Adding a Deposit Account for an Entity

Setting up a Deposit Account for an Individual or Organisation Entity.

Introduction

Add a Deposit Account for an Entity

Introduction

The Deposit Account Types are the categories of investment types. Refer to Adding Deposit Account Types to read about this.

An Entity is the individual person or organisation who invests. Refer to Adding an Entity to read about this.

A Deposit Account is the particular investment that a person or organisation makes.  An Entity may have one or more Accounts.

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Add a Deposit Account for an Entity

A Deposit Account is a record of each separate deposit that an Entity makes. An Entity may have several Accounts.

To set up a new Account:

• Start at Deposits > Deposit Account.
• Click New deposit account.

In the Create New Deposit Account screen:

• Select the Entity. This is the individual or company who is investing. Select from the dropdown list.
• Select the Branch.
• Select the Currency, e.g. NZD.
• Select the Deposit Account Type, e.g. Secured debenture stock.
• Override interest rate: Usually leave this field blank as this is taken from the Account interest Profile for the Entity.
• Click Confirm.

This takes you to the Details screen where the details for the following sections are stored:

• • Details from the Entity and the previous New Deposit screen.
  • Statement details.
  • Interest details.
  • Maturity details.
  • Reinvestment details.

In the Account Details section, data will be populated from the record for the Entity.

You can enter and view details for this Deposit.

In the Statement details section, enter details for:

• Statement contact point: Select the email address for statements.
• Next statement date: Enter the date for the next statement for this new Deposit. This will be updated as future Statements are created.
• Statement frequency: Select from the dropdown list, e.g. Monthly.

Once Statements have been sent out for this Deposit, you can view details on the Statement tab.

In the Interest Details section, enter and view details for:

• Account interest profile: This is taken from the Deposit Account Type.
• Interest rate: This is taken from the Account Interest Profile that is set up in Settings. It can be changed when creating the Deposit Account.  Note that this cannot be changed once it has been saved.
• Interest last date: This field is Display only.
• Interest next date: This is set from the Interest Last date and the Interest Frequency.
• Interest frequency: Select from the dropdown list, e.g. End of Each Quarter.
• Interest payment action: Select from the dropdown list, e.g. Direct Credit.
• Interest account: Leave blank to use the default bank account for the Entity, otherwise select another account from the dropdown list of bank accounts set up for this Entity.

In the Maturity details section, enter details for:

• Expected to close date: Enter the close date for this Deposit.
• Maturity payment action: Select from the dropdown list. e.g. Reinvest, Direct Credit, etc.
• Maturity account: Select the Entity.
• Override maturity bank account (is not same as default). If a different bank account has been specified for the maturity payment, select that here.

In the Rollover details section, if the Deposit is planned to rollover, enter information for the following:

• New deposit amount: Enter the amount to rollover.
• New deposit term (in months): Enter the term for the rollover deposit, in number of months.
• New deposit rate: Enter the rate for the new rolled over deposit.
• New deposit interest action: Select from the dropdown list how interest should be paid.

When all details have been entered:

• Click Save and Close.

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