Comprehensive Deposit Interest

Topics Setting Up Comprehensive Deposit Interest Rules Conversion to Comprehensive Deposit Interest Calculating Comprehensive Deposit Interest Distributing Comprehensive Deposit Interest Deposit Interest Utilities Deposit Interest Reports Preparing T5 Forms

This section describes how to set up and use the comprehensive deposit interest method for calculating and distributing deposit interest.

The comprehensive deposit interest method calculates and distributes a percentage or flat amount. It requires some setup, but it tracks interest distributions and will not allow you to pay interest more than once to the same resident for the same period. This method offers a complete set of reports.

Once you set up a deposit rule and apply it to a property, Voyager uses comprehensive deposit-interest management for that property.

If you have previously calculated or distributed interest outside of Voyager or using the Simple Deposit Interest method in Voyager, you can begin using comprehensive deposit interest by completing a conversion. Conversion accounts for previously calculated and distributed deposit interest, so that you don't calculate or distribute interest for the same period more than once.