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Transfer All Matured Time Deposits

Loan Performer offers the flexibility of transferring matured time deposits to the corresponding client's savings account. The transfer will include both the principal amount and interest earned in the period.  

How to transfer All Matured Time Deposits

To transfer matured time deposits you go to Savings\Time Deposit\Transfer all Matured Time Deposits. A window like the one below shows up:

Note:
1. You will be able to see all the time deposit transactions that occurred on the client's account under the menu Clients/Individual clients/Time Deposit (Ind. Clients).

Note: Before you can transfer matured time deposits,

1. Ensure that there is a designated savings product that the time deposits will be transferred to

2. Also ensure that all time deposit clients no single client is with out savings account

3. Also note: That only one savings product can be used to transfer time deposits at a time.

4. All beneficiary clients must have the selected savings product or else the transfer will not be effected.

5. If some beneficiaries have no required savings product yet the transfer has to take place, you can un tick their corresponding check box of such clients and proceed with the transfer of the other beneficiaries as seen below.

• As at: In the as at date textbox, enter the date by which you want all the matured timed deposits to be transferred, e.g., "30/04/2020".
• Product: This is the savings product to which the matured time deposit will be transferred. Loan Performer can have several savings products set at  System\Configuration\Products. From the drop down of the listed product, select the accounts to which the matured time deposits should be transferred to, e.g., “Free Savings”.
• Load Data: Click this button to display all the matured time deposits that you have up to the reporting date that you have set. When you click the this command button, all the matured time deposit details as per the set date in this case "30/04/2020", are displayed in the scroll window.
• From the list displayed, select the ones to be transferred by ticking the corresponding transfer check box.

• Click on the Save button to complete the transfer and the Close button to exit the menu.

NB: The transferred amount is reflected in the clients Savers Statement at Savings\Savings Reports\Saver's Statement.

Related Topics

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