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Table of Contents (Online Help)

Interest on Time Deposits

This window allows the user to compute and add interest to time Time Deposit to the selected accounts. The interest is calculated depending on the specified date and the interest calculated will only be added to the client accounts when a print out has been made.

• Interest should be added regularly to the accounts. You need to run the interest module for time-deposits. The interest is calculated depending on the date that you enter. You then have a possibility to indicate whether certain accounts should or should not get interest.

Note that for interest to be added, you need to make a printout when the system prompts you to print. If you have forgotten to enter a time-deposit before you run the interest module, you can enter the missing TD and run the interest module again for the same date. It will now just show the interest for the missing TD.

Note that the interest treatment will also depend on the option you chose of what the system should do upon maturity of the time deposit under Time Deposits/Open Time Deposits, what happens when time deposit matures?

How to calculate Interest on Time Deposits

To access this menu you go to Savings\Time Deposits\Calculate Interest on Time Deposit. A screen like one below will show up:

• Date of Interest calculation: Enter here the date of Interest calculation e.g "30/12/2019", it will also be the date when this interest will be posted to accounts.

 Select the type of client you wish to calculate the Time Deposit Interest for.

• Calculate:  Click on the Calculate button and the calculated interest will show up in the in the scroll space as shown below.

You can select which accounts the Time deposit interest should be excluded by un-ticking the corresponding pay column. By default all clients have a tick placed against them in the pay column.

• Save: Click on the Save button to save the changes made. LPF will prompt you whether to Preview the Report or to Exit. Select the Preview option and the screen showing the Interest Paid on Time Deposits comes up as sen below:

• When closing / exiting this report, LPF will prompt you whether you want to "Print the report" or not.
• If you select "Print" the report will be printed and the savings accounts updated with the interest calculated. If you select not to print the window will close without updating the savings accounts.

Related Topics

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