Prior to setting up income codes, confirm that you have set up the following components:

Setup—Policies—Global Policies—Inter Property, Additional Tab

The option Calculate and bill resident’s sales taxes must be selected to use sales tax options.

The option Calculate Security Deposit Interest must be selected to use sales tax options.

Setup—Policies—Global Policies—Global Names Tab

The global default name must be established.

Setup—Policies—Property Policies—Interface to G/L category

The option G/L Entity interface must be selected to use entity interface options.

Setup—Policies—Property Policies—Additional Options category

The option Track Late Schedules must be selected to use schedule options.

The option Use Profit Centers must be selected to use profit center options.

Setup—Policies—Property Policies—Property Names category

The property default name must be established.

Setup—Policies—Property Policies—Lease Expirations

Options for MTM must be selected to use month-to-month options. The options include:

Automatically change to MTM if Lease is expired.

Automatically change Base Rent to Market Rent if MTM Lease

Keep current Base Rent if higher than Market Rent

Automatically add MTM Recurring Charge if MTM Lease

Setup—Policies—Property Policies—Income Codes category

Default income codes must be established to use income code options.

The tables below match the default selections that the system makes based on the income type you select on the General Tab. Use this table as a quick reference when setting up income codes.

Note

A diamond ( ¨ ) indicates an editable field or selection.

Income Code Type	Potential	Receivable	Interest	Refundable
Non-Rent	Checked Unchecked ¨	Checked Unchecked	Unchecked	Checked
Rent	Checked	Checked	Unchecked	Checked
Deposit Other Security	Unchecked	Checked	Checked ¨	Checked
Security Subject to a Minimum	Unchecked	Checked	Checked ¨	Checked
Other Miscellaneous Income	Unchecked	Checked	Unchecked	Unchecked
Concession	Unchecked ¨	Checked ¨	Unchecked	Unchecked ¨
Vacancy	Checked	Unchecked	Unchecked	Unchecked
Model	Checked ¨	Unchecked	Unchecked	Unchecked ¨
Employee	Checked ¨	Unchecked	Unchecked	Unchecked ¨
Lost Rent	Checked	Unchecked ¨	Unchecked	Unchecked
Percentage Rent	Unchecked	Unchecked	Unchecked	Unchecked

 

Income Code Type	Suppress on SODA	Active	Calculate Late Charges	Prorate
Non-Rent	Unchecked	Checked ¨	Regular ¨	Prorate ¨
Rent	Unchecked	Checked ¨	Regular ¨	Prorate ¨
Deposit Other Security	Unchecked	Checked ¨	Regular ¨	None
Security Subject to a Minimum	Unchecked	Checked ¨	Regular ¨	None
Other Miscellaneous Income	Unchecked	Checked ¨	No	None
Concession	Unchecked	Checked ¨	Regular ¨	Prorate ¨
Vacancy	Unchecked	Checked ¨	No	None
Model	Unchecked	Checked ¨	No ¨	Prorate ¨
Employee	Unchecked	Checked ¨	No ¨	Prorate ¨
Lost Rent	Unchecked	Checked ¨	No	Prorate
Percentage Rent	Unchecked	Checked ¨	Regular	Prorate ¨

 

Income Code Type	Sales Tax 1	Sales Tax 2	Sales Tax 3	Sales Tax 4
Non-Rent	Unchecked	Unchecked	Unchecked	Unchecked
Rent	Checked	Checked	Checked	Checked
Deposit Other Security	Unchecked	Unchecked	Unchecked	Unchecked
Security Subject to a Minimum	Unchecked	Unchecked	Unchecked	Unchecked
Other Miscellaneous Income	Unchecked	Unchecked	Unchecked	Unchecked
Concession	Unchecked	Unchecked	Unchecked	Unchecked
Vacancy	Unchecked	Unchecked	Unchecked	Unchecked
Model	Unchecked	Unchecked	Unchecked	Unchecked
Employee	Unchecked	Unchecked	Unchecked	Unchecked
Lost Rent	Unchecked	Unchecked	Unchecked	Unchecked
Percentage Rent	Unchecked	Unchecked	Unchecked	Unchecked

Income codes can have an assigned status of Active or Inactive. The status governs how the system uses the income code in calculations, reports, and similar functions. By default, each income code is assigned the status of Active.

Since the active/inactive status enables and disables income codes, you may find it convenient to change a status to cause the systems to use—or not use—an income code in calculations, reports, and similar functions.

An income code status can be changed as long none of the following statements is true:

Unapproved transactions that include this income code exist in journals.

Security on hand amounts that include this income code exist for residents.

Open items that include this income code exist for residents.

Active recurring charges that include this income code exist for residents.

Future recurring charges that include this income code exist for residents.

Lease renewals that include this income code exist for residents.

Unit default charges that include this income code exist for residents.

Additionally, to be eligible for a status change, the income code must not be used in the following:

Units cannot use the income code for lost rent.

Late notice schedules cannot use the income code for the late fee.

Late notice schedules cannot use the income code for the APR charge.

Management fees cannot be defined for the income code.

Tax rates cannot be defined for the income code.

HUD interface definitions cannot use the income code.

Student housing definitions cannot use the income code.

Fees cannot be defined for this income code.

Lease renewal worksheets cannot use the income code.

 

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