With reference to the Fixed Deposits/Term Deposits etc., no options for accounting the Fixed Deposits/Term Deposits are available, the missing of Fixed Deposits module which is the most required part of the Financial Management and yet to incorporate/include. Hope you will do the needful at the earliest.
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A Fixed Deposit (FD) is a financial instrument provided by banks which provides investors a higher rate of interest than a regular savings account, until the given maturity date. Banks issue a separate receipt for every FD because each deposit is treated as a distinct contract. This receipt is known as the Fixed Deposit Receipt (FDR).This is needed for the process of managing term deposit, time deposit, bond, recurring deposit, fixed deposit, and demand deposit etc.· Configure / Record Fixed Deposit for different Banks.· Track Status, Maturity Date, Amount Interest, Applicable Tax of each Fixed Deposit.· Quick view of upcoming Fixed Deposit due in X Day of Fixed Deposit. Configure upcoming alert FD Due Days.· Quick view of upcoming Fixed Deposit due Amount of Fixed Deposit.· Quick view of already matured Fixed Deposit.· Quick view of already matured Fixed Deposit amount.· Setup / Configure various FD Posting groups for financial treatment of fixed deposit for different Banks.· Fixed Deposit registration & posting.· Financial treatment of Accrual Interest booking and Reversing Accrual Interest at time of Actual interest realization.· Financial treatment of Withdrawal of Matured or premature Fixed Deposit.· Financial treatment of Tax Amount withheld (Withholding Tax / TDS).· Option to Cancel Fixed Deposit.. Interest Calculation Formula.. Accrual Interest checking on Withdrawal time.REPORTS NEEDED:· Fixed Deposit Register· Fixed Deposit Document· Analysis of Fixed Deposit Ledger Entries.
Category: Financial Management
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