Interest Rates are configured in SIRE through Setup > Interest Rates.
Before creating an Interest Rate, add the required Interest Type under Company > My Preferences > Interest Rate > Interest Types.
Interest Types In My Preferences
Interest Types are company-level values used to classify interest rate schedules.
To manage Interest Types:
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Go to Company > My Preferences.
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Open the Interest Rate section.
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Add or maintain values in Interest Types.
Only Interest Types configured in My Preferences can be selected when creating an Interest Rate.
An Interest Type appears in deposit interest settings only after an Interest Rate has been created for it.
Adding An Interest Rate
To add an Interest Rate:
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Go to Setup > Interest Rates.
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Select Create.
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Select an available Interest Type.
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Add at least one rate row.
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Enter the As of Date.
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Enter the Rate as a positive percentage.
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Save the Interest Rate.
Interest Type
Select the Interest Type that the rate schedule applies to.
The list contains Interest Types configured under Company > My Preferences. Once the Interest Rate is created, its Interest Type cannot be changed. To use another Interest Type, create a separate Interest Rate.
As Of Date
Enter the date on which the rate becomes effective.
Use one As of Date for each rate period. The same As of Date cannot be used more than once within the same Interest Rate.
Add additional rows when the rate changes over time.
Rate
Enter the interest rate as a positive percentage.
For example, enter 5 for a rate of 5%. Rates must be greater than zero.
Editing An Interest Rate
To edit an existing Interest Rate:
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Open Setup > Interest Rates.
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Select the action menu for the Interest Rate.
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Select Edit.
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Add, update, or remove rate rows.
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Save the changes.
The Interest Type is read-only when editing. Only the rate schedule can be modified.
Viewing An Interest Rate
To view an Interest Rate without changing it:
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Open Setup > Interest Rates.
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Select the action menu for the Interest Rate.
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Select View.
The Interest Rate opens in read-only mode.
Deleting An Interest Rate
To delete an Interest Rate:
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Open Setup > Interest Rates.
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Select the action menu for the Interest Rate.
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Select Delete.
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Confirm the deletion.
Deleting an Interest Rate removes it from the available Interest Rate selections used for deposit interest configuration.
How Interest Rates Are Used
When interest is calculated for a deposit, SIRE uses the selected Interest Type and retrieves the applicable rate based on the relevant date.
If a rate schedule contains multiple As of Dates, SIRE uses the rate that applies to the period being calculated.
The Interest Rate setup defines the rate schedule. Other deposit settings, such as the interest basis and compounding frequency, are configured separately in the applicable property or lease deposit settings.
Frequently Asked Questions
Where Do I Configure Interest Types?
Configure Interest Types under Company > My Preferences > Interest Rate > Interest Types.
Why Is My Interest Type Not Available?
Only Interest Types configured in My Preferences can be selected when creating an Interest Rate.
Why Does My Interest Type Not Appear In Deposit Settings?
The Interest Type must have an Interest Rate configured under Setup > Interest Rates before it appears in deposit interest settings.
Can I Change The Interest Type After Creating An Interest Rate?
No. The Interest Type is read-only after the Interest Rate is created. Create a separate Interest Rate for another Interest Type.
Can I Add More Than One Rate?
Yes. Add multiple rate rows when the rate changes over time. Each row requires a unique As of Date.
Can I Enter A Zero Or Negative Rate?
No. Rates must be positive values greater than zero.
Can Viewers Edit Interest Rates?
No. Users with viewing access can open Interest Rates in read-only mode. Editing and deletion require the appropriate setup permissions.