Deposit Interest : Comprehensive Deposit Interest : Calculating Comprehensive Deposit Interest
Calculating Comprehensive Deposit Interest
Using the comprehensive deposit-interest method to distribute interest requires two procedures: calculating deposit interest, and distributing deposit interest. This section describes how to calculate deposit interest.
Calculating deposit interest determines the amount of interest payable on the deposit and posts it to the general ledger. This procedure does not affect the resident ledger, but it creates entries in an interest-accrued subledger that shows the amount of interest calculated for each resident. When the deposit interest is posted, a journal entry is created for each resident posting the deposit interest to the deposit interest liability and expense account defined on the deposit interest rule associated to the resident.
You can calculate deposit interest for one resident or for all residents by property or property list.
When Voyager calculates deposit interest, you can select how you want to the interest calculated to appear. The options are summary or detail.
Detail View
Summary View
If you have a large portfolio, you may want to calculate deposit interest on a monthly basis. This decreases the time required to process deposit interest. You can set up a task to calculate and post deposit interest. For more information on creating tasks, see “Adding and Reviewing Task Runner Tasks” in the Voyager Service Manager Installation and Setup Guide.
How to...
To calculate and post comprehensive deposit interest for one resident
To calculate comprehensive deposit interest for multiple residents
To review and post comprehensive deposit interest for multiple residents
To calculate and post comprehensive deposit interest for one resident
1
Open the resident record. For more information, see “Reviewing and Editing Resident Records” in the Voyager Residential User's Guide.
2
Click the Deposit Info tab.
3
Click the Calc. Interest button. The Calculate Deposit Interest screen appears.
4
Complete the fields, as needed:
To Date Type or select the last day of the calculation period.
Voyager calculates interest for all deposit receipts from the date in the Last Accrued field on the Deposit Info tab to this date. This includes new deposit receipts that were added in Voyager with a transaction date that is prior to the date in the Last Accrued field.
Trans Date Type the date the transaction will be recorded.
Post Month Type the month the transaction affects the G/L.
Report Only  If you want to view the report without posting the deposit interest, select Yes. If you want to view the report and to post the deposit interest, select No.
Report  If you want Voyager to generate the Deposit Interest Liability Detail report, select Detail. If you want Voyager to generate the Deposit Interest Liability Summary report, select Summary.
5
Click Submit. The report appears. Voyager creates a journal entry to post the accrued interest to the deposit interest liability account and deposit interest expense account.
6
Click the Close button. Voyager closes the report and returns to the Resident screen.
7
Click Save.
To calculate comprehensive deposit interest for multiple residents
1
From the side menu, select Residential > Deposit Interest > Deposit Interest Analytics. The Calculate Deposit Interest screen appears.
2
In the Report Type field, select Calculate Deposit Interest.
3
Complete the rest of the fields. Fields on the left determine which records Voyager includes; fields on the right determine how Voyager updates those records. Users typically process by property or property list, leaving the remaining fields on the left empty.
Property Type or select a code for one or more property or property lists.
Building Type or select a code for one or more buildings.
Unit Type or select a code for one or more units.
Resident Type or select a code for a resident.
Resident Status Select one or more resident statuses.
To Date Type or select the last day of the calculation period.
Voyager calculates interest for all receipts with transaction dates prior to this date that were added since the last time that Voyager calculated deposit interest including new receipts with a transaction date from a period for which it already calculated the interest.
Trans Date Type the date you want the transactions posted.
Post Month Type the month you want the transactions posted.
Summarize By If you want the report to show the deposit and interest calculation information, select Detail. If you want the report to show the total deposit and calculated amount only, select Summary.
4
Click Calculate. Voyager calculates the deposit interest and displays the results in a table. The deposit interest calculated is automatically saved.
You can post deposit interest by clicking Post. Before you post deposit interest, you should review the amount calculated for all residents.
If you navigate away from the Deposit Interest Analytics screen, you can review and post deposit interest by using the Unposted Interest Calculated report type. For more information, see “To review and post comprehensive deposit interest for multiple residents”.
To review and post comprehensive deposit interest for multiple residents
1
From the side menu, select Residential > Deposit Interest > Deposit Interest Analytics. The Calculate Deposit Interest screen appears.
2
In the Report Type field, select Unposted Interest Calculation.
3
Complete the rest of the filter. Fields on the left determine which records Voyager includes; fields on the right determine how Voyager updates those records. Users typically process by property or property list, leaving the remaining fields on the left empty.
Property Type or select a code for one or more property or property lists.
Building Type or select a code for one or more buildings.
Unit Type or select a code for one or more units.
Resident Type or select a code for a resident.
Resident Status Select one or more resident statuses.
To Date Type or select the last day of the calculation period.
Trans Date Type the date you want the transactions posted.
Post Month Type the month you want the transactions posted.
Summarize By If you want the report to show the deposit and interest calculation information, select Detail. If you want the report to show the total deposit and calculated amount only, select Summary.
4
Click Display.
5
Click Post. A confirmation message appears. Voyager creates a journal entry for each resident posting the accrued interest to the deposit interest liability account and expense account.