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How to enter a Term deposit

Entering a Term Deposit

You can enter a Term Deposit under the Cash and Term deposits tab as a New Account.

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  • 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

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  • 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

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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 

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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

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