Deposits: Adding Deposit Account Types

Adding Deposit Account Types for your Deposits System.

Introduction

Add a Deposit Account Type


Introduction

The Deposit Account Types are the categories of investment types.

An Entity is the individual person or organisation who invests. Refer to Adding an Entity to read about this.

A Deposit Account is the particular investment that a person or organisation makes.  An Entity may have one or more Accounts. Refer here to read about Adding a Deposit Account.

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Add a Deposit Account Type

Deposit Account Types are the broad categories of investment types that you may wish to add and maintain in your system.

To add a new Deposit Account Type:

  • Go to Deposits > Deposit Account Type.

Existing Deposit Account Types will display.

  • Click New deposit account type.

In the Create New Deposit Account Type screen:

  • Add a Code for this Deposit Account Type.
  • Add a Description.
  • Select the required letter from the dropdown lists for each of the following:
    • Certificate letter master.
    • Maturity letter master.
    • Interest paid letter master.
  • Select the General ledger account for each of the folloing:
    • Accrued interest balance sheet gl.
    • Accrued interest profit and loss gl.
  • Click Confirm.

 

This takes you to the Details screen where you must enter more Defaults and Account Transaction Types.

 

In the Defaults section:

  • Select the Account interest profile.
  • Select the Currency, Company, Branch and Department.

 

In the Account Transaction types section:

  • Select the Cash Receipt and Cash Payment codes from the dropdown lists.
  • Select the Interest Credit and Interest Debit codes from the dropdown lists.
  • Select the Interest Withholding Tax code from the dropdown list.
  • Select the Imputation Credit code from the dropdown list.
  • Click Save and Close.

  

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Last updated: 6 December 2022