How Can We Help?

Article contents

Bond and term deposit interest

There are some special considerations when entering interest received on a Fixed Interest or Term Deposit Rollover.

You will first process a receipt of interest income in the usual manner, adding either to a selected bank account (if only the principal is to be rolled over), or to your main bank account (if both principal and interest are to be rolled over).

You will then process a disposal of the original Term Deposit and a reinvestment of the desired amount.

Click the INCOME tab to display the Add New Income screen.

Select the Account – either Fund or a specific member account if the Term Deposit is a segregated Asset. (This should be the same account that owns the Term Deposit.)

The Asset Selection field displays. Select the Asset.

The Income Type can only be Interest. You cannot select to reinvest. Therefore, you must credit the interest to a selected bank account.

If you are rolling over both principal and interest, you will later re-allocate this interest to the reinvested Fixed Deposit.

Select a bank account to which to credit the interest.

Note:  If you are reinvesting principal and interest, credit interest to a primary bank account. It will later be debited to the same bank account to complete the roll-over.

If you are reinvesting principal only, or not reinvesting at all, credit the interest to the account you have selected to hold these funds.

Enter the interest amount and the date of receipt.