Interest Setup for Check Stub and Revenue Distribution
The setup must be completed in Check Stub Entry and in Revenue Billing to have the ability to use the Rev 1099-INT extract for 1099's. This menu item will not be visible in the 1099 module unless this setup is complete.
Set up for Interest (INT) in Check Stub Entry
1. Add the product code “INT.” In Check Stub Entry > Company Maintenance > 92 Product - add the product code “INT”
2. Once the INT product code is setup add the Interest Income distribution account for the INT product code to the chart of accounts by clicking on F11 and adding the new account. Account 9701 will be used for this example.
3. Map the Interest Income accounts in Check Stub Entry > 94 100% Account.
After the account is setup, you will need to map the 100% accounts for the INT product code in Check Stub Entry. This is done by going to Company Maintenance > #94 100% Account and adding the 9701 account to the gross line from product code INT.
4. Setup purchaser with Gross$ and Net line items in Check Stub > 80 Purchaser.
After adding the mapping, you will now need to decide if you’re using an existing Purchaser or setting up a new one. Generally, we recommend setting up a new Purchaser; however, it is ultimately up to you. If setting up a new Purchaser, make sure this purchaser has both Gross $ and Net Rev line items added.
5. Add INT product code to the Purchaser on the Products tab.
6. Create a Division Order for INT. Once the Purchaser is setup, create a Division Order for the property that will be distributing the INT income. Setup for this is done in Check Stub and in Revenue/Billing.
First, go to Check Stub > Master File Maintenance > 83 Division Order (F3). This check stub will need to be run thru a Revenue Distribution cycle, so choose the option for Rev Distribution.
Next, go to Revenue/Billing > Master File Maintenance > Division of Interest (F3) and review the DOI or add a new one if necessary:
7. Enter and post a check stub in Check Stub Entry for the INT product code. Now that the setup is complete, you can start entering in check stubs using the INT code.
8. Run through a Revenue cycle.