Deposit Interest Overview

Some countries, states, provinces, and municipalities require property managers to pay interest on resident deposits. You can use Voyager to calculate and pay interest to residents.

Voyager processes deposit interest in two ways: comprehensive deposit interest and simple deposit interest. Simple deposit interest calculates and distributes interest by percentage or a flat amount. Comprehensive deposit interest allows you to set up rules for calculation and distribution, track the distributions and convert from other calculation methods. The following table compares the methods:

	Comprehensive Deposit Interest	Simple Deposit Interest
Setup Required	Deposit rule required and applied to a property	None required
Calculates Compound Interest	Yes	No
Calculates and Distributes Interest	Yes	Yes
Records Distributions	Yes. Allows only one distribution per period.	No. Can make more than one distribution in the same period.
Conversion from Other Calculation Method	Yes	No. Manual entry of existing calculation required.
Uses G/L Accounts with Segments	Yes	No
Deposit Interest Reports Available, including T5 Slips	Yes	No