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Table of Contents (Online Help)

Modify Time Deposits

This window allows the user to modify a client Time-Deposit. To be able to modify a Time-Deposit, the Time-Deposits should have been opened under Savings/Time Deposits/Open Time Deposits. Time Deposits that have already been entered can be retrieved, modified and then saved

How to Modify Time Deposits

Time Deposits that have already been entered can be retrieved, modified and then saved.

To modify Time Deposits, go to Savings/Time Deposits/Modify Time Deposits, the following screen appears:

• Enter the number of the time deposit to be modified in the Time Deposit No.: text box

Click on the Next command button to continue. (The Open Time-Deposit dialog is displayed with the specified time deposit details)

• Make the desired modifications from the available details.
• Click on the Save command button to complete. (A dialog prompts to preview the Time Deposit Certificate.)
• Click on the Yes command button to continue. (A Time Deposit Certificate is displayed.)

• Click on the Yes command button to continue. (A Time Deposit Certificate is displayed.)
• Close the certificate preview. (A dialog prompting to print the Time Deposit Certificate is displayed)

• Account No: This field will automatically be populated with the account number of the selected client, e.g., "KA000003".
• Name:This field will automatically be populated with the name of the selected client, e.g., "Dalton James".
• Product: Select the time deposit product from the drop down list. Note that the currency for the selected time deposit will automatically be displayed.
• Reference No: This field will automatically be populated with the selected client's reference number, e.g., "123456666".
• Deposit Date: This is the date when the time deposit amount is deposited with the organisation, e.g., "30/12/2019".
• Value Date: Enter here the value date. The value date is the date that the system should start counting the time deposit period. e.g., "30/12/2019
• Amount: Enter the amount that you wish to deposit, e.g., "4,000,000".
• Voucher: The voucher number text box will automatically be updated with
• Interest rate: Enter here the interest rate however you need to have set the interest rate range under System Configuration\Time Deposit Configuration
• Call Deposit: Tick this option to make the time deposit a call deposit. A call deposit is one where the bank that allow the depositor instant access to their accounts. Withdrawals and deposits can be made at any time.
• Period in Months: Enter here the number of months that the time deposit will take
• Interest Capitalized: Tick this option to activate interest capitalization. Capitalization is the addition of unpaid interest to the principal balance of your time deposit when payments are postponed unpaid interest is capitalized.
• Maturity Date: This is the date the time deposit will end it is determined by the period in months from the time deposit date/time.
• Withholding tax (%): Enter the percentage of the interest payment that will be withheld by the organization and sent directly to the government as partial payment of income tax.
• Withholding tax: The amount of withholding tax charged above will automatically be populated in this field.
• VAT: The VAT textbox will automatically be updated with the VAT charged according to the current VAT rates set at Support Files/VAT rates.

Select the mode of interest calculation from the available radio options. For further information on these option refer to Interest Calculation Methods.

Note Also you have to indicate what should be done with the capital at maturity. The possibilities are to automatically renew the time deposit for another term, to remit the balance to the savings account or it can be withdrawn by the client in cash.

Contact LPF live support for more information
This service requires an Internet connection.