Loan Performer allows you to allocate separate General Ledger accounts for booking of transactions for each of the savings products and for each type of clients (i.e. Individuals, groups and business).
Bookings will be made only after you activated the accounting module of Loan Performer at System\Configuration\Accounting menu. This page looks as follows:
- Savings Product: Click on the arrow button and choose the product from the drop-down list. The product should be previously entered in the menu System\Configuration\Products. Now you can select appropriate GL accounts from the lists in the drop-down windows for each type of loan transaction or you can Create new GL Accounts by clicking on the "New GL Account" command button.
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Interest Paid: Select the GL account for savings interests paid e.g."430040"
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Accrued Interest: Select the GL account for accrued interests earned e.g."430040"
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Accrued interest cost: Select the GL account for savings interests paid e.g."430040"
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Negative interest charge: Select the GL account for interests earned on overdrafts e.g. You should have configured the percentage to charge for interest rate for negative balances under System/configuration/Savings/Interest on savings
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Overdraft interest after expiry date: Select the GL account for interests earned on overdrafts after the overdraft period had expired."430040"
- Penalty fees on savings:
- Commission on savings: Select the GL account for booking commission on savings e.g."430040"
- Cheque account:
- Cheque charges account: Select the GL account for Cheque charges e.g."430040"
- Commission on bounced cheques (Savings and loans): Select the GL account for booking Commission on bounced cheques if you charge commission for cheques that bounce this GL will be for only cheques related to Savings and loans transactions only bounced cheques are charged at System/Configuration/Commission Charged for Bounced Cheques
- Withholding tax: Select the GL account for booking withholding tax e.g you should have configured the percentage of withholding tax on interest paid on savings at System/configuration/Savings/Interest on savings
- Stationery account for savings: Select the GL account for booking stationery fees e.g
- Commission on overdrafts: Select the GL account for booking Commission on overdrafts e.g
- Inter Mfi savings transfers:
- Charges on withdrawals: Select the GL account for booking Charges on withdrawals if you levy charges for savings withdrawals. The charges on savings withdrawals is set at System Configuration/Savings/Savings Charges
Click on the Save command button to save the Savings GL Accounts settings and on the Close command button to exit the menu.