Setting up Codes for Lentune's Deposit Module

Codes you'll need for the Deposit Module.

Introduction

Account Transaction Types

Account Interest Profiles

Introduction

To start using the Lentune Deposit Module, you will need to set up some standard settings for:

• • Account Transaction Types, and
  • Account Interest Profiles.

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Account Transaction Types

You will need to set up Account Transaction Types for:

• 1. Deposit Interest, and
  2. Imputation Credit.

To set up these codes:

• Go to Settings > Account Transaction Types and click New account transaction type.

In the Create Account Transaction Type screen, you can set up codes for Deposit Interest and Imputation Credit.

1. Deposit Interest

Complete these fields for an Account transaction type for Deposit Interest.

• Code: Enter the code for this type, e.g. INT.
• Description: Enter the description for this type, e.g. Deposit Interest.
• Input Type: Select No Restriction from the dropdown list.
• Ledger: Select Current from the dropdown list.
• Allocation Type: Select Initiator from the dropdown list.
• Analysis: Select the Analysis code from the dropdown list.
• General Ledger Account: Select the General ledger account from the dropdown list, e.g. Interest Expense.
• Tax: Select No Tax from the dropdown list.
• Check Post interest paid.
• Check Report tax department interest.
• If Withholding tax applies for this Account transaction type, check Report tax department withholding tax. 
• Click Save.

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2. Imputation Credit

Complete these fields for an Account transaction type for Imputation Credit.

• Code: Enter the code for this type, e.g. IC.
• Description: Enter the description for this type, e.g. Imputation Credit.
• Input Type: Select No Restriction from the dropdown list.
• Ledger: Select Current from the dropdown list.
• Allocation Type: Select Primary Initiator from the dropdown list.
• Analysis: Select the Analysis code from the dropdown list.
• General Ledger Account: Select the General ledger account from the dropdown list.
• Tax: Select No Tax from the dropdown list.
• Click Save.

This takes you to the Details screen:

• Check the field Report tax department imputation credit.
• Click Save and close.

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Account Interest Profiles

Account Interest Profiles contain the settings and default interest rates that you will use for Deposits. An Account Interest Profile is attached to a Deposit Account Type. You will need at least one Account Interest Profile.

• Go to Settings > Account Interest Profiles.
• Click New account interest profile.

In the Create Account Interest Profile screen, complete the following minimum fields:

• Code: Enter the code for this Interest Profile.
• Description: Enter the description for this Interest Profile.
• Interest Type: Select from the dropdown list, e.g. Daily Interest.
• Credit Rate: Enter the default interest rate to pay.

Optional fields that are not essential but may be used are:

• Minimum debit interest to post amount.
• Days Grace For Posting.
• Debit rate.
• Click Save.

This takes you back to the Details tab for the new Interest Profile record.

You will see one more field that shows that this Interest Profile is Active.

• Click Save and Close.

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