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Similar to: Periodic Accrual for Loans financial institutions will want to recognize expenses/incomes accrued on deposit product accounts too.

Today, deposit products do not support accrual accounting. This spec is to enhance the accrual accounting in Mifos to support periodic accrual of expenses/incomes on deposit accounts too.

Deposit product expenses: Interest to be paid on deposit accounts

Deposit product incomes: fees, interest on overdrafts

The organization may

a) recognize income/expenses periodically (as specified as a configuration - the same as what is specified at: Periodic Accrual for Loans):


b) recognize income/expenses as on a particular date (which will be manually specified when invoking the accrual job).

Background and strategic fit


Changes to Existing Screens


  • Deposit product screens to be enhanced to capture the accrual accounting General Ledger account heads

Changes/Enhancements to Batch Jobs


Changes/Enhancements to Accounting Entries


Deposit Products need to capture additional accounting General Ledger heads under which accrual of incomes and expenses will be done.

Under assets: Interest Receivable, Fees Receivable, Penalties Receivable

Under liabilities: Interest Payable


Recognition of Interest to be paid:

                 Interest on Savings (Expenses) Dr,

                 Interest Payable (Liability) Cr

Recognition of Interest (or Fees or Penalties) Receivable:

                 Interest (or Fees or Penalties) Receivable (Asset) Dr,

                 Income from Savings (Income) Cr

User interaction and design