The Resident Trust Fund program has a built-in feature that will allocate interest earned in the resident trust fund in an equitable manner. Click on Allocate Interest to record the interest earned and distribute it among the residents.

                                                

Enter the dates of this interest period. Pressing <Tab> or <Enter> will move you to the next field. Click on OK when finished or Cancel to return to the Resident Trust Fund Main Menu.

If you clicked on OK, the interest period dates are filled in and the cursor is now in the Enter Interest Amount field. Enter the interest accumulated for this period. Before allocating the interest, the program will inform you that all transactions before [date you entered as the end of the interest period] will be closed. You will be asked if you want to proceed. What this alert message means is that you should be sure that all deposits and withdrawals for the given period have been entered prior to allocating the earned interest. Interest is allocated to each resident based upon his/her daily average balance. Any outstanding deposits or withdrawals will have an effect on the daily average balance, and on the amount of interest to be allocated. Once you enter Yes to proceed, the program will fairly distribute the interest earned among all residents in the resident trust fund.

You will be shown an Interest Allocation Report. It summarizes the residents’ average daily balance and the amount of interest earned. To print out a copy of the report, click on the printer icon at the bottom of the screen or click on File (on the menu bar), followed by Print. Click on Close to return to the Resident Trust Fund Main Menu.