Setting Up Interest for Account(s)

After setting up interest profiles, you need to identify the general ledger revenue accounts to which you post interest received from developments that use a specific account type/transaction type combination. Each interest charge that matches a given transaction, development, and account type will post to the revenue account you identify.

1. From the Main Menu screen, click SETUP. On the Receivables Setup screen that appears, select the Offices and Accounts tab and then click ACCOUNTS. The Browse Customer Account Types screen appears with all available account types displayed in a table.
2. Highlight the account type you want to work with and click . The Maintain Customer Account Types screen opens with the selected account type's information displayed.

Note: The account type that is highlighted on the Main tab of the Maintain Customer Account Types screen is the account type to which you are mapping and are working with.

3. Select the Development Account Mapping tab and then click the INTEREST ACCOUNT MAPPING button on the bottom of the screen. The Maintain Interest Ledger Accounts screen appears with all developments mapped to the selected account type displayed in a table.
4. Highlight the development you want to work with and click .
5. At the bottom of the screen, choose the account number into which you post interest generated for this account type. You maintain your general ledger accounts in the General Ledger program.
6. Click to save and set up the interest for the account.
7. Repeat steps 4-6 until all developments have a specified account number.
8. Click to exit and return to the Development Account Mapping tab.
9. Repeat until all account types have revenue accounts mapped to their associated developments.

Now that you are finished setting up the needed information to make an interest application to account(s) possible, you can now apply the actual interest to those account types. Applying interest to accounts can be accomplished in the Periodic Processing area of the TAR program. (See "Applying Interest to Accounts")