Overview
You can configure interest settings for Refundable deposits at the property level. When a lease is created for that property, SIRE automatically copies the configured interest details to the lease.
Where to Set Property-Level Interest
Go to the property setup and open the Deposits tab.
The Interest setup icon is available when the deposit is configured as Refundable. Select the icon to open the deposit interest setup window.
Why Set Interest at the Property Level?
Property-level interest settings provide defaults for new leases created under the property. This avoids entering the same interest details for every lease.
Property-level interest setup is optional. You can still edit the copied settings at the lease level.
Interest Setup Fields
|
Field |
Description |
|---|---|
|
Interest Rate |
Select an active interest rate configured in the Interest Rate Setup area. Interest types can also be configured under Company > My Preferences. |
|
Interest Basis |
Select how interest is calculated: Actual days uses the actual number of days, and 30-day month uses a 30-day calculation basis. |
|
Interest Liability Account |
Select the General Ledger account used to track the liability for accrued interest. |
|
Interest Exp/Clr Account |
Select the General Ledger account used for interest expense and/or clearing interest. |
|
Compounding Frequency |
Select No compounding, Monthly, Quarterly, or Annually. |
Required Fields
Interest setup is optional for a refundable deposit.
If you enter any interest setup value, all of the following fields become required:
-
Interest Rate
-
Interest Basis
-
Interest Liability Account
-
Interest Exp/Clr Account
-
Compounding Frequency
Lease-Level Behavior
When a lease is created under the property, SIRE copies the property-level interest settings to the lease deposit.
The copied settings can be reviewed and modified at the lease level. The lease-level values are used for the lease's deposit interest processing.
These settings apply only to Refundable deposits.
Frequently Asked Questions
Where Do I Configure Property-Level Deposit Interest?
Go to Setup > Properties, open the property, select the Deposits tab, and select the Interest setup icon for a refundable deposit.
Why Is the Interest Setup Icon Disabled?
The icon is available only when the deposit is marked Refundable.
Is Interest Setup Required?
No. Interest setup is optional. However, once any interest field is entered, all interest setup fields must be completed.
Are Property-Level Settings Copied to New Leases?
Yes. SIRE copies the property-level interest settings to deposits on new leases created under the property. You can modify the settings at the lease level.