How can I compute Deposit Interest and apply it to the tenant's account?
Tanvir Mahedi
27 steps
3 minutes
Mipropertyportal
1
Log into the Admin Portal
2
Go the "**Tenant Management" dropdown** under "**Administration**" on the left navigation
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Click on "**Tenant**" under the "Tenant Management" dropdown
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Search for a **Tenant**
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Click on the "**Name**" icon to get into the profile
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Once in the "Tenant Details" page, scroll down to the '**Deposit**' section
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Navigate to the "Deposit" section and click on the icon resembling an "**Interest Calculator"**
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Start the date range by clicking on "**Start Date (mm/dd/yyyy**)".
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Finish the date range by clicking on "**End Date (mm/dd/yyyy)**"
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Select the "**Yes**" option under "Is the end date the same as the tenancy end date?"
Alert- If you select yes, we’ll assume that the landlord became entitled to the deposit on the last month of the tenancy; Interest will not be accrued for the last month
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Click "(If you select yes, we’ll assume that the landlord became entitled to the deposit on the last month of the tenancy; Interest will not be accrued..."
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Select the "**No**" option under "Is the end date the same as the tenancy end date?"\ if it applies
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Click on "**Calculate**" to ascertain the amount
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Once calculated or ascertained, the amount would be displayed like this.
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You'll then have the option to "**Top Up Deposit**" or "**Add To Tenant Credit**" the interest amount
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Select "**Top Up Deposit**" if you wish to apply the deposit interest amount for topping up the deposit.
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You have two options for topping up with deposit interest: "**Rental Deposit"** and "**Pet Deposit**"
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In this case, we will proceed with the "**RENTAL DEPOSIT**" option.
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Make sure the box remains ticked beside "**Forward from Interest Already Collected**"
Alert- A deposit transaction is added when you've received money for the deposit.
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Click the "Reference #" field to put any reference number
Alert- Account reconciliation will use this reference number to group the transactions
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Click on the "Some note about this transaction" field to include any comments, observations etc.
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Click on "Add Transaction" to finish up.
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If you wish to add the amount as tenant credit, please select "Add To Tenant Credit"
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Make sure the box remains ticked beside "Forward from Interest Already Collected"
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Click the "Reference #" field to put any reference number
Alert- Account reconciliation will use this reference number to group the transactions
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Click on the "Some note about this transaction" field to include any comments, observations etc.
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Click on "Submit" to finish up.
