Escrow Interest Distribution Screen

In some states, if you earn any interest on an escrow account, you are required to distribute the interest to the homeowners. If you are required to do this, you can use the Escrow Interest Distribution screen to help you perform this task. You can access this screen by opening the Finances tab in the Keystone ribbon and clicking Interest Distribution. For more information, refer to the Distributing Escrow Interest section.

Field Name	Type	Description
Beginning Date (Period)	Entry	The beginning date of the period for which you wish to compute the interest.
Ending Date (Period)	Entry	The ending date of the period for which you wish to compute the interest.
Annual (Interest Rate)	Entry	The annual interest rate from the bank statement. If you are given the daily interest rate rather than the annual rate, enter the daily rate into the Daily field. After you enter either the Annual Interest Rate or the Daily Interest Rate from the bank statement, the other field is computed and filled in automatically.
Daily (Interest Rate)	Entry	The daily interest rate from the bank statement. If you are given the annual interest rate rather than the daily rate, enter the annual rate into the Annual field. After you enter either the Annual Interest Rate or the Daily Interest Rate from the bank statement, the other field is computed and filled in automatically.
Posting Date	Entry	The date on which you want the interest credited to the homeowner. This field only appears after you click the Compute Interest button.
Inc.	Read-only	If for whatever reason any homeowner should not be posted, you should uncheck their Inc check box. Homeowners with a total interest of $0.00 are not marked to be posted. The Inc check box next to them will appear unchecked.
Homeowner(s)	Read-only	The names of the homeowners are listed in this column.
Beg Bal	Read-only, calculation	The homeowner's escrow balance at the beginning of the specified period.
Avg Daily Bal	Read-only, calculation	The homeowner's average daily escrow balance during the specified period.
Interest	Read-only, calculation	The interest earned on the specified homeowner's escrow account.
Total Interest	Read-only, calculation	The total interest for all included homeowner escrow accounts. It is the sum of all of the values in the Interest column (where the Inc. check boxes are checked).

Buttons

Close - Closes the window.
Compute Interest - When you click the Compute Interest button, Keystone will compute and display the Beginning Balance, the Average Daily Balance, and the Total Interest (the sum of the positive daily balances multiplied by the daily interest rate) for each homeowner.
Post - Click to post the interest credit to the homeowner. Keystone will ask you to confirm that you want to post the interest disbursements. If you go ahead with the posting process, Keystone will post this information to the homeowners’ disbursement accounts and display the number of entries that it has made.

At this point, you can view the credit on a homeowner’s disbursements by clicking the Disbursements button on the Mortgage/Payment Information screen. The generic term Bank is used as the Payee and the period for which the interest is being paid is included in the Notes field.