Entering a Term Deposit
You can enter a Term Deposit under the Cash and Term deposits tab as a New Account.
- Click the New Account button
- Type the Name of the Term Deposit
- Type the amount invested under Initial Deposit ($)
- Type the Date of the Term Deposit.
- Under the Notes section, enter the term & interest information and due date for maturity. (see example below)
- Click Save
Next, under the Accounts section
- Click on the name of the Term Deposit
- Under the Deposits and Withdrawals section
- Click on the Date next to the Deposit.
- Select the cash account you would like to use for sourcing the Term Deposit by using the Source funds from Cash Account drop down menu.
- Click Save
Then, when the Term Deposit matures the money is transferred back to the sourced cash account:
- Click on the New Withdrawal button
- Type the Transaction Date as the maturity date
- Type the Initial amount deposited under Amount
- Select the cash account you used for sourcing the Term Deposit by using the Source funds from Cash Account drop down menu.
- Click Save
Next, enter the Interest received from the Term Deposit as a New Interest transaction against the sourced cash account:
- Under Interest and Fees
- Click on New Interest/Fee button
- Type in Payment Date the maturity date of the Term Deposit
- Type in the interest received under Taxable Income/Fees
- Select the cash account you used for sourcing the Term Deposit by using the Source funds from Cash Account drop down menu.
- Click the Save button