The Post Interest Deposits utility allows you to calculate and update the interest earned for each account since the last date this utility was run. The interest is calculated and posted to the General Ledger based on the Accrue Frequency of the deposit accounts. Interest compounding and payouts for accounts occur either daily, monthly, quarterly, semi-annually, yearly, or at the end of term based on the Frequency setting.
This page includes the following sections:
Select the accounts for which you want to post interest by selecting them in the tree view. You can also select a group to select all associated account types and accounts or an account type to select all associated accounts. The Post summary to General Ledger option causes all accounts with the same liability account number to have their totals summarized on one detail line in the interest journal entry. When this option is not selected, each account will have its own detail line in the interest journal entry.
Specify the Post Interest Through date, which is the date through which interest for the account will be posted. You can then specify the Interest Deposit On date which is the date of the transaction. Click the Post Interest button to move forward in posting interest or the Cancel link to return to the main Deposits on Hand page.
For each selected account the following columns display: Account, Account Name, Amount, and New Balance. For accounts that are compounding the Amount field is how much is added to the balance. For accounts that are paying out the Amount field is the amount of the invoice generated in Accounts Payable.
If the interest posting causes an account to come to maturity you are prompted to run the Inactivate or Renew an Account utility after finalizing the interest posting.
Once the preview displays you can navigate the pages, export to several formats (e.g., PDF, Excel, Word), and Print.
Change the Posting Date if desired then click the Finalize Post button to post your interest to General Ledger. If you are generating payouts then withdrawal transactions are generated and you are prompted to click the OK button. This takes you to the Manage Unposted Transactions page where you can save your transactions and then be taken to Accounts Payable to print your checks.
NOTE: The Post Directly to General Ledger without Editing option allows you to have your journal entry posted all the way through to the General Ledger History so that it can be viewed on reports and on the View Posted Journals page within General Ledger. This allows you to skip having to edit and post the journal entry in the Manage Unposted Journals page in General Ledger.
If you do not wish to post the interest click the Cancel link to return to the main Deposits on Hand page.