Fixed Interest Rules tell the application how to calculate interest for an escrow/trust deposit that is attached to a transaction that is held for more than 60 days and exceeds $5000.00.
Setup / Company Profile / System Defaults / Additional System Settings panel
- Enable Leap Years for Interest Calculation Base Days; ensure there is check
- Interest Type; ensure there is no check if your interest rate is fixed
- Deposit Interest Check/Cheque To: make your selection based on your brokerages Office Policies and Procedures.
To Add, Edit or Delete a Fixed Interest Rule, navigate to Setup / Interest Rules / Fixed
To Add a new rule, select NEW icon and complete details as needed.
- Rule Name – enter a unique label to identify the rule
- Process Fee – enter the numeric value as disclosed in the Agreement of Purchase and Sale and/or other legal document relating to the sale of the transaction. If the Process Fee is taxable, place check in field labelled “Apply Applicable Tax for Process Fee”
- Select SEARCH icon and you will be presented with the Fixed Interest Rate Manager window
- Select NEW icon to configure rate and date, then OK icon to populate the Interest Earned Rate (%) field
- Complete any fields and SAVE
You may enter as many Fixed Interest Rules as required, one for last years transactions, one for G.I.C./Term Deposits, etc.
Editing/Deleting a Fixed Interest Rule
If you wish to edit a Fixed Interest Rule, navigate to Setup / Interest Rules / Fixed, highlight the rule and select EDIT icon. Make the desired changes and select SAVE icon.
To delete a Fixed Interest Rule, highlight the rule and select the DELETE icon. A warning screen will pop up to confirm your decision. Select OK to proceed or Cancel if you have changed your mind.