New Deposit
New Deposit takes money in from a customer as a fixed or recurring deposit. It sets the amount, the rate you will pay and the maturity date, and calculates what you will owe when the term ends.
Where to find it
Go to Customer Loan > New > Deposit.
Deposit Data
| Field | Required | Description |
|---|---|---|
| Customer | Yes | The depositor. One must be selected. |
| Deposit Type | Yes | Fixed Deposit or Recurring Deposit. |
| Deposit Date | Yes | When it starts. |
| Deposit Amount | Yes | The lump sum, or the monthly contribution for a recurring deposit. |
| Interest Rate | Yes | What you will pay. A rate must be selected. |
| Due Date / Maturity Date | Yes | When it matures. It cannot be earlier than the deposit date. |
| Interest Payout | No | Periodic through the term, or all at maturity. |
| Auto-renew at Maturity | No | Creates a replacement deposit automatically when this one matures. |
| Bank Account | Yes | Where the money is received. |
| Certificate No | No | The certificate issued to the depositor. |
| Memo | No | Notes on the deposit. |
Expected Maturity Amount
The system calculates what will be owed at maturity from the amount, rate and term. On a recurring deposit this grows with each contribution rather than being fixed at the start.
Check the maturity figure before issuing the certificate. The number you print is what the depositor will hold you to, and correcting it afterwards means reissuing a document they already have.
Process Deposit
Process Deposit commits it — money is received into the chosen bank account and a liability is recorded for the maturity amount. The deposit then appears in Deposits.
Related pages
- Deposits — the register
- Interest Rates — the rates available
- Settings — deposit accounts and reference formats