Setting up Codes for Lentune's Deposit Module

Codes you'll need for the Deposit Module.

Introduction

Account Transaction Types

Account Interest Profiles

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Introduction

To start using the Lentune Deposit Module, you will need to set up some standard settings for:

• • Account Transaction Types, and
  • Account Interest Profiles.

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Account Transaction Types

You will need to set up Account Transaction Types for:

• • Deposit Interest, and
  • Imputation Credit.

To set up these codes:

• Go to Settings > Account Transaction Types.
• Click New account transaction type.

In the Create Account Transaction Type screen, you can set up codes:

Deposit Interest

Complete these fields for an Account transaction type for Imputation Credit.

 

• Code: Enter the code for this type, e.g. INT.
• Description: Enter the description for this type, e.g. Deposit Interest.
• Input Type: Select No Restriction from the dropdown list.
• Ledger: Select Current from the dropdown list.
• Allocation Type: Select Primary Initiator from the dropdown list.
• Analysis: Select the Analysis code from the dropdown list.
• General Ledger Account: Select the General ledger account from the dropdown list, e.g. Interest Expense.
• Tax: Select No Tax from the dropdown list.
• Check Post interest paid.
• Check Report tax department interest.
• If Withholding tax applies for this Account transaction type , check Report tax department withholding tax. 
• Click Save.

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Imputation Credit

Complete these fields for an Account transaction type for Imputation Credit.

• Code: Enter the code for this type, e.g. IC.
• Description: Enter the description for this type, e.g. Imputation Credit.
• Input Type: Select No Restriction from the dropdown list.
• Ledger: Select Current from the dropdown list.
• Allocation Type: Select Primary Initiator from the dropdown list.
• Analysis: Select the Analysis code from the dropdown list.
• General Ledger Account: Select the General ledger account from the dropdown list.
• Tax: Select No Tax from the dropdown list.
• Click Save.

 

This takes you to the Details screen:

• Check the field Report tax department imputation credit.
• Click Save and close.

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Account Interest Profiles

Account Interest Profiles contain the settings and default interest rates that you will use for Deposits. An Account Interest Profile is attached to a Deposit Account Type. You will need at least one Account Interest Profile.

• Go to Settings > Account Interest Profiles.
• Click New account interest profile.

 

In the Create Account Interest Profile screen, complete the following minimum fields:

• Code: Enter the code for this Interest Profile.
• Description: Enter the description for this Interest Profile.
• Interest Type: Select from the dropdown list.
• Credit Rate: Enter the default interest rate to pay.

Optional fields that are not essential but may be used are:

• Minimum debit interest to post amount.
• Days Grace For Posting.
• Debit rate.
• Click Save.

 

This takes you back to the Details tab for the new Interest Profile record.

You will see one more field that shows that this Interest Profile is Active.

• Click Save and Close.

 

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Last updated: 25 May 2022.