Applying Interest to Accounts

After setting up interest profiles and interest for accounts, you can then apply interest to accounts. For example, interest on security deposit accounts. See "Setting Up Interest Profiles"; See "Setting Up Interest for Account(s)"

Applying interest to account(s) is, in most cases, a monthly process and can be accomplished in the Periodic Processing area of the Tenant Accounts Receivables (TAR) program.

1. On the Main Menu screen, click PERIODIC. The Periodic Processing screen opens.
2. Select the Monthly tab and click APPLY INTEREST. The Generate Interest Transactions Wizard is initiated.

Note: Even though the Apply Interest option is available on the Monthly tab, there are several options of applying interest depending on the account: daily, monthly, and annually.

3. Click START, select the interest profile that includes the account you want to work with from the drop-down list, and click OK. This is your agency-defined list of interest profiles, which you maintain in Setup. See "Setting Up Interest Profiles"
4. Click NEXT to continue to the next step of the wizard.
5. Specify the processing date. This is the end date for manually calculating interest. The program will begin calculating interest from this date forward.
6. Select the developments included in the interest profile that you want to work with by checking the checkbox(es). By default, all developments are checked.

Hint: Click to check all checkboxes; click to uncheck all checkboxes.

7. Click OK and then click NEXT to continue on with the wizard.
8. Select the account types included in the interest profile that you to work with by checking the checkbox(es).
9. Click OK and then click NEXT to continue.
10. Specify the date of the transaction (the date interest is posted to a tenant's account and the date the GL entry is made) and, if using distributed actual interest calculation, enter the amount to distribute.
11. If this is the first time you are applying interest to these account(s), you will need to enter the date to start calculating interest.

Caution! If all developments are not selected the first time you apply interest (on step 2 of the wizard), there is not another opportunity to specify the date to start calculating interest, and interest will be calculated from the date a payment/deposit was received. Please contact Tenmast if you have a specific case where not all developments would be selected the first time.

12. Click OK and then click NEXT to prepare the transactions. Click NEXT again to display all the prepared interest transactions.
13. Check the checkbox(es) of the accounts to which you want to apply the interest and edit the interest amount, if necessary.
14. Click OK and then click NEXT to continue to the next step of the wizard.The Interest Transaction Listingappears.
15. Review and confirm the interest transactions you have set up and SAVE or PRINT the report for your records.
16. Click CLOSE to exit the report and return to the wizard.
17. Click NEXT to finish the wizard and apply the interest transactions. The interest is now applied to the account(s) in the specified development(s).

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