Recording Fixed Interest Interest

Username: Password:
Forgot your username or password?

MySF Forums

Home

Calendar

Rate Topic

Display Mode

Topic Options

Author

Message

blue-sky

Posted 28/06/2008 5:59:55 PM

Junior Member

Group: Forum Members
Last Login: 18/10/2008 3:12:58 PM
Posts: 8, Visits: 21

How do I record term deposits as a Fixed Interest asset?

If I use a Bank Account, it defaults to cash

Post #3970

MySF

Posted 29/06/2008 10:03:37 PM

MySF Administrator

Group: Administrators
Last Login: 2 days ago @ 5:53:34 PM
Posts: 90, Visits: 363

Hello,

The best way to record this in MySF Manager is as follows:

1. Go to System Setup > Asset Classes and create a new asset class called something like 'Term Deposits' or 'Fixed Interest Assets'.

2. Then add the term deposit as a new asset through the Add/Manage screen. You will notice the new asset class is available as an option under Manage Fund > Add or Manage Assets > Financial Assets.

3. On this screen, place the number of units as the total deposit and the cost per unit as $1.00. This will then show the Capitalised Cost as the total of the term deposit. Also make sure the code and name are something that you will able to recognise.

4. Click [Add] on the bottom right to add the term deposit as an asset to your fund and also add it to the list on the right.

5. When any income or expenses occur for the term deposit, the best way is to record these as a General Journal transaction through Cash & Journal Processing. The transaction should be:

DR Term Deposit
CR Interest Income

I hope the above steps make sense. If you have any queries or concerns, please do not hesitate to contact us via info@mysf.com.au.

Regards,

MySF

Post #3971

« Prev Topic | Next Topic »

All times are GMT -6:00, Time now is 4:18am