The Storage Bank Interest Calculation process calculations interest on storage bank earnings. The interest is stored as a storage bank entry and prior interest may also be included in the interest calculation. This process is intended for calculating the interest on employee's savings being held in trust. The interest would be calculated and stored in an Earnings Accrual storage bank for payment to the employee. This process allows for a range of pay periods to be defined where the storage bank balance is carried forward each pay period.
This process includes the option to create an interface file containing the journal entries to update the accounting system reflecting the storage bank interest. These journal entries are placed into the file ###%%%%PRIN0I.YPP. Where YPP is the last three digits of the current pay period, ### is the BAS interface code (field 7 in the OPS Master Profile), %%%% is the payroll ID code (field 6 in the OPS Master Profile).
This process includes the option to maintain multiple sets of stored prompts.
Name the prompt sets by defining a title up to 10 characters, with a 30-character description.
On the first prompt click the Report Defaults icon to select an existing set of prompt values. You can delete prompt sets or change the description from the Report Default icon.
NOTE: This option is forced to batch.
Enter Storage Bank Codes for Interest Calculation
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Enter one or more the storage banks to have interest calculated on the earnings. Enter the interest and/or savings storage banks that interest will be calculated on.
Enter Storage Bank Code to Receive Interest
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Enter the storage bank code where the interest is to be accumulated. This must be an Earnings bank. It is recommended an accrual bank be used to allow for GL account codes to be defined if necessary.
The interest deposit is generated with a bank type of 'IT'. A bank type adjustment of 'at' is also available through Storage Bank Adjustments. This process will only recognize interest entered as either type IT or at.
Enter Starting Pay Period
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Enter the starting pay period for a range of pay period to calculate or recalculate interest.
Enter Ending Pay Period
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Enter the ending pay period for a range of pay periods to calculate or recalculate interest.
Enter Opening Balance Pay Period
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Enter the pay period that defines first pay period where the earnings and interest is to be accumulated and carried forward for interest calculation. This would be the first pay period where earnings were held for the current year.
Report All or Selected Employees
Report Employees Terminated/On Leave/Both
Enter Interest Percentage
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Enter the interest percentage to be applied per pay period.
Sort by Employee# or Name
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Enter 'E' to produce the report in employee number order.
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Enter 'N' to produce the report in employee name order.
Generate GL Entries and Interface File
NOTE: The GL Liability account(s) must be defined on the Accrual storage bank table.
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Enter 'Y' to generate GL transactions and auto interface for the interest calculation.
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Enter 'N' to omit the GL transactions for the interest calculation.
Report Only or Process Update
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Enter 'R' to only generate the report.
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Enter 'P' to process the interest calculation and GL transactions.
When Generation of GL Entries Was Selected:
Do Auto Interface
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Enter 'N' to omit the auto interfacing
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Enter 'Y' to auto interface the Journal Entries and Invoice Entries interface files.
This report lists the following:
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Employee name and number
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Starting balance – accumulated interest/savings as of opening period
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Pay Period
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Existing interest for period
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Existing savings for period
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Total earnings for interest calculation for period
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Total interest for pay period
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Interest Adjustment amount, total interest less existing interest for period
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Rejections due to missing interest storage bank on employee
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GL account, description and amount when applicable
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Grand totals including number of rejections
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