Term Deposit Accounts

Term Deposit Accounts

Term deposits are a special type of bank account, where there is a fixed term. The interest is fixed and there can be no withdrawals or credits during that term. At the end of each term, the funds can roll over for a further period. Only when the term has ended can additions be made or funds withdrawn.

Some deposits can be broken with a penalty but others cannot be broken except on death. This is identified by the Breakable column in the grid.

When a new record for a term is entered, Omni does two things:

1. It adds an expected transaction for the Bank Interest due at the end of the term (if the user has entered an amount in the term deposit grid and the maturity date is in the future).

2. And it creates a diary entry to remind the user to deal with the rollover (if the maturity date is in the future).

Once a bank account has been created through the Bank Account, New screen, tick the Fixed Term Deposit Account box. This will then show a Term Deposit button when you open the Bank, Entry screen.

Clicking the Term Deposit button will open a new window where you can enter the Start Date, Maturity Date, Interest Rate and Interest due. The ‘OK’ button will save changes and close the window. The ‘Cancel’ button will reverse changes made to the current record, but not all changes made since the window was opened, and then close the window.