How to Create, Edit or Delete Fixed Interest Rules

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.

 

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