculated on an annual basis.
Semi-annually
Select this option if you want security deposit interest disbursements
calculated on a semi-annual basis.
Quarterly
Select this option if you want security deposit interest disbursements
calculated on a quarterly basis.
Monthly
Select this option if you want security deposit interest disbursements
calculated on a monthly basis.
Your selection in this field prompts the system
to display messages on the Exceptions Report; however, associated data
is not used in the security deposit interest calculation.
Calendar
Select the number of days in the calendar year
for calculating security deposit interest. The default is 360 days. The
following options are possible: 360 Days or 365 Days.
Compound, Simple during odd period
This option is enable based on the selection made
in the field Calculation Method.
When enabled, this option defaults as unchecked.
Accept this default if you want the system to use the compound method
to compute interest for the entire period.
Click this option to add a checkmark if you if
you want the system use the simple method to compute interest for the
partial period.
Eligibility Through
Select an option from the drop-down list. The
default is SODA Date. The following through options are possible: SODA
Date or Move Out Date or Last Full Month or SODA Rounded or Move Out Date
Rounded.
Delay count
Enter the number of delay periods based on the
option selected in the field Period of Delay.
Security Amount Over
Enter the amount of security deposit that is not
eligible for interest. When the system calculates, it calculates the interest
for security deposit amounts over the value in this field.
Forfeit Income Code
This field is enable only when you select Forfeit to Income Code for the field Disposition.
Select an income code to forfeit security interest to from the drop-down
list. Only active-status income codes established for deposits subject
to interest will display.
Distribution Months
Enter the minimum number of months a resident
must have a security deposit on hand before security deposit interest
can be distributed back to the resident.
Fields