Modify Account Type Information

Modify Account Type Information allows you to set up and edit Account Types. Account Types must be entered before setting up Accounts. These are the basic types of accounts you offer your depositors, including savings accounts or time deposits, along with their interest rates, interest accrual, posting policies, etc. Each account opened is one of these types.

Filters

There are two options available in the Filters area:

1. Choose a Group from the drop-down.
2. Click the Search button to display results, or the Clear Filters link to reset all filters.

Note: You can only create account types within the Group selected in the Filters area.

Account Type Information Grid

Account Types could include CD, IRA, Savings, or be more granular as: 12- or 18-month CD, 2-year CD, Traditional IRA, SEP-IRA, Spousal IRA, or Individual Retirement Account. The grid displays account types that match your selection with the following columns:

1. Double-click on an account type or click the Edit icon to edit an account type in the grid.
2. Click the Add New Account Type link to add a new account type (More Information) within the filtered Group.
3. Click the Delete icon by any item in the grid to be prompted to remove it. You can only delete unused account types.

Account Type Information > Update

Account Type Information - Update allows you to add or edit account types. The Group is set according to the filter on the Account Type Information page (More Information). Enter a Description, and then there are several sections: Account Duration, Interest Posting Information, General Ledger Information, Early Withdrawals Tab (if the account type has an Account Duration), and the Note Tab.

Account Duration

You only need to fill out the Account Duration section if this account type matures (e.g., CD). If you use the Years and/or Months fields, you are able to select the following options:

1. Renew Account at Maturity: This option automatically renews the account when the deposit matures on a specified date. The new maturity date will be based on the Account Duration specified in Account Type Information and the Inception Date specified in Account Information.
2. Allow Additional Deposits: If this option is not checked, this account type allows only the initial deposit and the payout at the end of the term.

Leave the Account Duration fields blank if you are setting up an "On-Demand" type account (e.g., Savings Account).

Interest Posting Information

1. Select Lock Rate and Frequency on Accounts if desired. This option locks the Interest Rate, Frequency, and Accrue Interest Frequency for all accounts that use this Account Type. This is automatically selected and cannot be deselected when an Account Duration is present.
2. Type the Interest Rate. You can type zero here, but this field cannot be left blank.
3. Choose whether this account type is either Compound or Pay Out:
   • Compound account types add interest back to the account balance.
   • Pay Out account types generate checks to the account holder for any interest.
4. Choose the Frequency from the drop-down: Daily, Monthly (on 1st of month), Monthly (on 15th of month), Quarterly, Semi-Annually, Annually, and Once at the end of term. Set up an account type for each frequency you use.

Note: The Frequency establishes the timing of the Compound or Payout. The once-at-the-end-of-term option is only available if this account type has an Account Duration.

Example: What if you have an account that compounds monthly but pays out quarterly? First, set up an account type that has the description of a quarterly type account (e.g., Quarterly Payout). Specify a monthly frequency and monthly accrual, and make sure you mark the account type as Pay Out. When you process interest within the quarter, do not select this account type for processing. Instead, select it when you process interest at the end of the quarter. The program will track the monthly frequency and compound interest for the dates when payouts would otherwise have occurred.

1. Check the "Based on Inception Date" option to compound or pay interest based on the inception date of the deposit account. You only want to check this option if Accrue Frequency is set to either Daily or Monthly.
2. Choose the Accrue Interest Frequency from the drop-down if you want to accrue interest at a different frequency than your Compound/Pay Out Frequency: Daily, Monthly (on 1st of month), Monthly (on 15th of month), Quarterly, Semi-Annually, Annually, and Once at the end of the term.

Note: The Once at the end of term option is only available if this account type has an Account Duration.

Example: The Accrue Interest Frequency setting allows you to post interest to the General Ledger on a regular basis for account types that Compound or Pay Out on a Quarterly, Semi-Annual, or Annual Frequency. If your organization posts accrued interest, the Accrue Interest Frequency option is typically set to Daily or Monthly (1st) for all account types. Otherwise, the Accrue Frequency option is set to match your Frequency selection. In the example below, a journal entry is created in the General Ledger for monthly interest. However, interest is added to the account only quarterly (1/1, 4/1, 7/1, and 10/1). If the account type is set to Pay Out, the posted interest (in this case, quarterly) is issued as a withdrawal check.

General Ledger Information

1. Type or select the General Ledger levels and accounts to use for Liability, Interest, and w/d Penalty. The w/d Penalty account applies to early close or withdrawal on accounts with an Account Duration.

Note: Click the icon or press "s" in any field with the Search icon to display a Search window. Use the filter at the top to narrow down your selection. In the Account Search window, you can also specify the Account Type in a drop-down list. You can then double-click the item you want to select or click the item and click the Select button. Click the Close link to return to the Update page without making a selection.

Early Withdrawals Tab (Account Types with Duration Only)

1. Select the Allow Processing Early Withdrawals option to allow withdrawals to be made any time after the initial deposit. If this option is not selected, withdrawals are only allowed for interest payouts or when closing an account.
2. Select the Apply Withdrawal Penalty option to charge a penalty for early withdrawals.
3. Type the Penalty Interest Rate if the Apply Withdrawal Penalty option is selected. Type a zero (0) to use the interest rate from the account.
4. Type the penalty to apply and select the time frame from the drop-down. For example, if you type "1" for Apply and select Month's Interest from the drop-down, the program applies one month's interest when there is an early withdrawal.

Note: The withdrawal penalty is applied when a withdrawal is posted to an account before the account's maturity date. The penalty does not exceed the total interest paid for the account.

Note Tab

1. Type a note for the account type if desired.
2. When finished, choose one of the following:
   • Click the Apply button to save the account type and start entering a new one.
   • Click the Update button to save your changes and return to the Account Type Information page.
   • Click the Reset link to undo all changes since the account type was last updated.
   • Click the Cancel link to discard all changes and return to the Account Type Information page.

Updated June 09, 2026 15:40