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Time Deposits GL Accounts

If you have activated the Accounting module of Loan Performer by entering the start of the financial year in the menu System\Configuration\Accounting, you have to specify the General Ledger accounts on which the Time Deposit transactions will be booked.

Click on the GL Accounts Time Deposits page. The accounts you define here will be common for all Time Deposit products.

All Time deposit transactions will fall under the General Ledger accounts listed below:

• Time deposits account: This is the General Ledger account for the time deposits
• Interest due on time deposit account: This account will be booked with the amount of interest that has fallen due.
• Penalty on the time deposits; Penalties charged on time deposits will be posted into this account.
• Interest paid on Time deposit: Time deposits attract interest. When interest is paid the are booked into this account
• Cash differences on time deposit
• Accrued interest due account:This account will be booked with the amount of interest that should have been paid but not yet paid.
• Accrued interest cost account: This account will be booked with the amount of interest that was due and has been now been paid.
• Cheques suspense account: All cheque payments in LPF are first deposited with a suspense account
• Withholding tax account: In case taxes are levied on interst earned from time deposits, this account will be used as a collection of that interest before it is transferred to the tax body.

In case you need extra time deposit accounts, you can create others from the chart of accounts.

You can select the appropriate account from the list in the drop-down window or you can create a new account by clicking on the "New GL Account" command button. To assign a newly created account for booking of any of the time deposit transactions click on the "Return" button on the "Chart of Accounts" screen, scroll the corresponding drop-down window and highlight the appropriate account.

To save the Time Deposit settings press the button "Save" and either close the menu or go to the previous or next screen of the menu System/Configuration using corresponding buttons. You can view/print the parameters of the configuration (button "Print") and keep them for future reference.

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