Call Saving Account Details
Purpose
Call Accounts are used to record investments on call. The system does allow accounts to have debit balances also (overdrawn). This account structure may also be used for processing shares and dividends.
Timing
New Call Accounts may be viewed or set up at any time
Access
- [F2] in the account lookup field
- Call/Saving | Access Call Accounts
Quick Access Button
Dialog Details
Details Specific Fields
Field | Explanation |
Facility Limit | Enter here the Facility Limit up to which this account can go. This is used for revolving credit accounts. Once this limit is reached, warning will appear in the Cashbook for any withdrawals that exceed the limit. |
Dealer Req Pcn | No Longer Required This field allows the accrual of commission for Dealers on interest only loans. When interest is charged on an account, any additional interest charged above that rate entered will be posted to the Dealer Account associated with this account. For example, if the Dealer required percent is 14% on $1,000 per annum, then you require $140.00 if interest. If the Dealer has written the loan at 16%, then the interest will be $160.00. The difference of $20.00 will be posted to the current ledger of the associated Dealer Account. For this feature to work, you must first set up a Dealer Commission Transaction Type. This needs to be selected on the Call/Saving Account Type front dialog. Note that this commission percentage is intended to work on call accounts with a debit balance i.e. Loan Accounts. |
Dealer Comm % | Enter a percentage for dealer commission that is posted back into the Call/Savings Account. For this transaction to post, the Dlr Comm Trans Type must have been set up on the Call Saving Account Type dialog. To calculate the commission amount, the system will multiply the interest transaction amount being posted by the Dealer Commission percentage specified and post that transaction as a debit expense against the Call Account. The effect is to reduce the net amount payable to the investor, and allows the finance company to earn commission on the interest postings. Note that this commission percentage is intended to work on call accounts with a credit balance i.e. Investment Accounts |
Investor Rate Required | No longer used This field allows the setting of the Default Investor Rate required for this investor account to be used when fixed loans are sold to this investor |
Broker Percentage | Enter the rate of brokerage that would be paid. This does not create any transactions. It will calculate the brokerage on the average balance between two specified dates when the Accounts | Print Account Brokerage Report is run. Brokerage can then be manually paid out based on the figures reported. |
Accrued Interest / Dividend | This is a display field only Is shows the amount of interest or dividend that is accrued to todays date on the current ledger balance |
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Call Savings Control Details
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Purpose Provides an overview of the position of the Call Savings ledger at a set point in time. Accrued Interest and withholding tax can be included. Timing Must be run during the Month End process for reconciliation to the General Ledger May be run ...