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 occur daily, monthly, quarterly, semi-annually, yearly, or at the end of the term, depending on the Frequency setting.
Options
- Select the accounts for which you want to post interest 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.
- Optionally, select Post summary to General Ledger to summarize all accounts with the same liability account number into a single detail line in the interest journal entry. When this option is not selected, each account has its own detail line in the interest journal entry.
- Specify the Post Interest Through date. This is the date through which interest for the account will be posted.
- Specify the Interest Deposit on date. This is the transaction date.
- Click Post Interest to continue, or click the Cancel link to return to the main Deposits on Hand page.
Report Preview
For each selected account, the following columns display: Account, Account Name, Amount, and New Balance. For compounding accounts, the Amount field shows 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.
Note: 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.
- Navigate pages of the preview as needed.
- Optionally, export the report to PDF, Excel, or Word, or click Print.
Finalize Post
- Change the Posting Date if desired.
- Click Finalize Post to post your interest to the General Ledger. If you are generating payouts, withdrawal transactions are generated and you are prompted to click OK. 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 posts your journal entry 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 editing and posting the journal entry on 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.
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