Accounting Fixed and Recurring Deposit Product Fields

An Asset account (typically a Cash account), to which the amount is debited when a deposit is made by the account holder and is credited when the account holder makes a withdrawal.

A Liability account which denotes the Fixed Deposit account portfolio and is credited when a deposit is made and debited when a withdrawal is done.

 An Asset account that is used as a suspense account for tracking Portfolio of Fixed Deposit accounts under transfer. That is, the account is being transferred but not yet completed.

An Income account which is credited when a fee is paid by account holder on this account.

An Income account that is credited when a penalty is paid by account holder on this account.

Advanced accounting rules (optional)

The advanced accounting rules allow for finer detail in mapping payment types to fund sources, fees to income accounts, and penalties to income accounts.

Configure Fund Sources for Payment Channels

Payment Type

Fund Source

A different Fund Source for each Payment Channel may be specified.

Select a Payment Type from the Payment Type list (e.g.,Cash, check, m-pesa, etc).

Select a Fund Source from the Fund Source list.

Map Fees to Income Accounts

Fees

Income Account

A different Income Account for each Fee type may be specified.

Select a Fee from the Fee list.

Select an Income Account from the Income Account list.

Map Penalties to Specific Income Accounts

Penalty

Income Account

A different Income Account for each Penalty type may be specified.

Select a Penalty from the Penalty list.

Select an Income Account from the Income Account list.