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Close Savings Account -Transaction Information

This menu is used to close savings accounts. There may be charges and penalties associated with the accounts closure and these should first be set at System->Configuration->Savings->Savings Accounts Settings.

Note also that if there are Minimum Balances for the savings account, set at the System->Configuration->Savings->Interest on Savings, then the withdrawal below the minimum balance amount will be possible only after the closure of the account. 

How to Close a Savings Account

To close a savings accounts you go to Savings->Close Savings Account and a screen like the one below shows up:

From the available radio buttons, select the type of client whose savings account is to be closed, e.g., "Individual Client" or click on the Choose button to select the account number.

Click on the Next button to continue and a screen like the one below shows up:

The Account No. e.g., "DB/I/000001" and client Name e.g., "120/000020" will automatically be displayed.

• Product:  From the drop down box, select the appropriate savings product, e.g., "Free Savings".
• Transaction No.:  The transaction number will automatically be assigned by Loan Performer, e.g., "120/000020".
• Account closed on:  Enter the date on which the savings account is being closed, e.g., "14/08/2012". The time of closing the account will be automatically be displayed.
• Voucher:  Enter the voucher number (if required or made compulsory at configuration).
• Account closing charge:  Enter the amount of money charged for closing a savings accounts, e.g., "3,000". The account closing charge (if applicable) can be entered here every time a savings account is being closed, or it can be set as default or compulsory amount if it is set at Savings Product Settings.
• Savings Balance: The savings balance on the client’s savings account will automatically be displayed in this textbox, e.g., "500,000".
• Reason:. Loan Performer requires you to enter the reason as to why the account is being closed, e.g., "Change of residence".
• Calculate interest:  When this option is checked, Loan Performer will calculate interest on this savings account from the starting date of the current interest period to the closing date of the account, in accordance with the settings for interest calculations at Interest on Savings. 
• Cancel operation if there is no interest to calculate: If there is no interest accruing to this account i the period then when you click on the Save button the close savings account window will be closed.
• Update Savings Accounts: When this option is ticked the interest that has been calculated on this account will be posted to the GL: accounts.

You can view a report on closed savings accounts at Savings->Savings Reports->Closed Savings Accounts Report menu. You can also get a general idea on how many accounts were opened or closed during a certain period from the State of accounts Report in the same menu.

Click the Save button to close the account.

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